ACEN, the listed energy platform of the Ayala group, announced its partnership with The Rockefeller Foundation’s Coal to Clean Credit Initiative (CCCI) and the Monetary Authority of Singapore (MAS) to explore major step towards accelerating the phase-out of coal plants in line with the Paris Agreement.
The pioneering initiative between Acen, CCCI and MAS seeks to develop the world’s first Transition Credit (coal-to-clean pilot project) that would leverage carbon finance to phase out a coal-fired power plant and replace it with renewable energy.
This first-of-its-kind project would mark a major step towards phasing out coal in line with the Paris Agreement.
Transition credits will enable Acen to increase its ambition of further accelerating the transition of the South Luzon Thermal Energy Corp. coal plant to clean technology as early as 2030.