Carbon Credit Initiative Aims to Phase Out 60 Coal plants by 2030

(The Post News)– The Rockefeller Foundation plans to enroll 60 projects in its carbon finance initiative by 2030, aiming to help developing countries transition away from coal-fired power.

This move follows the approval of its rule book. According to the International Energy Agency, approximately 2,000 coal plants must be retired by 2040 to meet climate goals, yet only 15% have made decommissioning commitments.

The Rockefeller Foundation’s Coal to Clean Credits Initiative is one of several programs aiming to use carbon finance to accelerate the closure of coal plants and transition to renewable energy. According to Joseph Curtin, the initiative’s goal is to enroll 60 projects by 2030.

Recently, Verra, a carbon standards organisation, launched the initiative’s methodology in Singapore, outlining how eligible projects will be determined and emission reductions calculated to generate carbon credits.

The South Luzon Thermal Energy Corporation plant in the Philippines will be the first to utilize the new methodology, with the transaction anticipated to finalize next year.

According to the initiative, successfully completing this deal could set a strong precedent for the market, encouraging similar actions across the region and demonstrating the feasibility of the approach.

According to Curtin, around 1,000 coal-fired plants in developing countries could qualify under the initiative’s methodology. Reaching the target of 60 projects by 2030 could unlock approximately $110 billion in public and private investment, based on research commissioned by the Rockefeller Foundation.

The SLTEC plant’s early retirement is supported by a consortium including ACEN, GenZero, Keppel, Mitsubishi, and Diamond Generating Asia.

Eric Francia, ACEN’s CEO, stated that revenue from carbon credits will help offset lost revenue from plant closure, fund energy storage for renewable, and support local workers and communities. The Coal to Clean Credits Initiative underwent seven rounds of consultations to address concerns from environmental groups, who argue that carbon finance shouldn’t be used to benefit coal asset owners.

Jonathan Crook from Carbon Market Watch raised concerns about determining whether funding supports projects that would have become unviable anyway. In response, Curtin said the initiative’s criteria focus on profitable projects owned by companies or countries committed to not building new coal plants.

Despite a moratorium on new coal plants in the Philippines, some previously approved facilities are expected to launch soon. However, ACEN’s Francia emphasized that retiring the SLTEC plant early would still contribute to the energy transition, and the company is focused on the positive impact rather than the perception.

About the Author

Natalie Semono

Editor

I am Natalie Semono and I am an environmental reporter with a Journalism Studies qualification from Rosebank College. I am passionate about telling impactful stories on climate change, conservation, and environmental justice. With a clear, engaging style, I translate complex issues into narratives that inform and inspire. My reporting aims to amplify underrepresented voices and connect communities with the urgent environmental challenges shaping our world.

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