ADB is targeting to submit the Philippines’ investment plan to the CIF Trust Fund Committee by November this year, ADB principal energy specialist David Elzinga said.
The Asian Development Bank is working on completing a feasibility study to accelerate the retirement of coal plants in the Philippines under the bank’s Energy Transition Mechanism program.
Elzinga said the ADB is currently working on completing the full feasibility study by “the second quarter next year.”26th United Nations Climate Change Conference of the Parties The mechanism will comprise two multibillion-dollar funds: one devoted to early retirement or repurposing of coal-fired power plants on an accelerated timeline, and the other focused on new clean energy investments in generation, storage, and grid upgrades.
Pressed for details, Elzinga said the ADB is targeting to submit the Philippines’ investment plan to the CIF Trust Fund Committee by November this year.
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