The government proposed a financing program worth $2.67 billion to expedite the retirement and repurposing of coal-fired power plants, mitigate
It released a draft business plan to identify potential areas for the Asian Development Bank , the International Finance Corp. and the World Bank to invest in.The report proposes $500 million in CIF-ACT funding leveraging $1.336 billion in multilateral development bank co-financing and $830 million in other co-financing to implement investments for accelerated energy transition under a holistic coal phase-down approach.
The report said the average age of coal-fired power plants in the country was 12 to 13 years and could potentially hinder efforts to reduce emissions and make room for renewable energy. “Therefore, without an actual financial incentive, no amount of political will would be sufficient to accelerate the CFPP retirements and repurposing projects and initiate the transformational change required for the transition from coal to clean energy,” the report said.
The Mindanao coal plant is being run by the private sector under a build-operate-transfer concession until 2031. After this period, the ownership of the asset will transfer to the government and will have a remaining operational life of 15 to 20 years.
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