As South-east Asia looks to transition to cleaner energy sources, a Philippines-Singapore partnership is leading the way with the signing of a pact to explore the use of transition credits to accelerate the retirement of a coal-fired power plant.
Philippine conglomerate Ayala Corporation's energy unit Acen, Temasek-owned investment platform GenZero and Keppel signed a memorandum of understanding on Aug 16 to study using transition credits to decommission such a plant ahead of time.
Transition credits are carbon credits arising from the emissions reduced through retiring a coal plant early and replacing it with cleaner energy sources.
The pilot project involves the South Luzon Thermal Energy coalfired power plant in Batangas, the Philippines, where the partners are exploring retiring the plant in 2030, 10 years ahead of schedule.
This story is from the August 17, 2024 edition of The Straits Times.
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This story is from the August 17, 2024 edition of The Straits Times.
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