The Asian Development Bank has launched a plan that aims to help Indonesia and the Philippines retire 50% of their coal fleet over the next 10 to 15 years.
The plan, called the “Energy Transition Mechanism,” comprises two multi-billion-dollar funds. One will be used for the early retirement or repurposing of coal-fired power plants, while the other will focus on clean-energy investments, ADB President Masatsugu Asakawa announced at the COP26 Climate Summit in Glasgow.
