Asia’s Energy Transition Imperative: Shifting from Coal to Clean Energy
2025 ranked among the warmest years on record, with global temperatures averaging 1.17°C above the 20th-century baseline.[1] It follows 2024, the warmest year recorded, and 2023, making it the third hottest year to date. Time is running out to limit global warming to “well below” 2.0°C above pre-industrial levels, and the higher aim to limit temperature increase to under 1.5°C based on the targets established by the Paris Agreement is now considered as highly unlikely by climate scientists.[2]
Coal Remains Prevalent, But Renewables Surging
Asia accounted for over 80% of global coal-based electricity generation in 2025.[3] However, this dominance is beginning to soften. Total coal generation in the region declined from 8,734.5 TWh in 2024 to 8,630.7 TWh in 2025, largely due to reductions in China and India, according to Ember. Asia’s power mix is also shifting; in 2025 clean generation increased from 34.1% to 37.1%, with solar and wind (17.5%) edging above the world average (17.3%), and renewables reaching 32% of Asia’s electricity mix overall.
However, challenges remain. The region is home to an estimated 5,000 coal-fired power plant (CFPP) units.[4] A number of coal plants are still “young” or are being newly built in the region, and could have operational lifespans lasting as late as 2060. Coal’s share of the power mix is still above half, yet it is moving in the right direction, falling from 54.2% to 51.6% last year.
Figure 1: Asia Electricity Generation by Source
Compounding these challenges, the conflict in Iran and the wider Middle East that began in February 2026 and the subsequent near halt of energy transportation through the Strait of Hormuz have disrupted global energy supply transportation and roiled markets. Resulting oil and gas shocks have also led some Asian countries to ramp up their coal use to manage the energy disruption and protect their economies.
Although coal has remained prevalent, renewable energy capacity has had significant growth in recent years. 2025 marked a record year for installed global capacity, with 692 GW of renewable power capacity added for a total of 5,149 GW in total capacity.[5] Renewable energy also dominates total capacity expansion with a 85.6% share.
- China: Of the 692 GW renewables added globally in 2025, China alone installed over half (more than 430 GW).[6] It installed 315 GW solar and 119 GW wind capacity during the year, adding more solar and twice as much wind as the rest of the world combined. [7] Renewables accounted for more than 60% of China’s power capacity. [8]
- Southeast Asia [9]: Installed capacity for solar PV has increased sixfold since 2018 to almost 35 GW. Renewables (including hydropower) accounted for 25% of ASEAN’s total electricity supply in 2024. However, solar PV and wind together contributed less than 5% of electricity generation in all ASEAN member states, except for Vietnam.
- India: India accelerated its clean-energy build-out, installing 35 GW of solar, 6 GW of wind, and 3.5 GW of hydropower in the first 11 months of 2025. [10] Renewable energy capacity additions increased 44% year-on-year. [11] Over 20% of India’s power generation is currently from renewables.[12]
Pathways for Energy Transition
The war in Iran has understandably led to a primary focus on energy security and affordability. Climate Smart Ventures’ take is that a transition to renewable and clean energy remains a key strategy for securing a long-term, stable energy future – see our recent article The Impact of the Energy Shock in Asia and the Role of Renewables. The question then becomes – how can countries continue their renewables expansion, while meeting its economic needs in a just and orderly manner?
Some countries and stakeholders in the region have already begun planning and implementing initiatives for this energy transition to cleaner energy. There is no one-size-fits all approach with such diverse contexts within each country, and there are a variety of tools in the tool box to consider. These include the following and are not mutually exclusive: National policy targets and reforms to facilitate the transition, coal to clean utility-level energy transition, industrial decarbonization, grid upgrades and transformation, and availability of transition finance. See Figure 2. These will have to adjust to address the impacts and effects of the Iran war, addressing short term energy supply and price constraints as well as long-term protection against future fossil fuel shocks.
Figure 2: Energy Transition Components
Just Energy Transition Partnerships: Also in 2021, South Africa launched the first Just Energy Transition Partnership (JETP), a financing mechanism through which wealthier countries fund a coal-dependent country on its transition to clean energy, while addressing the social impacts of the transition. 
Since then, Indonesia, Vietnam, and Senegal have each launched JETPs. Funding can be provided through grants, loans or investments. [15] Power asset owners can establish their own Just Energy Transition (JET) programs as distinct from formal JETPs, in their effort to shift from coal to clean energy and address the social consequences of the transition.
Coal Asset Transition Accelerator: A global platform, the Coal Asset Transition Accelerator (CATA) serves to empower coal asset owners, alongside government financiers and local stakeholders, to put in place financial mechanisms that will support the acceleration of the transition away from coal in a just and inclusive way.
Transition Credits: The Monetary Authority of Singapore (MAS) recently launched the Transition Credits Coalition (TRACTION) and two pilots to develop transition credits for the early retirement of coal-fired power plants (CFPPs) in Asia. MAS describes transition credits as “high-integrity carbon credits generated from the emissions reduced through retiring a CFPP early and replacing this with clean energy sources.”[16] These would serve as a complementary financing instrument to reduce the economic gap for the early retirement of coal plants.
Just Energy Transition Partnerships: Also in 2021, South Africa launched the first Just Energy Transition Partnership (JETP), a financing mechanism through which wealthier countries fund a coal-dependent country on its transition to clean energy, while addressing the social impacts of the transition. Since then, Indonesia, Vietnam, and Senegal have each launched JETPs. Funding can be provided through grants, loans or investments.[17] Power asset owners can establish their own Just Energy Transition (JET) programs as distinct from formal JETPs, in their effort to shift from coal to clean energy and address the social consequences of the transition.
How Climate Smart Ventures is Taking Action
Climate Smart Ventures is an advisory firm advancing the energy transition in Asia. Our expertise and projects span coal to clean utility-level energy transition, industrial decarbonization, grid transformation, mobilizing transition finance, and government-level policy recommendations. We also provide ESG and sustainability advisory services, focused on decarbonization and management of environmental and social impacts. In 2023, we launched the Asia Energy Transition Platform (AETP), a venture capital fund investing in next generation distributed renewable energy projects in Southeast Asia. In parallel, CSV is a joint-venture partner in Reviva Transition Partners, a first-of-its-kind equity fund driving commercially viable transitions from legacy coal to clean energy in emerging markets.
Key themes of our work focus on the following:
1. Mobilizing Quick Wins
Emerging feedback from stakeholders in 2023 indicated that initiatives around coal plant managed phase-outs (MPOs) and ETMs in Asia run the risk of becoming quite “generic” and “high level,” with too much emphasis on investor perspectives and limited applications to actual power plant owners and operators. This further validates the need to support power companies, governments, and key stakeholders with portfolio level strategies and scenario development bespoke to the realities of interested first movers. This means a heavier emphasis on exploring “quick-wins” such as transitioning captive coal and diesel, financing renewable energy pipelines bundled with coal transition, or even enhancing existing ETM pilots should be more systematically undertaken.
2. Building a Robust "RE" Replacement Thesis
Questions on the reliability, security and sustainability of having high levels of renewable energy (RE) to replace coal-fired power plants (CFPPs) in emerging market grids have been a concern hampering the development of robust MPO pilots with clear “retire and replace” modalities. Governments and stakeholders agree on the importance of renewable energy deployment, but strategies around the configuration and timing of RE replacement continue to be controversial. This will need to be addressed from a very practical lens of considering “packaged” solutions that can be fit-for-purpose to specific grid situations, portfolio compositions, and market structures (e.g., liberalized versus government controlled power markets and grids).
3. Setting the Agenda for Transmission and Transition (Grid Transformation and Just Transition)
In addition to RE replacement, concerns over addressing the “Energy Trilemma” (finding the balance between energy reliability, affordability, and sustainability) alongside coal retirement are also growing. Grid integrity and modernization are important to systems more reliant on variable RE, which additionally requires add-on services to make 24/7 power possible (e.g., ancillary, back-up services).
While basic principles such as grid security and mitigating the impacts of coal retirement on labor and affected communities are slowly emerging, the agenda around a just and managed transition for developing markets remains abstract and qualitative. There is increasing demand for an approximation on transition costs to include grid transformation as well as downstream and upstream economic and social costs. These in turn will unlock deeper policy conversations regarding who pays for and who is responsible for addressing such needs to further build confidence in driving more transactions. 
In addition to RE replacement, concerns over addressing the “Energy Trilemma” (finding the balance between energy reliability, affordability, and sustainability) alongside coal retirement are also growing. Grid integrity and modernization are important to systems more reliant on variable RE, which additionally requires add-on services to make 24/7 power possible (e.g., ancillary, back-up services). While basic principles such as grid security and mitigating the impacts of coal retirement on labor and affected communities are slowly emerging, the agenda around a just and managed transition for developing markets remains abstract and qualitative. There is increasing demand for an approximation on transition costs to include grid transformation as well as downstream and upstream economic and social costs. These in turn will unlock deeper policy conversations regarding who pays for and who is responsible for addressing such needs to further build confidence in driving more transactions.
4. Unlocking Finance for Coal Transitions
There is both strong concern and interest among select portfolio owners and investors, such as multilateral development banks, institutional investors and infrastructure investors, on how MPOs and ETMs can evolve out of their dependence on concessional finance. More deliberate discussions that “reimagine” a more sustainable future for transition finance weaned away from concessional and grant funding, will now need to be kick-started among key stakeholders with focus on generating and sandboxing “new” terms and conditions, risk/return considerations, structures, and other value drivers to respond to the needs of transitioning thermal power at scale in emerging markets, moving past “pilots.”
For CSV’s part, we have recently become a joint venture partner in Reviva Transition Partners, a first-of-its-kind equity fund driving commercially viable transitions from legacy coal to clean energy in emerging markets. The fund will partner with coal asset owners through strategic investment and active ownership to unlock practical, commercially sound pathways for decarbonization. In February 2026, Reviva and Eastspring Investments announced a partnership to collaborate together in the fund. Learn more here.
There is both strong concern and interest among select portfolio owners and investors, such as multilateral development banks, institutional investors and infrastructure investors, on how MPOs and ETMs can evolve out of their dependence on concessional finance. More deliberate discussions that “reimagine” a more sustainable future for transition finance weaned away from concessional and grant funding, will now need to be kick-started among key stakeholders with focus on generating and sandboxing “new” terms and conditions, risk/return considerations, structures, and other value drivers to respond to the needs of transitioning thermal power at scale in emerging markets, moving past “pilots.” Hand in hand with the “Mobilizing Quick Wins” thematic, CSV’s efforts for “The Future of Transition Finance” would be to originate among Asia’s first movers potential deals for energy transition in the region, and on a non-binding basis, solicit potential funding or partnership from commercial and non-commercial “transition” investors. By doing so, a more programmatic approach is established to concentrate efforts to structure transactions and test modalities, ensure deals are screened under a clear investment framework based on certain principles and criteria, funnel deals to potential investors, and explore follow-through options.
The following is a sampling of some of our projects:
- Completing pre-feasibility studies for energy transition mechanisms for Indonesia, Philippines, Vietnam, Pakistan, and Kazakhstan. Developing an analysis framework of coal plants and inputs on potential financing.
- In the Philippines, supporting a number of major utilities and corporations in firming up decarbonization and energy decentralization plans, including identifying leverage points for sustainable financing.
- In Indonesia, co-leading successful discussions with Independent Power Producers (IPPs) and PLN, Indonesia’s state-owned electricity company, to develop IPP-led ETMs to complement existing national initiatives.
- Developing a just energy transition program with ACEN for an existing coal plant ETM in the Philippines, in partnership with the Coal Asset Transition Accelerator (CATA).
- Leading a study on the requirements of solar and battery energy storage systems that would be needed for the Philippines to rely on renewable energy as a 24/7 secure power source.
- Establishing a guidebook and pilot partnerships for modernizing and hybridizing underserved and off grid areas in the Philippines.
- In India, exploring early retirement options for state-owned coal plants through solar power and battery storage.
- Developing financial pathways for leveraging traditional and innovative finance modalities to accelerate the transition of China funded coal plants in Southeast Asia.
[1] NOAA National Centers for Environmental Information, Monthly Global Climate Report for Annual 2025, published online January 2026, retrieved on April 12, 2026 from https://www.ncei.noaa.gov/access/monitoring/monthly-report/global/202513.
[2] United Nations Framework Convention on Climate Change (UNFCCC), Paris Agreement (2016), https://unfccc.int/sites/default/files/resource/parisagreement_publication.pdf
[3] Ember, Asia, https://ember-energy.org/countries-and-regions/asia/, accessed May 3, 2026.
[4] GFANZ, Financing the Managed Phaseout of Coal-Fired Power Plants in Asia Pacific (2023), https://assets.bbhub.io/company/sites/63/2023/11/GFANZ-Financing-the-Managed-Phaseout-of-Coal-Fired-Power-Plants-APAC-December-2023.pdf.
[5] IRENA, Near-700 GW Surge in 2025 Proves Renewable Energy Resilience, April 1, 2026, https://www.irena.org/News/pressreleases/2026/Apr/Near-700-GW-Surge-in-2025-Proves-Renewable-Energy-Resilience. Note: IEA identifies 800 GW of global renewable capacity addition in 2025. IEA and IRENA data differ due to different methodologies. See: IEA, Global Energy Review 2026, Technology: Solar PV and wind, https://www.iea.org/reports/global-energy-review-2026/technology-solar-pv-and-wind, accessed May 10, 2026.
[6] The State Council, People’s Republic of China, Renewables account for over 60 pct of China’s power capacity in 2025, January 30, 2026, https://english.www.gov.cn/archive/statistics/202601/30/content_WS697cb463c6d00ca5f9a08da7.html. Note: The IEA found China added 500 GW of renewable capacity in 2025, commissioning nearly 370 GW of solar PV and 117 GW of wind capacity. See: See: IEA, Global Energy Review 2026, Technology: Solar PV and wind, https://www.iea.org/reports/global-energy-review-2026/technology-solar-pv-and-wind. Accessed May 10, 2026.
[7] CarbonBrief, Analysis: Clean energy drove more than a third of China’s GDP growth in 2025, February 5, 2026, https://www.carbonbrief.org/analysis-clean-energy-drove-more-than-a-third-of-chinas-gdp-growth-in-2025/#:~:text=In%202025%2C%20China%20achieved%20another,rest%20of%20the%20world%20combined.
[8] The State Council, People’s Republic of China, Renewables account for over 60 pct of China’s power capacity in 2025, January 30, 2026, https://english.www.gov.cn/archive/statistics/202601/30/content_WS697cb463c6d00ca5f9a08da7.html.
[9] Data from International Energy Agency, Accelerating Renewables Growth in ASEAN: Challenges and policy suggestion, December 2025, https://iea.blob.core.windows.net/assets/42a2ca63-0428-456c-8a33-eaed42df0665/AcceleratingRenewablesGrowthinASEAN.pdf.
[10] CarbonBrief, Analysis: Coal power drops in China and India for first time in 52 years after clean-energy records, January 13, 2026, https://www.carbonbrief.org/analysis-coal-power-drops-in-china-and-india-for-first-time-in-52-years-after-clean-energy-records/
[11] Ibid.
[12] Government of India Press Information Bureau, India Ranks third globally in Renewable Energy Installed Capacity: Shri Pralhad Joshi, April 8, 2026, https://www.pib.gov.in/PressReleasePage.aspx?PRID=2250039®=3&lang=1.
[13] World Economic Forum, “Energy Transition Mechanism (ETM) for Southeast Asia: Partnership Launch,” November 3, 2021, https://intelligence.weforum.org/monitor/latest-knowledge/de61c710b27945f6add9fe1e90f706e8.
[14] The Diplomat, “The Asian Development Bank’s Energy Transition Mechanism,” August 31, 2022, https://thediplomat.com/2022/08/the-asian-development-banks-energy-transition-mechanism/
[15] Green Network Asia, What is Just Energy Transition Partnerships? March 2, 2023, https://greennetwork.asia/news/what-is-just-energy-transition-partnerships/
[16] Monetary Authority of Singapore, “ MAS Launches Coalition and Announces Pilots to Develop Transition Credits for the Early Retirement of Asia’s Coal Plants,” December 4, 2023, https://www.mas.gov.sg/news/media-releases/2023/mas-launches-traction-and-announces-pilots-to-develop-transition-credits.
Notes
[1] NOAA National Centers for Environmental Information, Monthly Global Climate Report for Annual 2025, published online January 2026, retrieved on April 12, 2026 from https://www.ncei.noaa.gov/access/monitoring/monthly-report/global/202513.
[2] United Nations Framework Convention on Climate Change (UNFCCC), Paris Agreement (2016), https://unfccc.int/sites/default/files/resource/parisagreement_publication.pdf
[3] Ember, Asia, https://ember-energy.org/countries-and-regions/asia/, accessed May 3, 2026.
[4] GFANZ, Financing the Managed Phaseout of Coal-Fired Power Plants in Asia Pacific (2023), https://assets.bbhub.io/company/sites/63/2023/11/GFANZ-Financing-the-Managed-Phaseout-of-Coal-Fired-Power-Plants-APAC-December-2023.pdf.
[5] IRENA, Near-700 GW Surge in 2025 Proves Renewable Energy Resilience, April 1, 2026, https://www.irena.org/News/pressreleases/2026/Apr/Near-700-GW-Surge-in-2025-Proves-Renewable-Energy-Resilience. Note: IEA identifies 800 GW of global renewable capacity addition in 2025. IEA and IRENA data differ due to different methodologies. See: IEA, Global Energy Review 2026, Technology: Solar PV and wind, https://www.iea.org/reports/global-energy-review-2026/technology-solar-pv-and-wind, accessed May 10, 2026.
[6] The State Council, People’s Republic of China, Renewables account for over 60 pct of China’s power capacity in 2025, January 30, 2026, https://english.www.gov.cn/archive/statistics/202601/30/content_WS697cb463c6d00ca5f9a08da7.html. Note: The IEA found China added 500 GW of renewable capacity in 2025, commissioning nearly 370 GW of solar PV and 117 GW of wind capacity. See: See: IEA, Global Energy Review 2026, Technology: Solar PV and wind, https://www.iea.org/reports/global-energy-review-2026/technology-solar-pv-and-wind. Accessed May 10, 2026.
[7] CarbonBrief, Analysis: Clean energy drove more than a third of China’s GDP growth in 2025, February 5, 2026, https://www.carbonbrief.org/analysis-clean-energy-drove-more-than-a-third-of-chinas-gdp-growth-in-2025/#:~:text=In%202025%2C%20China%20achieved%20another,rest%20of%20the%20world%20combined.
[8] The State Council, People’s Republic of China, Renewables account for over 60 pct of China’s power capacity in 2025, January 30, 2026, https://english.www.gov.cn/archive/statistics/202601/30/content_WS697cb463c6d00ca5f9a08da7.html.
[9] Data from International Energy Agency, Accelerating Renewables Growth in ASEAN: Challenges and policy suggestion, December 2025, https://iea.blob.core.windows.net/assets/42a2ca63-0428-456c-8a33-eaed42df0665/AcceleratingRenewablesGrowthinASEAN.pdf.
[10] CarbonBrief, Analysis: Coal power drops in China and India for first time in 52 years after clean-energy records, January 13, 2026, https://www.carbonbrief.org/analysis-coal-power-drops-in-china-and-india-for-first-time-in-52-years-after-clean-energy-records/
[11] Ibid.
[12] Government of India Press Information Bureau, India Ranks third globally in Renewable Energy Installed Capacity: Shri Pralhad Joshi, April 8, 2026, https://www.pib.gov.in/PressReleasePage.aspx?PRID=2250039®=3&lang=1.
[13] World Economic Forum, “Energy Transition Mechanism (ETM) for Southeast Asia: Partnership Launch,” November 3, 2021, https://intelligence.weforum.org/monitor/latest-knowledge/de61c710b27945f6add9fe1e90f706e8.
[14] The Diplomat, “The Asian Development Bank’s Energy Transition Mechanism,” August 31, 2022, https://thediplomat.com/2022/08/the-asian-development-banks-energy-transition-mechanism/
[15] Green Network Asia, What is Just Energy Transition Partnerships? March 2, 2023, https://greennetwork.asia/news/what-is-just-energy-transition-partnerships/
[16] Monetary Authority of Singapore, “ MAS Launches Coalition and Announces Pilots to Develop Transition Credits for the Early Retirement of Asia’s Coal Plants,” December 4, 2023, https://www.mas.gov.sg/news/media-releases/2023/mas-launches-traction-and-announces-pilots-to-develop-transition-credits.
[1] NOAA National Centers for Environmental Information, Monthly Global Climate Report for Annual 2025, published online January 2026, retrieved on April 12, 2026 from https://www.ncei.noaa.gov/access/monitoring/monthly-report/global/202513.
[2] United Nations Framework Convention on Climate Change (UNFCCC), Paris Agreement (2016), https://unfccc.int/sites/default/files/resource/parisagreement_publication.pdf
[3] Ember, Asia, https://ember-energy.org/countries-and-regions/asia/, accessed May 3, 2026.
[4] GFANZ, Financing the Managed Phaseout of Coal-Fired Power Plants in Asia Pacific (2023), https://assets.bbhub.io/company/sites/63/2023/11/GFANZ-Financing-the-Managed-Phaseout-of-Coal-Fired-Power-Plants-APAC-December-2023.pdf.
[5] IRENA, Near-700 GW Surge in 2025 Proves Renewable Energy Resilience, April 1, 2026, https://www.irena.org/News/pressreleases/2026/Apr/Near-700-GW-Surge-in-2025-Proves-Renewable-Energy-Resilience. Note: IEA identifies 800 GW of global renewable capacity addition in 2025. IEA and IRENA data differ due to different methodologies. See: IEA, Global Energy Review 2026, Technology: Solar PV and wind, https://www.iea.org/reports/global-energy-review-2026/technology-solar-pv-and-wind, accessed May 10, 2026.
[6] The State Council, People’s Republic of China, Renewables account for over 60 pct of China’s power capacity in 2025, January 30, 2026, https://english.www.gov.cn/archive/statistics/202601/30/content_WS697cb463c6d00ca5f9a08da7.html. Note: The IEA found China added 500 GW of renewable capacity in 2025, commissioning nearly 370 GW of solar PV and 117 GW of wind capacity. See: See: IEA, Global Energy Review 2026, Technology: Solar PV and wind, https://www.iea.org/reports/global-energy-review-2026/technology-solar-pv-and-wind. Accessed May 10, 2026.
[7] CarbonBrief, Analysis: Clean energy drove more than a third of China’s GDP growth in 2025, February 5, 2026, https://www.carbonbrief.org/analysis-clean-energy-drove-more-than-a-third-of-chinas-gdp-growth-in-2025/#:~:text=In%202025%2C%20China%20achieved%20another,rest%20of%20the%20world%20combined.
[8] The State Council, People’s Republic of China, Renewables account for over 60 pct of China’s power capacity in 2025, January 30, 2026, https://english.www.gov.cn/archive/statistics/202601/30/content_WS697cb463c6d00ca5f9a08da7.html.
[9] Data from International Energy Agency, Accelerating Renewables Growth in ASEAN: Challenges and policy suggestion, December 2025, https://iea.blob.core.windows.net/assets/42a2ca63-0428-456c-8a33-eaed42df0665/AcceleratingRenewablesGrowthinASEAN.pdf.
[10] CarbonBrief, Analysis: Coal power drops in China and India for first time in 52 years after clean-energy records, January 13, 2026, https://www.carbonbrief.org/analysis-coal-power-drops-in-china-and-india-for-first-time-in-52-years-after-clean-energy-records/
[11] Ibid.
[12] Government of India Press Information Bureau, India Ranks third globally in Renewable Energy Installed Capacity: Shri Pralhad Joshi, April 8, 2026, https://www.pib.gov.in/PressReleasePage.aspx?PRID=2250039®=3&lang=1.
[13] World Economic Forum, “Energy Transition Mechanism (ETM) for Southeast Asia: Partnership Launch,” November 3, 2021, https://intelligence.weforum.org/monitor/latest-knowledge/de61c710b27945f6add9fe1e90f706e8.
[14] The Diplomat, “The Asian Development Bank’s Energy Transition Mechanism,” August 31, 2022, https://thediplomat.com/2022/08/the-asian-development-banks-energy-transition-mechanism/
[15] Green Network Asia, What is Just Energy Transition Partnerships? March 2, 2023, https://greennetwork.asia/news/what-is-just-energy-transition-partnerships/
[16] Monetary Authority of Singapore, “ MAS Launches Coalition and Announces Pilots to Develop Transition Credits for the Early Retirement of Asia’s Coal Plants,” December 4, 2023, https://www.mas.gov.sg/news/media-releases/2023/mas-launches-traction-and-announces-pilots-to-develop-transition-credits.
1. Mobilizing Quick Wins
Emerging feedback from stakeholders in 2023 indicated that initiatives around coal plant managed phase-outs (MPOs) and ETMs in Asia run the risk of becoming quite “generic” and “high level,” with too much emphasis on investor perspectives and limited applications to actual power plant owners and operators. This further validates the need to support power companies, governments, and key stakeholders with portfolio level strategies and scenario development bespoke to the realities of interested first movers. This means a heavier emphasis on exploring “quick-wins” such as transitioning captive coal and diesel, financing renewable energy pipelines bundled with coal transition, or even enhancing existing ETM pilots should be more systematically undertaken.