Glasgow Financial Alliance for Net Zero (GFANZ)
GFANZ Financing the Managed Phaseout of Coal Power Generation in APAC
Partners: Bain & Company
Background of the Project/ Challenge
GFANZ APAC established a core working group of financial institutions, supported by a consultative panel and knowledge partners, to develop an approach to managed phaseout in the region that integrates three key dimensions: credibility, viability, and inclusivity. The working group will aim to develop interim guidance by Apr 2023, and publish final guidance by June 2023.
(Please see: https://www.unepfi.org/wordpress/wp-content/uploads/2022/12/221202-MPO-of-Coal-in-APAC-EOI-v6.pdf)
What We Did
CSV is currently supporting the Workstream Secretariat, coordinating the stakeholder engagements with commercial banks and multilateral development banks in determining the key principles of, and how to participate in, a managed phase out of coal at the asset-/ transaction- level . As part of the Secretariat, CSV contributes to the analysis and research in producing thought leadership pieces and providing strategic inputs based on on-the-ground experiences from CSV’s own transaction advisory deals, to ultimately help in developing GFANZ APAC’s guidelines on coal managed phase out.
Outcome
- Released a public consultation guide to support the financing of the early retirement of coal-fired power plants as part of a just net-zero transition
- https://assets.bbhub.io/company/sites/63/2023/05/gfanz_consultation_managed-phaseout-of-coal-in-Asia-Pacific.pdf
Testimonials
Antonio Mariano C. Almeda
National Electrification Administration Administrator
“I want to emphasize that achieving sustainable energy access in off-grid areas is not merely an option, rather, it is an essential step for building resilient communities and ensuring social equity. This pursuit requires the collective effort of stakeholders across various sectors to make it into a reality.”
Mario Marasigan
Department of Energy Undersecretary
“Think bold, act collaboratively and commit firmly. Let us empower our cooperatives, support our investors, and work together to light up every corner of the country.”
Lawrence Ang
CSV Managing Partner
“This project builds on momentum generated by the Department of Energy leadership towards a more ambitious climate goal and complements the government’s work in transitioning the Philippines towards cleaner sources of energy. It also helps ensure that our off-grid islands are not left behind and are given access to more affordable, reliable, and cleaner electricity.”