World financial organizations have come up with a plan to save the planet from global warming by buying out and closing coal companies in Asia. The initiative was developed by the British insurance company Prudential with the participation of the Asian Development Bank (ADB), the BBC reports.
The measures are aimed at eliminating a large-scale anthropogenic source of carbon emissions. According to the plan, public-private partnerships, including major banks HSBC and Citi, will acquire coal-fired power plants to smoothly complete their work in the next few years, reducing the amount of harmful emissions. The pilot program is expected to be launched in Indonesia, the Philippines, or Vietnam for the large-scale UN world climate conference COP26, which will be held in Glasgow (Scotland) in November.
“By purchasing a plant that can be in operation for another half a century, we can make it carbon-neutral fifteen years earlier,” explained Ahmed M Saeed, ADB Vice President for East and Southeast Asia.
The problem areas of the project are that it is necessary to convince the owners of coal companies to sell the enterprises and work out a plan for the liquidation of stations after their shutdown. At the same time, the production of electricity by polluting installations accounts for a fifth of the world’s greenhouse gas emissions. According to the International Energy Agency forecast, in 2021, the demand for coal will grow by 4.5 percent and 80 percent of the increased use of fossil fuels will be in Asia.