The Rockefeller Foundation plans to enroll 60 projects by 2030 in a new carbon finance scheme aimed at phasing out coal-fired power in developing countries, it announced on May 7. The foundation estimates that this effort could attract $110 billion in public and private investment, prevent 9,900 early deaths and 640,000 lost workdays annually, and create 29,000 permanent jobs.
According to International Energy Agency, around 2,000 coal-fired power plants must be decommissioned from now until 2040 to meet global climate targets, but so far, only 15% are covered by decommissioning pledges, reported Reuters.
The Rockefeller Foundation's Coal to Clean Credits Initiative (CCCI) is among several schemes under development that aim to use carbon finance to accelerate early closures of the coal-fired plants and replace them with renewable power, reported Reuters.
"That target of 60 projects by 2030 is our overall goal, our ambition," Joseph Curtin, who leads the Rockefeller Foundation's "coal to clean" programme, told Reuters.
Curtin’s team has identified around 1,000 eligible coal-fired plants in developing countries. While the names of specific plants have not been named, the initiative's focus on transitioning from coal to renewable energy aligns with India's own decarbonisation goals.
Can India Be on the Radar?
According to the Indian government’s Central Electric Authority, renewable sources are expected to supply half of the country’s power by 2030, primarily with wind and solar. However, to ensure energy security and grid stability, India is expected to rely on renewables while coupling with traditional sources.
While India has committed to reaching net zero by 2070, with claims that 50% of its power generation will come from renewables by 2030, experts believe the country’s dependence on coal and fossil fuels will not end anytime soon.
“India will not be able to survive completely without coal and there is no alternative for India in the coming 10 to 20 years,” Anil Kumar Jha, former chairman and managing director of Coal India — the world’s largest coal producer — told CNBC.
