Assertion by Elizabeth Yee, Government Vice President of The Rockefeller Foundation, on Transition Credits Coalition (TRACTION) Final Report

At The Rockefeller Foundation, our mission is rooted in a easy perception: everybody deserves a way forward for alternative — the chance to have a very good job, good well being, good meals, and entry to wash, dependable, and inexpensive electrical energy.

Through our Power and Climate initiative, we’re serving to empower communities and nations all over the world to make one of the best power choices for his or her folks and their backside traces. More and extra nations and communities are transitioning to wash power as a result of it makes financial sense and brings well being, safety, and improvement advantages to people and nations.

Still, vital obstacles stay. In many markets, monetary and coverage programs haven’t but caught up with advances in know-how and market economics. That’s why The Rockefeller Foundation’s method is to point out, not inform — by advancing actual tasks that reveal what’s attainable and by constructing the monetary and institutional infrastructure wanted to scale success.

That can be why The Rockefeller Foundation helped launch the Coal to Clean Credit Initiative (CCCI) — to create one new, high-integrity possibility that nations and communities can select to make use of if it matches their nationwide circumstances. Developed in partnership with the Monetary Authority of Singapore (MAS), ACEN, GenZero, and Keppel, CCCI is piloting one of many world’s first coal-to-clean transactions: the South Luzon Thermal Energy Corporation (SLTEC) challenge within the Philippines. This groundbreaking initiative will retire a coal plant ten years forward of schedule, totally exchange its technology with renewables, and assist affected staff and communities.

The newly launched Transition Credits Coalition (TRACTION) Final Report, convened by the Monetary Authority of Singapore (MAS), marks an essential milestone on this shared journey. MAS and The Rockefeller Foundation have labored side-by-side over the previous two years to discover how transition credit can speed up Asia’s power transformation — studying from each other’s experiences, aligning round integrity ideas, and serving to to put the foundations of a reputable and scalable transition credit score ecosystem.

Transition credit aren’t a treatment all — however they could be a beneficial, voluntary instrument that nations and communities could select to make use of to unlock finance, speed up early coal retirement, and ship a simply and inexpensive power transition for all. The Rockefeller Foundation is proud to work alongside companions equivalent to MAS and the TRACTION Coalition to show local weather ambition into motion.