Reuters exclusively reported that financial firms including British insurer Prudential, lenders Citi and HSBC and BlackRock Real Assets are devising plans to speed the closure of Asia’s coal-fired power plants in order to lower the biggest source of carbon emissions. The novel proposal, which is being driven by the Asian Development Bank, offers a potentially workable model to address the coal industry’s contribution to climate change across the region. Early talks with Asian governments and multilateral banks are promising, five sources told Reuters. Coal-fired power accounts for about a fifth of the world’s greenhouse gas emissions, making it the biggest polluter.
Reuters reveals ADB, Citi, HSBC, Prudential hatch plan for Asian coal-fired closures; market reacts
Shares in the parent company of Semirara Mining Corp, the largest coal producer in the Philippines, rose more than 3% in Manila on Tuesday after the Reuters story broke.