SINGAPORE (Reuters): A new financing tool that allows Asian governments to force coal plants into early retirement is set to launch its first project in Indonesia "soon" following months of negotiations, the Asia Development Bank's climate envoy said on Friday.
The ADB's "energy transition mechanism" (ETM) makes use of private and public capital to refinance investments in coal-fired power, allowing power purchase agreements to be shortened and plants to be shut as much as a decade earlier than planned.
