Despite calls to eliminate coal as a source of energy, some 2,400 coal plants are still operational worldwide, with a further 950 coal plants either planned or under construction. The former group is particularly difficult to deal with: The facilities are producing energy, and have financing in place, meaning closing them would cost money and starve their countries of much-needed power.
The Rockefeller Foundation, the Rocky Mountain Institute, GEAPP, South Pole, and the Climate Policy Initiative today announced the Coal to Clean Credit Initiative, an attempt to use carbon credits to fund the accelerated closure of operational coal plants.
This newsletter first appeared in semafor.com on June 14th.