The number of new coal plants under development in the Organisation for Economic Co-operation and Development (OECD) region has reached record lows since the signing of the Paris Agreement in 2015.
The new Partnership for Carbon Accounting Financials guidance goes beyond the dominant financed emissions metric and could be used to quantify avoided emissions from financing the early phase-out of coal, which has gained momentum in Asia.
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While Malaysia has pledged an ambitious 70 per cent renewable energy target by 2050, mobilising investments in the grid and utilising “quick wins” may be key to realising goals while awaiting sectoral reforms.