With clean energy financing doubling that of fossil fuels in 2024, Simon Stiell calls it a "money-making opportunity" that is "too big to ignore". Meanwhile, only 12 nations have submitted new climate plans ahead of the 10 Feb deadline.
Those who responded to a public consultation called for the carbon levy not to be eroded by allowances and for more transparency. Last year, petrochemical firms reportedly received up to 76 per cent in rebates for near-term carbon taxes.
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.
Cirebon 1’s financial advisor says the model "might not be replicable" nationwide as grid stability costs were overlooked early on and transition credits – being trialled in the Philippines – may not apply. Updates on the pending transaction are expected at COP29.