‘Right time to revisit’ managed coal phase-out in Japan: GFANZ APAC

(Eco Business, 13 Apr 2024) The Glasgow Financial Alliance for Net Zero Asia Pacific (GFANZ APAC) network has launched a study to model the cost of retiring Japan’s coal plants early, which comes as the country’s government looks to review its energy plans this year.

The Glasgow Financial Alliance for Net Zero Asia Pacific (GFANZ APAC) network has kicked off a study to model the cost of decommissioning Japan’s coal-fired power plants early.

The regional arm of GFANZ – a global coalition of insurers, banks and asset managers committed to reaching net-zero by 2050, that oversees a combined US$130 trillion of assets – published its finalised guidance for financing the managed phase-out of coal in Asia last December.

Speaking at the GFANZ APAC summit on Friday, Yuki Yasui, managing director of the regional network, said that as a next step, they will be working to apply the insights from the report to specific markets, starting with Japan.

The new research will explore the economic feasibility of phasing out coal-fired power plants in the context of Japan and its place in the country’s energy transition on the back of new financial innovations like “transition credits“, a novel class of carbon credits that the Singapore central bank has mooted as a way to sweeten the economic viability of energy transition projects.

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Eco Business, 13 Apr 2024: ‘Right time to revisit’ managed coal phase-out in Japan: GFANZ APAC