Page 22 - REM Annual Review 2021

REM NOVEMBER REM

Coal dominates at COP26

as more countries join the

clean transition

GLOBAL POLAND, Ukraine, Vietnam and a host of other markets of Ukraine and the EU. In this context,
major coal-burning countries made clear com- we are working with our international partners
mitments to phase out coal power in the coming to attract investment, technology and expertise,”
years, as the UK presidency of COP26 claimed said German Galuschenko, Minister of Energy
that “the end of coal is in sight.” of Ukraine.
A 190-member coalition of countries and DTEK, the biggest private investor in
organisations have agreed to the Global Coal to Ukraine’s energy sector, also joined the Alliance,
Clean Power Transition Statement at COP26 in committing to powering operations without coal
Glasgow. by 2040.
The statement means that 18 countries have Similarly, Chile set 2040 as its date for being
for the first time committed to phase out coal coal-free, while Mauritius set 2030 and Croatia
at home and not to build or invest in new coal also joined, determining 2033 as its coal-free
power. Poland, Ukraine, Vietnam and Chile are date.
among the countries, meaning that some of the Singapore is the first country in Asia to join
biggest coal burners outside the world’s rich- the PPCA and, as a leading financial centre,
est countries have now joined the global clean it has committed to catalysing green finance
energy transition. for the continent’s transition towards greater
However, absentees included China, India, sustainability.
the US and Russia, substantially weakening the A large group of financial institutions have
future effectiveness of the new deal. also joined the Alliance, mirroring a raft of com-
mitments which brought an end to international
Powering past coal public coal finance this year. These include:
Also at COP26, the Powering Past Coal Alli- NatWest, HSBC, Lloyds Bank, Fidelity Interna-
ance (PPCA) separately announced that 28 new tional, Impax Asset Management, Generation
members had joined the organisation, a group Investment Management (UK), Ethos Founda-
of government, companies and local authorities tion (Switzerland), SCOR Global Investments
that aim to phase out coal at home and accelerate (France), Vancity (Canada) and United Church
the global transition from coal to clean energy. of Canada.
Ukraine, Chile, Singapore, Mauritius, Azer- Export Development Canada is the first
baijan, Slovenia and Estonia have all joined, export credit agency to enter the Alliance, and
along with Ukraine. played a key role in ending OECD export credit
This means that nearly two-thirds of OECD support for unabated coal-fired power plants.
& EU governments are now PPCA members and Together, the now 33 finance members of the
on the way to phasing out coal by 2030. Alliance account for over $17 trillion in assets.
Ukraine said it would end coal power by
2035, while massively investing in renewables Coal to clean power
and ensuring a just transition for workers and Poland’s support for the Global Coal to Clean
communities. It is a major step for a country that Power Transition Statement means the EU’s
has the third-largest coal fleet in Europe after move away from coal is now on a much firmer
Germany and Poland. footing.
“Ukraine is moving towards the decarbonisa- Vietnam’s support is a beacon of progress for
tion of the energy sector, in particular, complete other countries in Southeast Asia, leaving just
decommissioning of coal-fired thermal power India and China as the continent’s major coal
plants [TPPs], as well as a significant increase in burners that have not joined the global phase-
renewable generation. This objective, however, out movement.
requires developing highly flexible and low-car- The Global Coal to Clean Power Transition
bon generation, as well as integration of energy Statement covers four main issues. It commits

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