PROJECT DESCRIPTION
ETM will be a win for the climate, a win for local communities, and a win for developing economies. It will significantly shorten the life of legacy coal-fired power plants and unlock new investments in sustainable and renewable energy.
1. Accelerate climate action
Countries participating in ETM will be able to reach more ambitious emissions targets than under their current commitments.
2. Reduce energy costs
Speeding up the retirement of coal-fired electricity will increase the demand for clean energy by 2-3 times, lowering overall energy costs in the long run.
3. Drive investment
ETM will help unlock or “crowd in” investment in cost-effective renewable generation and support and enable clean technologies, such as smart grids, hydrogen, and electric vehicles.
4. Provide a scalable model
ETM has the potential to be scaled up to other parts of Asia and the Pacific, as well as Latin America and Africa, which could drive significant reductions in global emissions.
ADDITIONAL INFORMATION
The transaction has not yet been finalized. The project is planned to continue until 2035 to achieve its goal of the early retirement of the Cirebon 1 coal power plant.
Source https//ieefa.org/sites/default/files/2024-09/2024Conf%20ADB%27s%20Energy%20Transition%20Mechanism.pdf.