New carbon credit scheme targets 60 plants by 2030 for coal phaseout, ET EnergyWorld
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Singapore: The Rockefeller Foundation aims to sign up 60 projects by 2030 to a new carbon finance scheme for phasing out coal-fired power in developing countries, it said on Wednesday, after its rulebook was given the go-ahead.Around 2,000 coal-fired power plants need to be decommissioned from now until 2040 in order to meet global climate targets, the International Energy Agency says, but only 15 per cent are covered by decommissioning pledges.The Rockefeller Foundation's Coal to Clean Credits Initiative (CCCI) is one of several schemes under development that aim to use carbon finance to help close them earlier than scheduled and replace them with renewable power."That target of 60 projects by 2030 is our overall goal, our ambition," said Joseph Curtin, who runs the Rockefeller Foundation's "coal to clean" programme.In Singapore on Tuesday, carbon standards organisation Verra launched CCCI's methodology for determining which projects are eligible and how emission reductions from early coal plant shutdowns will be calculated, allowing them to generate carbon credits.The first project to use the methodology will be the South Luzon Thermal Energy Corporation (SLTEC) plant in the Philippines, with the transaction expected to be completed next year."Obviously if we can close one transaction - and we're getting much closer - we think that will have a very strong impact on the market and will hopefully reverberate across the region and send a signal that this is indeed possible."Curtin said his team has identified around 1,000 coal-fired plants in developing countries that would be eligible under the methodology.The 60 project target could attract $110 billion in public and private investment by 2030, he said, citing research commissioned by the foundation.The early retirement of SLTEC is backed by Philippine energy firm ACEN together with Singapore clean investment group GenZero, the infrastructure conglomerate Keppel, Japan's Mitsubishi and its subsidiary Diamond Generating Asia.Revenue from carbon credits will be used to cover foregone cashflows brought about by the closure, help pay for the energy storage needed to support renewables and protect the interests of local workers and communities, said Eric Francia, ACEN's chief executive.CCCI went through seven rounds of consultations on its methodology, partly to allay concerns of environmental groups, who say carbon finance should not be used to bail out coal asset owners."The risk with this is how do you determine you are not giving finance to something that was a stranded asset, that wasn't going to be viable in the future?" said Jonathan Crook of Carbon Market Watch, a research group.The CCCI initiative's criteria will only select projects that are profitable and owned by companies or countries that have made firm "no new coal" commitments, said Curtin.While there is a moratorium on new coal plants in the Philippines, new facilities approved before the ban are still expected to come on line in the next few years.But the early retirement of SLTEC would still deliver progress on the energy transition, ACEN's Francia said."Of course we need to manage the perception, which is admittedly not good, but we look at the substance, and that is really the equation here," he said.(Reporting by David Stanway; Additional reporting by Simon Jessop in London; Editing by Christian Schmollinger and Sonali Paul)
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Business Standard
6 days ago
- Business Standard
Japan expands military build-up against China with US stand in doubt
Japan is stepping up efforts to deter China's military ambitions in the Asia-Pacific as Tokyo and other US partners seek clarity from the Trump administration about its plans to counter Beijing's power in the region. For the first time, Japan sent destroyers through the Taiwan Strait on two occasions in recent months, according to a person familiar with the operations, a sign of its willingness to directly challenge China over the waterway and the self-governing island it claims as its own. Japan has also increased its military budget and the tempo of its naval exercises as far away as the Indian Ocean and South China Sea, a region Beijing claims almost complete control over but which is a vital trade route for the global economy. 'When I was younger and even in the first decade of this century, we used to stay close to Japan's shores,' said Katsuya Yamamoto, a retired rear admiral in Japan's Maritime Self-Defense Force. 'Now the world has changed, and the Japanese people accept that we can't just passively allow China's actions.' It's not just Japan taking note. China's assertiveness has alarmed many governments: Beijing has in recent years ramped up aerial and naval deployments around Taiwan, repeatedly confronted Philippine vessels around disputed islands and shoals and sent warships into international waters off the coast of Sydney. Those actions and the response in Asia will be one point of discussion for military leaders meeting in Singapore starting Friday for the Shangri-La Dialogue. The annual gathering typically includes high-level officials from China and the U.S. This year, Defense Secretary Pete Hegseth is expected to give a speech Saturday at the event. While Japan has for decades been wary of foreign military entanglements, in part due to a World War II-era constitution that bars the use of force to settle disputes, Russia's full-scale invasion of Ukraine and a Chinese missile barrage over Taiwan in 2022 marked a turning point. Now Tokyo is doing more to boost defense ties with regional partners such as the Philippines and Australia just as Trump raises questions about the US commitment to historic alliances. The US president has said Japan and South Korea don't pay the US enough for basing American troops in their countries and has been ambiguous about his support for Taiwan if it came under attack. Chinese Warnings Japan can't afford that ambiguity. The most southerly of Japan's islands is just 70 miles (113 kilometers) from Taiwan, and Tokyo fears it could be drawn into any conflict over the archipelago that China views as its territory. Beijing regularly warns against Japanese military activity in the region. After Japanese news outlets reported the transit of a Japanese destroyer through the Taiwan Strait in February, Zhang Xiaogang, a spokesperson for China's Ministry of National Defense, said: 'China respects the navigation rights of all countries under international law, but firmly opposes any country creating trouble in the Taiwan Strait, infringing upon China's sovereignty and security, and sending wrong signals to the 'Taiwan independence' separatist forces.' Opinion polls show growing support in Japan for a more visible role for the Self-Defense Forces, as the military is known. Yet the scale of the challenge is daunting. While China's actual defense spending is unclear, the Stockholm International Peace Research Institute estimates it spent around $314 billion on its military in 2024, about half of all defense spending in Asia and Oceania. Largely in response, Japan is raising defense spending more rapidly than at any time in recent decades. In 2022, Tokyo pledged ¥43 trillion ($298 billion) to a military build-up that would span five years and lift defense spending to roughly 2 per cent of gross domestic product from just over 1 per cent. Total defense-related spending this fiscal year is set to reach ¥9.9 trillion, including funds to develop a network of satellites to improve the detection of incoming missiles. Japan has also begun taking delivery of 147 US-built F-35 Lightning II jets, the world's most advanced stealth fighter. Those F-35s will be equipped with long-range cruise missiles that could hit targets in China from hundreds of miles away. Tokyo is also developing long-range missiles that could be deployed at a string of military bases along its southwest island chain. So-called 'stand-off' missile capabilities are core to a defense strategy adopted in 2022 to threaten Chinese military bases that could be used against Japan. The same year, Japan was shaken when China launched missiles over Taiwan that landed in the sea in Japan's exclusive economic zone after a visit to Taipei by then-US House Speaker Nancy Pelosi. The missiles added to anxieties that Beijing might target Japan and US military bases in the country as part of any attempt to seize Taiwan. 'Bitter Experience' 'The desire to avoid conflict after the bitter experience of World War II made Japan allergic to possessing weapons. More people understand now that simply having them can demoralize and deter the enemy,' said Misa Sakurabayashi, a security analyst based in Tokyo who has advised the government on defense issues. China says it wants to resolve the Taiwan issue peacefully, but hasn't ruled out the use of force. In addition to developing its own capabilities, Japan has been working with other Asian democracies to bolster collective deterrence. 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Japan, meanwhile, has made its own calculation that it has to send a clear message to China, according to Kocihi Isobe, a retired lieutenant general in Japan's Ground Self-Defense Force. 'If deterrence fails, the price to pay will be very high,' he said.
Time of India
27-05-2025
- Time of India
Philippines introduces visa-free entry for Indian tourists: 5 things one should know
Indians planning a trip to the Philippines, things just got easier as the country has introduced a new visa-free policy for short travels. In a bid to boost tourism, the country has introduced this new policy. The policy also aims to strengthen ties with India. On this note, let's have a look at five key things Indian travellers need to know: 14-Day Visa-Free Entry for Indian citizens : Indian passport holders can now visit the Philippines without a visa for up to 14 days. It is a major change by the nation. It is a major convenience for tourists planning short vacations to enjoy the country's gorgeous beaches and tropical islands. It's part of a larger initiative by the Philippine government to attract more Indian tourists. Basic entry requirements still apply : Even though a visa is no longer needed for 14-day stays, Indian travellers must meet a few basic conditions: A valid passport with at least six months beyond the date of arrival Hotel reservations Proof of sufficient funds to support the stay A return ticket 30-Day Visa-Free Stay for certain Indian residents : Indian citizens with a valid visa or permanent residency in countries like the U.S., by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Balinhas personalizadas Balinhas Personalizadas Compre já Undo U.K., Canada, Australia, Japan, Singapore, or any Schengen area country are eligible for an extended 30-day visa-free stay. The same documentation requirements apply. This is a great option for Indians living abroad or frequent international travellers. New E-Visa System introduced : For those planning to stay longer or travel for reasons other than tourism, the Philippines has introduced an e-visa system. This online application process is faster and more convenient than traditional methods, making it easier for Indian travellers to plan extended visits. Digital Nomad visa : The Philippines is preparing to launch a digital nomad visa. Announced by President Bongbong Marcos, this new visa will allow professionals working remotely for foreign companies to live and work in the Philippines. It's set to enhance the country's appeal as a destination for long-term visitors and remote professionals. These updates mark a major shift in how the Philippines welcomes Indian travellers. With visa-free options, simplified processes, and new visa categories on the way, it's the perfect time to explore this beautiful Southeast Asian destination. One step to a healthier you—join Times Health+ Yoga and feel the change
Fibre2Fashion
27-05-2025
- Fibre2Fashion
Philippine GDP growth likely to reach 5.5% in 2025, 5.8% in 2026: IMF
The Philippine economy remains resilient despite the challenges of an external environment characterised by heightened policy uncertainty, and economic growth is expected to reach 5.5 per cent this year, before accelerating to 5.8 per cent next year, according to the International Monetary Fund (IMF), which recently said downside risks to the economy warrant close attention. The country's central bank (BSP) has successfully addressed inflationary pressures, supported by concerted measures of the government to reduce food prices. With inflation and inflation expectations returning to target, BSP has room to continue to reduce the policy rate, it noted after an IMF team led by Elif Arbatli Saxegaard held meetings in Manila during May 14-20 to discuss recent economic and financial developments and the outlook for the economy. The prospect of further monetary easing, and lower food prices will underpin the recovery in consumption, it observed in a release. The Philippine economy remains resilient despite the challenges of an external environment characterised by heightened policy uncertainty, and growth is expected to reach 5.5 per cent this year, before accelerating to 5.8 per cent next year, the IMF has said. Downside risks to the economy need close attention, it noted. Adhering to the medium-term fiscal consolidation path remains critical, it said. Adhering to the medium-term fiscal consolidation path remains critical and requires sustained and durable efforts to mobilize tax revenues and ensure efficiency of government spending, the IMF noted. 'Consumption is expected to be supported by monetary policy easing amid lower inflation, and low unemployment; however, private investment is projected to remain subdued. Risks are tilted to the downside, driven mainly by external factors but also by the weaker-than-expected outturn in the first quarter,' Saxegaard said. 'The current account deficit is projected to narrow from 3.8 per cent of GDP [gross domestic product] in 2024 to 3.4 per cent of GDP in 2025, supported by weaker commodity prices. Reserves have declined since peaking in September 2024 but remain adequate at $105.3 billion as of April 2025,' she added. Fibre2Fashion News Desk (DS)
