Coal is the most carbon-intensive fossil fuel, responsible for 41% of global fossil fuel emissions. Despite the IEA’s Net Zero roadmap calling for no new unabated coal plants after 2021, production reached a record 9.15 billion tons in 2024. Momentum is building to end coal expansion: at COP28, parties agreed to “transition away from fossil fuels,” and at COP29 launched the “Call to Action for No New Coal.” To align with the 1.5°C target, plants must be retired by 2030 in rich countries and by 2040 globally.
The challenge is greatest in emerging markets and developing economies (EMDEs), which host some of the youngest coal fleets. Southeast Asia is a key focus, where coal generates half of electricity and 80% of power sector emissions.
This session will critically assess whether carbon credits have any role in financing earlier coal retirement, weighing potential opportunities against key risks, safeguards, and just transition principles. A moderated discussion will present research, foster dialogue, and conclude with audience participation.