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ADB, Citi, HSBC, Prudential hatch plan for Asian coal-fired closures: Sources
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The group plans to create public-private partnerships to buy out the plants and wind them down within 15 years.
PHOTO: REUTERS
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LONDON/MELBOURNE (REUTERS) - Financial firms, including British insurer Prudential, lenders Citi and HSBC and BlackRock Real Assets, are devising plans to speed the closure of Asia's coal-fired power plants in order to lower the biggest source of carbon emissions, five sources with knowledge of the initiative said.
The novel proposal, which is being driven by the Asian Development Bank (ADB), offers a potentially workable model and early talks with Asian governments and multilateral banks are promising, the sources told Reuters.
