The Powering Past Coal Alliance (PPCA) is working to advance the just transition away from unabated  coal power generation.
To meet the Paris Agreement commitment to keep the global temperature increase well below 2°C and pursue efforts to limit it to 1.5°C, analysis shows that coal power phase-out is needed by no later than 2030 in the OECD and EU28, and no later than 2050 in the rest of the world (‘PPCA Timeframes’).
Phasing out financial services and investments  in unabated coal-fired power and investing in clean forms of energy are important steps that financial institutions  can take to tackle climate change.
The PPCA Finance Principles give greater clarity to the role of financial institutions in advancing the objectives of the PPCA; help align financial services and investments with the Paris Agreement; build upon and complement the accounting and transparent reporting of climate risks by member organisations; and complement responses to the guidelines proposed by the Taskforce for Climate-Related Financial Disclosure (TCFD).
- No project specific financing or wider financial services for new unabated coal-fired power plants, and no project specific refinancing or wider financial services for existing unabated coal-fired power plants that would result in their operation beyond PPCA Timeframes.
- No new provision of financial services to companies that would result in the building of new unabated coal-fired power plants or that would be used specifically towards the generation of electricity from unabated coal beyond PPCA Timeframes.
- Advocate for a credible public commitment to the phase-out of unabated coal power within PPCA Timeframes, by companies to which existing financial services are being provided.
- Offer or select new products (or bespoke mandates), or make new direct investments, that avoid exposure to equity and debt instruments of companies that plan to generate electricity from unabated coal beyond PPCA Timeframes.
- Advocate for relevant companies to seek alternatives to new unabated coal-fired power plants and advance a credible public commitment to the phase-out of unabated coal power within PPCA Timeframes, including via global initiatives like Climate Action 100+.
- Encourage recognised investment information providers to track which companies own unabated coal-fired power plants, with an initial focus on tracking plans to build new unabated plants globally and phase-out dates for unabated plants located in the OECD.
- Report policies and progress on a ‘comply or explain’ basis when responding to TCFD or similar annual reporting frameworks.
Promoting the PPCA
- Encourage others to take action on coal power phase-out and promote the PPCA, including when providing advisory services or technical assistance to relevant clients.
- Share expertise with those financial institutions still engaged in coal power financing activities.
 ‘Unabated’ refers to coal power generation without any technologies to substantially reduce CO2 emissions, e.g. operational carbon capture and storage.
 Financial services include lending, underwriting, advisory and insurance services. Investments include direct investments and investments through third parties.
 Financial institutions include banks, insurers and investors.
 Commitments will depend on business model. For example, in the case of development finance institutions, an exception may be made only where the country has the very lowest of IDA income levels, there is a compelling poverty reduction case, best available technology is used and full consideration has been given to the economic feasibility of low carbon alternatives. An example of such criteria can be found here .