Baku, Azerbaijan: Today at the UN Climate Summit COP29, Uganda and Standard Chartered joined the Powering Past Coal Alliance (PPCA), the coalition of national and subnational governments, businesses and organisations working to advance the transition from unabated coal power generation to clean energy, giving further impetus to the global efforts to phase out coal power plants.
Uganda is powered nearly entirely by renewables and has never had any coal power. By joining the Alliance, the country commits to not build any new coal in the future and work together with its members to accelerate the global coal-to-clean energy transition.
Ruth Nankabirwa Ssentamu, Uganda’s Energy Minister said:
“Uganda has never relied on coal power, but we will be amongst the most impacted by the effects of climate change that it causes. We are excited to join more than 60 other countries in recognising that the time is up for unabated coal power in the energy sector. We look forward to engaging the Alliance’s membership to find solutions to challenges of the clean energy transition.”
Standard Chartered has a leading thermal coal policy that commits to end new financial services and phase out existing financial services to clients that generate more than 5 percent of revenue from thermal coal activities by 2030, with the exception of the provision of financial services towards the early retirement of thermal coal assets. This has allowed the bank to support initiatives to help countries and utilities retire their coal power plants early, notably in Indonesia. By joining the PPCA today, the bank renews its cooperation with governments, businesses and other financial institutions to further increase financing for the early retirement of coal power plants.
Marisa Drew, Chief Sustainability Officer, Standard Chartered said:
“Our decision to join the PPCA underlines both our continued commitment to working with our clients to support their transitions to lower emissions and our dedication to developing innovative financing solutions for accelerating early coal retirement in our markets as part of transition planning. Through PPCA, we look forward to partnering and problem solving with stakeholders across the ecosystem to mobilise capital at scale in support of this mission.’
Steven Guilbeault, Minister of Environment and Climate Change of Canada said:
“Today we welcome Uganda and Standard Chartered as new members of the PPCA and look forward to working together in phasing out coal globally. Accelerating the build out of renewable energy requires support from both financial institutions and government. Canada appreciates the important work that the PPCA Secretariat has accomplished this year, including the revised Finance Principles and the Coal Transition Commission Report. These important tools will help bring together government and the finance sector to support the phase out of coal-fired power while ensuring a cleaner future and sustainable jobs.”
Kerry McCarthy, UK Climate Minister said:
“Earlier this year we officially phased out coal from Britain’s energy mix. But it’s vital that we support others to do the same and keep 1.5c in reach.”
“The Powering Past Coal Alliance is playing a key role to increase the flow of finance to help developing countries end their dependence on coal.”
“We welcome Standard Chartered Bank to the PPCA’s ranks as we aim to secure the UK’s position as green finance capital of the world.”
“Uganda’s membership of the PPCA is also another boost in our mission and we look forward to working with them to share their experiences of running an almost 100% renewable grid.”
Earlier this week at COP29, the Coal Transition Commission chaired by France and Indonesia and hosted by the PPCA launched a new report, laying out the steps that need to be taken to scale up finance for the coal-to-clean transition, highlighting that private finance stands to benefit from investing in coal phase-out.
The PPCA also published a refreshed set of Finance Principles today, emphasising the crucial roles that engagement and transition support for the managed phase-out of coal can play in a financial institution’s net zero aligned thermal coal policy.
Throughout the year, PPCA has hosted a series of Solutions Dialogues that have highlighted practical financial solutions to the key challenges of the coal-to-clean transition, including early retirement of coal power plants, just transition and security of electricity supply. The PPCA will take forward the key solutions identified through the work of the Coal Transition Commission and wider engagement with the private financial sector in the coming year.
ENDS
For more information, please contact:
Anna Drazkiewicz, PPCA Communications Manager
00 32 487 32 45 62
anna.drazkiewicz@poweringpastcoal.org
More information about the PPCA’s presence at the COP here: https://poweringpastcoal.org/cop29/
