#betd24

Panel Discussion @BETD.24 on "Financing an Accelerated Coal Phase-Out - Challenges and Solutions" moderated by Jennifer Porto.
The science is clear: to keep the 1.5 degrees goal within reach, countries need to immediately end the construction of new coal power plants and phase out existing plants by 2030 in the OECD and EU, and by 2040 elsewhere. Momentum is growing with the Powering Past Coal Alliance as the leading international initiative for phasing out coal power welcoming twelve new members at COP28. Its membership now comprises almost 170 national and subnational governments and companies from the energy and finance sector.
However, billions of dollars of public and especially private money are still being invested in the coal sector. In order to ensure a phase out of coal power, public and private finance flows have to be redirected from supporting coal towards renewable energy.
At the same time, the retirement of coal power plants before the end of their lifetime requires a diverse range of policy measures and innovative financing solutions for the coal-to-clean transition as part of the broader efforts to align financial flows with the goals of the Paris Agreement. Examples include carbon pricing and air quality standards on the one hand, and new initiatives such as the Asian Development Bank’s Energy Transition Mechanism launched at COP27 and France-led Coal Transition Accelerator initiative at COP28 on the other hand. How especially existing coal assets and new investments including from the private sector into coal can be ended and what methods exists, should be discussed in this session.
Speakers:
(1) Graham Stuart, Minister of State for Energy Security and Net Zero, #uk
(2) Iva Petrova, Deputy Minister of Energy, #Bulgaria
(3) Jo Tyndall, Director of the Environment Directorate, OECD
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In the past years the Berlin Energy Transition Dialogue (BETD) has become a leading international forum for key stakeholders of the energy sector. High-level policymakers, industry, science and civil society are given the opportunity to share their experiences and ideas on a safe, affordable and environmentally responsible global energy transition. In 2023, over 2,000 on-site and 17,000 virtual participants and viewers from more than 130 countries, more than 40 international delegations with ministers and secretaries of state, and over 100 high-level speakers gathered virtually and on-site in the German capital to participate. The Berlin Energy Transition Dialogue is hosted and supported by the German Federal Government and a joint initiative of German Renewable Energy Federation (BEE), German Solar Association (BSW-Solar), German Energy Agency (dena) and eclareon.