ACEN Champions Transition Credits for Cleaner Energy Future
ACEN's Impact at Climate Week NYC
ACEN, the Ayala group's listed energy platform, took part in Climate Week NYC, a prominent climate event gathering leaders from business, technology, politics, academia, and civil society. Through its involvement, ACEN underscored its commitment to transitioning from coal to clean energy, particularly highlighting the use of transition credits to facilitate this shift.
Panel Discussion on Transition Credits
During the event, ACEN's president and CEO Eric Francia joined renowned panelists for a discussion titled "Harnessing Transition Credits to Drive a Coal to Clean Transition in Emerging Markets." The focus was on how transition credits can accelerate the phase-out of coal plants, especially in Southeast Asia, by replacing them with renewable energy sources while ensuring that the affected communities receive the support they need.
The Role of Transition Credits
Co-organized by significant institutions, the panel featured discussions on the essential role of transition credits in enabling coal plant owners to retire their facilities ahead of schedule, replacing them with sustainable alternatives that foster community welfare. Important remarks were made by Elizabeth Yee, executive vice president of programs at the Rockefeller Foundation, who stressed the urgent need for transitioning away from coal.
Challenges and Opportunities
Panelists, including representatives from the Asian Development Bank and the World Bank Group, highlighted the multifaceted challenges tied to energy transitions. Francia pointed out resource constraints, land requirements, and the costs associated with renewable energy as significant hurdles that need to be addressed. At the same time, he emphasized the opportunities presented by transition credits to galvanize action and investment in renewable solutions.
A Just Transition for Communities
Francia articulated the importance of ensuring that the transition from coal to clean energy involves fairness and equity for vulnerable communities. He asserted that a just transition is crucial to avoid leaving any community behind, ensuring that the shift encompasses supportive measures for local populations.
A Collective Call to Action
The discussions culminated with a strong call towards global collaboration in the development and implementation of transition credits to create a sustainable energy future. A shared commitment was underscored, pushing for unity among stakeholders to tackle climate change head-on through actionable measures.
Global Renewables Alliance Support
In conjunction with its participation in Climate Week NYC, ACEN allied with over 100 international organizations in a letter directed at world leaders. This open letter implored them to commit to ambitious targets necessary for the world to stay within the 1.5°C climate goal. It stressed that Nationally Determined Contributions (NDCs) are not merely form requirements, but crucial pledges to future generations.
ACEN's Vision for a Sustainable Future
ACEN’s dedication to advancing sustainable finance and its transition towards a low-carbon future are demonstrated through initiatives like these. The company is aiming to enhance its renewable energy capacity significantly, aspiring to reach 20 GW by the year 2030.
About ACEN
ACEN is a leading energy platform of the Ayala Group, with a rapidly growing footprint across multiple countries. The company currently has 4.8 GW of renewable energy capacity and is dedicated to providing clean, reliable, and affordable energy solutions. ACEN aims to achieve net-zero greenhouse gas emissions by 2050, reinforcing its role as a pioneer in the energy transition.
Frequently Asked Questions
What role do transition credits play in the energy transition?
Transition credits facilitate the early retirement of coal plants, supporting the shift to renewable energy while ensuring community needs are met.
Who moderated the panel discussion at Climate Week NYC?
The panel discussion was moderated by Gillian Tan from the Monetary Authority of Singapore.
What are ACEN's renewable energy goals?
ACEN aims to grow its renewable energy capacity to 20 GW by the year 2030.
What is the commitment of ACEN towards greenhouse gas emissions?
ACEN is committed to achieving net-zero greenhouse gas emissions by 2050.
How does ACEN support community engagement in its initiatives?
ACEN ensures community engagement through partnerships aimed at supporting local populations affected by the transition from coal to clean energy.
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