Canada Accelerates Global Coal Phase-Out with Powering Past Coal Alliance

Strategic Insights -

Canada is leading the international effort to phase out coal power, the largest source of greenhouse gas emissions driving climate change. At the United Nations Climate Change Conference (COP27), the Honourable Steven Guilbeault, Minister of Environment and Climate Change, announced significant progress by the Powering Past Coal Alliance, a global alliance of governments and industry co-led by Canada and the United Kingdom. The Alliance has reached over 165 members strong and helped ensure that over 75% of coal power in OECD member countries is retired or scheduled to close by 2030.

Key Takeaways:

  • The Powering Past Coal Alliance has reached over 165 members, a significant increase from its initial launch.
  • The Alliance has helped to ensure that over 75% of coal power in OECD member countries is retired or scheduled to close by 2030.
  • Canada is cited as a leading example of coal power phase-out, with the last coal-power plant in Alberta scheduled to close next year, seven years ahead of schedule.
  • The Report reveals that the end of unabated coal power is underway, despite current energy supply challenges and geopolitical instability.
  • Over 30 financial institutions representing more than $17 trillion in assets have committed to curb coal power finance through the Alliance.
  • Canada has announced two new initiatives to support clean energy transition in developing countries, funded under its $5.3 billion climate finance commitment.
  • Canada is partnering with other countries and donors to establish Just Energy Transition Partnerships in emerging economies, including India, Indonesia, Senegal, and Vietnam.

Statistics:

  • Over 165 members have joined the Powering Past Coal Alliance.
  • Over 75% of coal power in OECD member countries is retired or scheduled to close by 2030.
  • $17 trillion in assets are represented by over 30 financial institutions committed to curb coal power finance.
  • A total of $5 million has been allocated for two new initiatives supporting coal phase-out in Indonesia, the Philippines, and Vietnam.
  • $5.3 billion is the total climate finance commitment made by Canada.

Sources:

  • Government of Canada
  • Powering Past Coal Alliance
  • United Nations Climate Change Conference (COP27)
  • International Energy Agency
  • Global Climate and Health Alliance
  • Carbon Disclosure Project
  • Southeast Asia Energy Transition Partnership
  • OECD Clean Energy Finance and Investment Mobilisation program