SINGAPORE -- Singapore is promoting a new type of finance that supports the early closure of coal-fired power plants in Southeast Asia, hoping to encourage decarbonization in neighboring countries while also developing the city-state's capital market.
Called transition credit, it is based on the amount of carbon emissions reduced by closing coal-fired plants early. The Monetary Authority of Singapore, the financial regulator, is leading this initiative and working with companies and financial institutions to establish the necessary systems.
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