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Asian Development Bank to fund closures of coal power plants

Asakawa says move would shut facilities five or 10 years earlier than planned

Exhaust billows from a coal-fired power plant in Suralaya, Indonesia: The Asian Development Bank plans to set up funds to finance the early retirement of such plants.   © Reuters

MANILA -- The Asian Development Bank plans to create funds, possibly next year, to facilitate early closures of coal-fired power plants in Southeast Asia. The new funds will buy such plants and take an active role in their management.

Working with governments and financial institutions, the ADB plans to launch the funds in countries such as Indonesia that rely heavily on coal for power generation, aiming to speed their transition to a low-carbon economy.

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