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COP26

Climate fund to back India, Indonesia, Philippines coal phaseout

$2.5bn program unveiled by multilateral Climate Investment Funds at COP26

Unloading coal in Ahmedabad, India, in October: Decommissioning coal facilities is considered more complex than adding renewable infrastructure.   © Reuters

TOKYO -- The multilateral Climate Investment Funds will invest about $2.5 billion to help developing countries that rely on fossil fuels to phase out coal, initially targeting India, Indonesia, the Philippines and South Africa.

One of the world's largest funds for supporting green action revealed the plans on Thursday. It said its Accelerating Coal Transition program would focus on the decommissioning and repurposing of existing coal assets, such as power stations and mines, as well as creating sustainable economic opportunities and social protection programs.

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