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Climate Change

Philippines and Vietnam coal-fired plants to retire in ADB-led plan

Bank partners with Prudential and HSBC for pilot project

Asia needs to cut its reliance on coal power.   © Reuters

HO CHI MINH CITY -- The Asian Development Bank and the UK-based insurer Prudential plan to announce an ambitious investment scheme to cut carbon emissions in Asia at the United Nations' COP26 climate conference in November.

The proposals will include a shortlist of existing coal-fired power plants across Asia to buy and retire well before the end of their life cycles and replace them with clean energy.

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