ACEN Corporation believes that transition credits can play a critical role in facilitating the early retirement of coal plants and their replacement with renewable energy (RE).
In a report by Manila Standard, ACEN CEO Eric Francia said that it is important to overcome the mindset that people are not accountable for climate change; yet, transition credits are now pushing everyone to live up to the task.
ACEN, along with partners GenZero and Keppel Ltd., is exploring the use of transition credits to expedite the retirement of the 246-megawatt South Luzon Thermal Energy Corporation (SLTEC) coal-fired power plant in Batangas.
The facility will be replaced with a clean energy dispatch system, and once completed, it is expected to be among the first converted coal-fired power plants (CFPPs) in the world to generate transition credits.
During the panel discussion, Francia highlighted the importance of a just energy transition, which ensures that vulnerable communities are protected as the shift from coal to renewable energy takes place.
He also pointed out the significant role transition credits can play in addressing the many challenges facing emerging markets during energy transitions, such as resource constraints, land and infrastructure issues, and the high costs of renewable energy replacements.
