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New funding for poor nations' coal exit needs better planning for workers
(Reuters, 3 Nov 2021) Money alone cannot solve the challenges faced in the developing world, where coal-fired electricity still runs nearly half of power grids, energy experts say.
South Asian nations need to create more effective plans to be able to utilize $1 billion in funding announced by Canada this week to help developing countries speed up their shift away from climate-heating coal to greener energy, researchers said.
At the United Nations COP26 summit in Glasgow on Monday, Prime Minister Justin Trudeau said Canada would fund a coal transition programme run by the Climate Investment Funds (CIF), set up by international donors, to support poorer countries.
But energy experts told the Thomson Reuters Foundation money alone cannot solve the challenges faced in the developing world, where coal-fired electricity still runs nearly half of power grids and some nations are building new coal power stations.
"Just transition has huge financial needs in developing countries... But first, in India, we need to have just transition mechanisms, policies, plans in place," said Srestha Banerjee, director of just transition at iFOREST, an Indian think-tank.
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Reuters, 3 Nov 2021: New funding for poor nations' coal exit needs better planning for workers
