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Fossil fuel phase-out: development banks need to play a bigger role

March 8, 2024

Together with NewClimate Institute, we reviewed the instruments PDBs can use to support the early retirement of coal plants in the Global South. We also looked more closely at the challenges and risks these instruments may pose. We find that to achieve lasting emission reductions, PDBs should first seek firm commitments from partner country governments and other stakeholders to phase out coal and other fossil fuels. These banks can then engage in different ways with policymakers and power producers to support coal phase-out. But no matter the challenge, they should not use scarce public funds for little decarbonisation impact.

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