Singapore leads new finance system to speed ASEAN decarbonization

SINGAPORE — Singapore is promoting a new type of financing that supports the early closure of coal-fired power plants in Southeast Asia, hoping to spur decarbonization in neighboring countries while also boosting the city-state's capital market.

Called a transition credit, it's based on the amount of carbon emissions reduced by the early shutdown of coal-fired plants. The Monetary Authority of Singapore, the financial regulator, is leading the initiative and is working with companies and financial institutions to establish the necessary systems.

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