The Asian Development Bank, the Government of the Republic of Indonesia, and the Government of the Republic of the Philippines, convened on 3 November 2021 to announce the launch of a partnership to design and establish an Energy Transition Mechanism (ETM) to accelerate the transition from coal to clean energy in Southeast Asia, in a just and affordable manner.

ETM is an innovative model which would use blended finance to accelerate the retirement of coal power plants and develop green, renewable energy to replace it.

The event was held in Glasgow, Scotland as part of COP26, the United Nations Climate Change Conference.

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