Coal-fired power plants are one of the major sources of base power supply globally, but also the largest source of GHG emissions. Transforming such an industry can seem insurmountable. But viable solutions have been mapped out. By using a range of existing and innovative new Carbon Finance instruments to encourage their early replacement with renewable energy, we can accelerate our journey towards a net-zero world, while ensuring that those communities that are currently dependent on coal power plants are supported through the transition.

This proposed methodology concept, supported by robust sustainable development contributions that ensure a just energy transition, has the potential to encourage the early phase-out of coal fired thermal power plants, and their replacement with renewable energy. It is also intended to further explore other fossil phase-out options towards grid decarbonisation. Gold Standard will start work on the methodology and guidance immediately and welcomes feedback and input from stakeholders.

We are seeking general feedback, comments and suggestions on scope, applicability, monitoring approach and safeguards proposed in the methodology concept note.