Some big financial institutions have made plans to close coal-fired power plants in Asia.

Chairman of Prudential Insurance Growth Markets, Don Kanak made the revelation.

Kanak said, “The world cannot possibly hit the Paris climate targets unless we accelerate the retirement and replacement of existing coal fired electricity, opening up much larger room in the near term for renewables and storage.”

He further said, “This is especially true in Asia where existing coal fleets are big and young and will otherwise operate for decades.”

The initiative developed by UK insurer Prudential, is being driven by the Asian Development Bank (ADB), and includes major banks, HSBC and Citi, BBC reports.

The closure plan aims to tackle source of carbon emissions.

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