International carbon credit issuer VERRA, has approved a methodology put forward by the Rockefeller Foundation’s Coal to Clean Credits Initiative (CCCI) for issuing carbon credits for the closure of coal fired power plants ahead of their initial planned closure dates. The initiative aims to use carbon finance to help close coal plants earlier than expected and replace them with renewable power, and aims to enroll 60 plants into the scheme by 2030. Project developers will have to submit a plan for a “just transition” containing measures to reduce the impacts of closure on affected coal workers and communities. However, Climate Home News reports concerns from climate experts that the methodology will allow low integrity credits into the market, citing issues around the level of uncertainty in the calculation of the emission reductions and difficulties estimating the true closure date of a facility.
