Collaboration between ACEN Corporation, GenZero, Keppel, and Mitsubishi for pilot project in the Philippines Approval of a methodology by Verra that will accelerate the world’s first transition credits Scaling up support for 60 plant transitions could unlock US$110 billion in public and private investment, prevent 9,900 early deaths annually, and generate 29,000 permanent jobs  

SINGAPORE, May 7, 2025 /PRNewswire/ — The Rockefeller Foundation announced its latest efforts to accelerate access to clean, affordable energy in vulnerable communities living near coal-fired power plants in developing countries, as part of its Coal to Clean Credit Initiative (CCCI). During Ecosperity Week in Singapore, the Foundation’s partner ACEN Corporation, announced a new collaboration with GenZero, Keppel, and Mitsubishi Corporation and its subsidiary, Diamond Generating Asia, Limited, to advance the first CCCI pilot in the Philippines, while Verra, a nonprofit certification body that issues Verified Carbon Units (VCUs) for carbon reduction, officially approved the CCCI’s methodology, the first of its kind. In addition, new analysis from The Rockefeller Foundation shows that supporting 60 projects by 2030 could unlock US$110 billion in public and private investment while preventing 9,900 early deaths and 640,000 lost workdays annually and generating 29,000 new permanent jobs. 

Ashvin Dayal, Senior Vice President, Power and Climate at The Rockefeller Foundation, said: “Energy access and abundance define people’s, community’s, and country’s futures.  With electricity demand increasing around the world, The Foundation has been looking for ways to work with communities and countries as they make the best energy choices for their people.  As more and more countries and communities choose to transition to clean energy sources, philanthropy has a unique role to play—we can take risks where others cannot and catalyze momentum needed. The projects announced this week will do just that, offering real benefits for people living and working in these communities.” 

Increasing access to clean energy technologies, which are now cheaper than coal power in most markets, improves the affordability of energy for households, communities, businesses, and governments, according to a recent report from the International Energy Agency. When paired with energy storage and smart grid technologies, renewables also deliver energy reliability and decrease dependence on volatile fossil fuel markets. In addition, studies have shown major public health gains from reduced air pollution from coal-fired plants, which is particularly significant for vulnerable populations such as children, the elderly, and those with pre-existing respiratory or cardiovascular conditions.

This Work in Action:
CCCI aims to unlock market demand for transition credits while addressing the needs of vulnerable communities, creating new jobs, expanding access to affordable energy, driving economic growth opportunities, and improving public health, alongside enhancing climate resilience. Since 2022, The Rockefeller Foundation has invested over $10 million to identify eligible communities, build an ecosystem around transition credits for high integrity, and support pre-feasibility assessments. 

In 2023, The Rockefeller Foundation announced a new collaboration with ACEN Corporation, the listed energy platform of the Ayala Group, to explore leveraging carbon finance to replace its 246 MW South Luzon Thermal Energy Corporation (SLTEC) coal plant in the Philippines with clean power and battery storage, while supporting the livelihoods of workers affected by the plant’s early transition. Fully replacing SLTEC with the same level of firm, reliable power can be achieved with 1000 megawatt (MW) of solar, 250 MW of wind, and 1000 MW of battery energy storage. ACEN, whose SLTEC plant was already scheduled for early retirement in 2040, is working to move this up to 2030 by leveraging CCCI’s methodology.

The Rockefeller Foundation currently has a portfolio of potential projects in several geographies across the Asia-Pacific region, with an overarching goal of supporting 60 asset owners with similar transitions by 2030.

Announced during Ecosperity Week 2025

Investing in energy abundance solutions.
The Rockefeller Foundation shared for the first time their initial estimates, undertaken by Catalyst Advisors, that support for 60 projects could help unlock US$110 billion in public and private investment, create US$21 billion in economic spillover, and generate approximately 29,000 net permanent jobs. These projects could also prevent 9,900 early deaths and 640,000 lost workdays a year and save consumers in emerging economies up to US$8.3 billion annually in power costs.

The Rockefeller Foundation also announced a US$600,000 grant to the Integrity Council for the Voluntary Carbon Market (ICVCM Limited) to support a Continuous Improvement Program on transition credits, which will develop a high-integrity threshold for this new asset class. This funding will also help ensure that the needs and rights of Indigenous Peoples and local communities are taken into account when designing and implementing these markets.

“Today’s progress update demonstrates that we are closer than ever to unlocking new benefits to people with credits that will help communities transition to clean, affordable energy. We are now focused on scaling this initiative and bringing dozens of such transactions to the market by 2030.” ―  Dr. Joseph Curtin, Managing Director for Power and Climate at The Rockefeller Foundation

Exploring a new partnership to advance the first pilot.
Located in a region with the second highest unemployment rate in the Philippines, ACEN’s SLTEC is located in the City of Batangas, where the population density is 31% higher than the national average and where by 2030 over 726,000 people live within a 20-kilometer radius of the plant. Leveraging the CCCI’s methodology, ACEN is teaming up with GenZero, Keppel Ltd., and Mitsubishi Corporation and its subsidiary, Diamond Generating Asia, Limited, to explore a collaboration that would facilitate the early retirement of the SLTEC plant and replace it with clean and reliable energy.

“This partnership represents a milestone in our collective efforts to address the enormous challenges of the energy transition. By pioneering the Transition Credits mechanism, we are demonstrating a viable pathway for coal-dependent economies to transition sustainably. We hope this will serve as a catalyst for other coal plant owners to embark on their clean energy journey.” ― Eric Francia, President and CEO of ACEN Corporation 

Approval of the CCCI’s methodology.
Verra, the leading global carbon crediting standard, officially approved the CCCI’s methodology, marking a significant milestone in the development of high-integrity transition credits. This approval paves the way for the first projects to generate high-integrity transition credits – with clear protections in place – from local job creation to energy access and essential social safeguards – to supports workers and communities affected by early coal plant closures.

“We need to rethink the very systems that are hurting people and the planet. Our new methodology empowers energy providers to make that shift in a way that doesn’t leave workers or communities behind and doesn’t inadvertently exacerbate energy poverty.” ― Mandy Rambharos, CEO of Verra

About The Rockefeller Foundation 

The Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation that enable individuals, families, and communities to flourish. We make big bets to promote the well-being of humanity. Today, we are focused on advancing human opportunity and reversing the climate crisis by transforming systems in food, health, energy, and finance. For more information, sign up for our newsletter at www.rockefellerfoundation.org/subscribe and follow us on X @RockefellerFdn and LinkedIn @the-rockefeller-foundation. 

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SOURCE The Rockefeller Foundation