New collaboration supports “rapid but careful” energy transition
Today, at the UN Climate Change Conference (COP26), Laurence Tubiana, CEO of our partner the European Climate Foundation, introduced an exciting new collaboration: the Coal Asset Transition Accelerator (CATA).
We are proud to support this initiative, which aims to speed up a fair transition to renewable energy and zero-carbon economies.
Making the switch
In her address, Ms Tubiana highlighted the urgent need to end pollution by coal-fired power generation and accelerate the socially just switch to renewables. CATA will empower governments, utilities, companies, financiers and civil society organisations to make this switch.
Funded by a group of philanthropies, including the IKEA Foundation, CATA provides the latest resources and best practices to implement and scale Coal Transition Mechanisms globally. It has a strong focus on social justice.
Fair for workers
The sooner coal is phased out, the more likely it is that society will stay within the 1.5⁰C warming limit set by the Paris Agreement. But despite government deadlines, the financial and legal arrangements surrounding coal ownership stand in the way of a rapid phase-out. At the same time, many workers still depend on coal for their livelihoods.
CATA brings together policy experts, investors, donors and governments to create financial compensation models for coal plants in transition tailored to the local conditions in each country. It also focuses on what coal plant closures mean for workers.
Rapid but careful energy transition
Elizabeth McKeon, Head of Climate Action Portfolio at the IKEA Foundation, says: “The IKEA Foundation is supporting CATA because we believe it will help ensure a rapid but careful transition away from coal. This is crucial if we are to minimise the impacts of climate change and protect the planet for children and families everywhere.”
The group of philanthropies that are supporting CATA also include the Growald Climate Fund and more.