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Manila Bulletin devider Business devider Trade & Industry devider Philippines, Singapore to sign 'transition credits' coal phase-out deal

Philippines, Singapore to sign 'transition credits' coal phase-out deal

Published Oct 27, 2025 06:04 pm
Singapore — The Department of Energy (DOE) is poised to sign an implementation agreement with Singapore next year to advance a transition credits mechanism aimed at phasing out coal-fired power plants.
Energy Secretary Sharon Garin met with Singapore’s minister-in-charge of energy and science and technology, Tan See Leng, on Monday, Oct. 27, during Singapore International Energy Week (SIEW) to assess the deal.
The implementation agreement between the DOE and Singapore is slated for signing by February 2026.
Transition credits are a financing tool that supports the early retirement of coal plants. They are generated from emissions reductions and require the retired capacity to be replaced with renewable energy (RE).
The Philippines already has a pilot partnership for transition credits. The Monetary Authority of Singapore (MAS) has partnered with Ayala-led ACEN Corp. on the early retirement of the South Luzon Thermal Energy Corp. (SLTEC) plant and with the Asian Development Bank (ADB) to back the retirement of the Mindanao coal-fired power plant.
Alongside the transition credit advancements, the DOE recently released carbon credit policy framework, which aims to ensure the credibility of carbon market trading.
In addition to promoting a just energy transition, Garin updated Singaporean officials on the Philippines’ nuclear energy programs, covering energy safety, emergency preparedness, and natural hydrogen research.
Garin also shared ongoing efforts within Southeast Asia to advance the Association of Southeast Asian Nations (ASEAN) Power Grid, noting the country’s plan for a pioneering offshore interconnection with Malaysia.
“We would like to explore the possibility of connecting the Philippines to Malaysia, and in doing so, to the rest of the region,” she said. “This will take technical, financial, legal, and policy groundwork, but the building blocks are already being laid.”
Beyond Singapore, the DOE chief discussed potential collaboration with the European Union on initiatives inspired by Denmark’s green energy islands. These energy islands are designed to house energy sources such as offshore wind (OSW) developments to contribute more renewable capacity to the grid.

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