10 Feb 2026
Eastspring Investments and Reviva Transition Partners Collaborate for First-in-Market Private Equity Investment Strategy to Drive Coal Phase-Out in Emerging Markets
SINGAPORE (SINGAPORE (10 February 2026) – Eastspring Investments (“Eastspring”), the USD286 billion[1] asset management business of Prudential plc, and Reviva Transition Partners (“Reviva”), an Abu Dhabi-based fund manager, today announced a collaboration to develop a first-of-its-kind private equity investment strategy to accelerate managed coal phase-out across Asia and other global emerging markets.
According to the World Economic Forum, coal is “the world’s most polluting fossil fuel”[2] with coal-fired power plants alone responsible for roughly 30% of all global CO2 emissions[3]. Operating coal-fired power plants, which number over 6,000 units globally[4], must be phased out to achieve Paris Agreement goals. In many emerging markets, coal plants average 15 years of age meaning they are set to run past 2040 and even 2050. This long remaining life creates a global challenge but also poses a unique opportunity to accelerate coal phase-out by utilising existing infrastructure towards driving energy transition.
Despite the trillions committed to climate finance globally, progress in reducing emissions from operating coal assets has been limited. The few precedents that have delivered meaningful impact share one defining feature: active ownership. By directly managing assets, owners have been able to deliver commercial transitions that balance financial returns and tangible impact.
By leveraging active equity ownership, this partnership combines Eastspring and Reviva's complementary strengths to unlock value creation and accelerate coal phase-out. Eastspring’s deep regional investment networks serve as a catalyst, accelerating access to opportunities and partners across Asia and global emerging markets. On the other hand, Reviva brings strong capabilities in investment structuring, thermal asset management, coal decarbonisation, and catalytic partnerships, all critical to enabling a just and commercially viable transition.
To ensure credibility and additionality, the Eastspring-Prudential Climate Transition Investment Framework[5] will form one of the key foundational approaches for a newly developed Coal Phase-Out framework for Private Markets, thereby expanding the potential investment universe by establishing rules-based qualifying criteria.
Eastspring and Reviva are actively engaging capital providers and coal asset owners, including utility-scale and captive plants, who share the commitment to decarbonising operating coal plants in select Asian and global emerging markets jurisdictions.
1 As of 30 September 2025.
2 World Economic Forum. 26 Sep 2024. How investing in coal phase-out can lead to an $85 trillion opportunity: https://www.weforum.org/stories/2024/09/investing-coal-phase-out-opportunity-climate/
3 IEA World Energy Outlook 2025: https://iea.blob.core.windows.net/assets/dfe5daf4-dbc1-4533-abeb-fafb1faee0f9/WorldEnergyOutlook2025.pdf
4 Bloomberg Global Coal Countdown: https://bloombergcoalcountdown.com/
5
The Eastspring-Prudential Climate Transition Investment Framework (endorsed by the Climate Bonds Initiative) presents a practical approach to building a climate transition portfolio of companies taking concrete actions in tapping on transition opportunities and are managing emissions in alignment with industry best-practice transition principles (e.g. Climate Bonds’ Initiative) and the transition component of Sustainable Finance Taxonomies. A data-based approach is outlined to help investors shortlist such companies in all markets and sectors, including hard-to-abate sectors and emerging markets. Accessed at: https://www.eastspring.com/insights/whitepapers/framework-for-investing-in-climate-transition-in-the-capital-markets
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