Despite Asia’s net-zero pledges, coal still powers 60 percent of the region’s electricity and generates 92 percent of power-sector emissions. The coal pipeline also remains net positive, with 2023 having marked record highs in both usage and capacity. While the role of financing is clear, slow disbursement of funds such as the Just Energy Transition Partnership (JETP) highlights the widening gap between ambition and implementation. Blended finance instruments, such as green bonds and transition credits, offer promising pathways for early coal retirement. Beyond generation, innovative capital will also be essential to modernize grid infrastructure and scale alternatives, such as small modular reactors, to support a reliable, renewables-led energy system. Realizing this potential will require credible integrity standards, robust offtake agreements, and effective risk management to move beyond pilot stages.