India, Oct. 2 -- Climate finance is largely built around creation. A solar project can borrow against future electricity sales. Green bonds can finance new infrastructure. Blended finance can help an emerging technology move from being technically possible to commercially viable. The harder problem begins when climate value comes not from building something new, but from changing what already exists. Let's take a thermal power plant that could operate commercially for another decade. If cleaner and reliable replacement capacity becomes available five years earlier, retiring or repurposing the plant could avoid substantial future emissions. But the financial obligations do not disappear. The owner may lose expected revenue, lenders may sti...