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Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
 Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whether Norway’s sovereign wealth fund should hold assets in coal and oil companies. The debate in Norway is part of the growing campaign for divestment of fossil fuel assets – and usually quite specifically coal.
At face value the divestment campaign appears to have some logic – we want to reduce the impact of fossil fuels on the environment and combat climate change, so we shouldn’t invest in them. That might sound fair enough, but the global energy system has more than just an environmental dimension. There are economic and social dimensions as well that mean divesting from fossil fuels – and in particular coal – comes with significant risks.
A few days before the working group meeting, BP released its Statistical Review of World Energy 2014 which showed coal’s share of global primary energy consumption in 2013 reached 30.1% – the highest since 1970. Coal was also the fastest growing fossil fuel, with coal consumption growing by 3%. Divesting from the world’s fastest growing fossil fuel doesn’t sound like a good investment strategy, but there are more significant reasons why a divestment approach is misguided.
Earlier this month the International Energy Agency released the World Energy Investment Outlook special report that highlighted the significant investment needed to secure the world’s energy system.
“While increased investor awareness of climate-related issues is a positive development, policies deliberately adverse to coal may have unintended consequences. In the 450 Scenario, which limits the global average temperature increase to 2°C, world investment in coal-fired capacity totals $1.9 trillion (25% higher than in the New Policies Scenario), of which $800 billion is for plants fitted with carbon capture and storage (CCS). Coal-fired power plants become more expensive on average because, in most regions, more efficient technologies are deployed, as well as greater emphasis on CCS technologies. If development banks withhold financing for coal-fired power plants, countries that build new capacity will be less inclined to select the most efficient designs because they are more expensive, consequently raising CO2 emissions and reducing the scope for the installation of CCS. In addition, many of the countries that build coal-fired capacity in the 450 Scenario need to provide electricity supply to those who are still without it, a problem that may be resolved less quickly if investment in coal-fired power plants cannot be financed.”
So from the development bank perspective there are two problems with not investing in coal – less efficient more polluting plants are built that may not be CCS ready; and countries with energy access challenges may have more difficulty eradicating poverty because they lack the necessary electricity.
To be sure, the IEA was talking about development bank financing, but the same argument applies to divesting from companies in the coal sector. Reduce investment in coal and investment in cleaner coal technologies comes under threat – a genuine problem when coal is the world’s fastest growing fossil fuel. Most importantly, according to the International Energy Agency, no climate change objective is achievable without deployment of carbon capture and storage. Taking investment out of the coal industry, whether it be from coal producers or power generators, significantly threatens their current and future investment in cleaner coal technologies, such as CCS.
In examining whether divestment is the right approach, the Norwegian expert group – and others considering these issues – need to be mindful of unintended consequences and not be persuaded by the fuzzy logic of the divestment campaigners.
- Benjamin Sporton, WCA Deputy Chief Executive -
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Friday, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
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Showing 3626 to 3630 news of total 6871 |
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- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- PTC India Limited - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Planning Commission, India
- The University of Queensland
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Indogreen Group - Indonesia
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