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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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Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
Wednesday, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
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- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Minerals Council of Australia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
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