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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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Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
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Showing 3636 to 3640 news of total 6871 |
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- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
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