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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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- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
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