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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, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
Monday, 23 June 14
INDONESIAN COAL SWAP FOR Q3 DELIVERY LOST 8.60% Y-O-Y;4.80% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
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Showing 3641 to 3645 news of total 6871 |
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- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
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