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Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding for such plants since it began operations in 2016, Jin Liqun, president of the bank, said on Wednesday.
The bank has never funded any coal-fired projects, despite provisions for such financing, Jin said at the virtual 2021 Aspen Security Forum.
He was referring to AIIB’s 2017 Energy Sector Strategy, in which it pledged to “reduce the carbon intensity of energy supply” with “a sizable reduction in coal investments”. However, the strategy stated that the bank will consider financing coal-fired power plants if they replace existing ones with less efficient capacity or if no alternative exists.
“So next year, we may review or upgrade the energy strategy. My view is in the … updated strategy, coal definitely would be out,” he said, adding that the bank has been “more prudent” than what is stipulated in the energy strategy.
The bank is focused on developing Asia but has members from all over the world. It has a stated mission of building a green “Infrastructure for Tomorrow”, with sustainability, innovation and connectivity at its core.
Jin has led the Beijing-headquartered bank since it was founded in 2015 and started his second five-year term as president on Jan 16.
An earlier comment of Jin’s that the bank will not finance any coal project or other project “functionally related to coal” drew widespread attention as Asia’s coal reserves represent 38 percent of world’s total.
At the forum, Jin gave an example of AIIB turning down a power transmission project of a developing country that involved a coal-fired power plant, even though that plant was built with clean technology.
“We still turned it down, because the transmission line was to be linked to a coal-fired power plant,” he said.
Jin said the bank is committed to having 50 percent of financing directed to climate investments by 2025, up from about 40 percent now. The financing will go to clean technology, energy efficiency and other areas that help cut carbon emissions.
“Infrastructure investment in today’s world should be done in a way very much different from what it used to be; we have to do it in an environmentally benign way. … So we focus very much on renewables,” he said.
‘Integrated approach’
AIIB has opted to take an “integrated approach” to climate mitigation and adaptation, investing in areas like mass-transit systems to reduce the number of vehicles on the road, he added.
Since the outbreak of the COVID-19 pandemic, AIIB has focused on lending and budget support to countries asking for help. “In 2020, we invested $7 billion in dealing with COVID-19 to help these countries get back on their feet as soon as possible and get regular infrastructure projects moving forward,” he said.
Jin said the pandemic has accentuated the importance of social infrastructure. AIIB will still allocate a “suitable” proportion of resources to build up the healthcare systems of member countries.
The bank has approved at least $22 billion in loans for 108 projects over the past five years, during which its number of members expanded from 57 to 103, according to the AIIB’s 2020 annual report.
Source: China Daily
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Thursday, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
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- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Australian Coal Association
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
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- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
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- Energy Link Ltd, New Zealand
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- Chamber of Mines of South Africa
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- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
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- White Energy Company Limited
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- The Treasury - Australian Government
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- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
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- Siam City Cement PLC, Thailand
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- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
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- Parliament of New Zealand
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
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- Aditya Birla Group - India
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- Romanian Commodities Exchange
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- Orica Mining Services - Indonesia
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- Alfred C Toepfer International GmbH - Germany
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- LBH Netherlands Bv - Netherlands
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- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
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- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
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- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
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- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
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- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
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- IHS Mccloskey Coal Group - USA
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- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
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- Eastern Energy - Thailand
- Heidelberg Cement - Germany
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- Kideco Jaya Agung - Indonesia
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- Mercuria Energy - Indonesia
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- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
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- Semirara Mining Corp, Philippines
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