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Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even though many have made net-zero pledges, a report by a group of 28 non-government organisations showed.
Reducing coal use is a key part of global efforts to slash climate-warming greenhouse gases and bring emissions down to “net zero” by the middle of the century, and governments, firms and financial institutions across the world have pledged to take action.
But banks continue to fund 1,032 firms involved in the mining, trading, transportation and utilisation of coal, the research showed.
“Banks like to argue that they want to help their coal clients transition, but the reality is that almost none of these companies are transitioning,” said Katrin Ganswind, head of financial research at German environmental group Urgewald, which led the research. “And they have little incentive to do so as long as bankers continue writing them blank checks.”
The study said banks from six countries – China, the United States, Japan, India, Britain and Canada – were responsible for 86% of global coal financing over the period.
Direct loans amounted to $373 billion, with Japanese banks Mizuho Financial 8411.T, Mitsubishi UFJ Financial 8306.T – both members of the Net Zero Banking Alliance – identified as the two biggest lenders. Neither firm responded immediately to requests for comment.
Another $1.2 trillion was channelled to coal firms via underwriting. All of the top 10 underwriters were Chinese, with the Industrial and Commercial Bank of China 601398.SS (ICBC) in first place, accounting for $57 billion. It did not respond to a request for comment.
Institutional investments in coal firms over the period amounted to $469 billion, with BlackRock BLK.N at the top of the list with $34 billion. The U.S. asset manager declined to comment on Tuesday, but chief executive Larry Fink wrote in January that “divesting from entire sectors… will not get the world to net zero.”
“Foresighted companies across a wide range of carbon intensive sectors are transforming their businesses, and their actions are a critical part of decarbonisation,” he wrote in a letter to fellow chief executives.
Comparative coal funding figures for previous years were not immediately available. Other research studies, however, have shown that coal investment is on the decline.
The coal sector is responsible for nearly half of global greenhouse gas emissions. More than 40 countries pledged to end coal use following climate talks in Glasgow in November, though major consumers such as China, India and the United States did not sign up.
But more China-invested overseas coal-fired power capacity was cancelled than commissioned since 2017, according to research from the Centre for Research on Energy and Clean Air (CREA) last June.
Furthermore, nearly all internationally available development financing is now committed to reducing or ending investment in coal-fired power after moves by China and the G20 to stop supporting new projects overseas, research from Boston University’s Global Development Policy Center showed in November.
Source: Reuters
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Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Independent Power Producers Association of India
- White Energy Company Limited
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Planning Commission, India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Economic Council, Georgia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
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