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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 $34 billion. The U.S. asset manager declined to comment on Tuesday, but chief executive Larry Fink wrote in January that “divesting from entire sectors… will not get the world to net zero.”
“Foresighted companies across a wide range of carbon intensive sectors are transforming their businesses, and their actions are a critical part of decarbonisation,” he wrote in a letter to fellow chief executives.
Comparative coal funding figures for previous years were not immediately available. Other research studies, however, have shown that coal investment is on the decline.
The coal sector is responsible for nearly half of global greenhouse gas emissions. More than 40 countries pledged to end coal use following climate talks in Glasgow in November, though major consumers such as China, India and the United States did not sign up.
But more China-invested overseas coal-fired power capacity was cancelled than commissioned since 2017, according to research from the Centre for Research on Energy and Clean Air (CREA) last June.
Furthermore, nearly all internationally available development financing is now committed to reducing or ending investment in coal-fired power after moves by China and the G20 to stop supporting new projects overseas, research from Boston University’s Global Development Policy Center showed in November.
Source: Reuters
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Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
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- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- PTC India Limited - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
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