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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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Thursday, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
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- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Planning Commission, India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
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