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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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- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
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