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Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
 Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whether Norway’s sovereign wealth fund should hold assets in coal and oil companies. The debate in Norway is part of the growing campaign for divestment of fossil fuel assets – and usually quite specifically coal.
At face value the divestment campaign appears to have some logic – we want to reduce the impact of fossil fuels on the environment and combat climate change, so we shouldn’t invest in them. That might sound fair enough, but the global energy system has more than just an environmental dimension. There are economic and social dimensions as well that mean divesting from fossil fuels – and in particular coal – comes with significant risks.
A few days before the working group meeting, BP released its Statistical Review of World Energy 2014 which showed coal’s share of global primary energy consumption in 2013 reached 30.1% – the highest since 1970. Coal was also the fastest growing fossil fuel, with coal consumption growing by 3%. Divesting from the world’s fastest growing fossil fuel doesn’t sound like a good investment strategy, but there are more significant reasons why a divestment approach is misguided.
Earlier this month the International Energy Agency released the World Energy Investment Outlook special report that highlighted the significant investment needed to secure the world’s energy system.
“While increased investor awareness of climate-related issues is a positive development, policies deliberately adverse to coal may have unintended consequences. In the 450 Scenario, which limits the global average temperature increase to 2°C, world investment in coal-fired capacity totals $1.9 trillion (25% higher than in the New Policies Scenario), of which $800 billion is for plants fitted with carbon capture and storage (CCS). Coal-fired power plants become more expensive on average because, in most regions, more efficient technologies are deployed, as well as greater emphasis on CCS technologies. If development banks withhold financing for coal-fired power plants, countries that build new capacity will be less inclined to select the most efficient designs because they are more expensive, consequently raising CO2 emissions and reducing the scope for the installation of CCS. In addition, many of the countries that build coal-fired capacity in the 450 Scenario need to provide electricity supply to those who are still without it, a problem that may be resolved less quickly if investment in coal-fired power plants cannot be financed.”
So from the development bank perspective there are two problems with not investing in coal – less efficient more polluting plants are built that may not be CCS ready; and countries with energy access challenges may have more difficulty eradicating poverty because they lack the necessary electricity.
To be sure, the IEA was talking about development bank financing, but the same argument applies to divesting from companies in the coal sector. Reduce investment in coal and investment in cleaner coal technologies comes under threat – a genuine problem when coal is the world’s fastest growing fossil fuel. Most importantly, according to the International Energy Agency, no climate change objective is achievable without deployment of carbon capture and storage. Taking investment out of the coal industry, whether it be from coal producers or power generators, significantly threatens their current and future investment in cleaner coal technologies, such as CCS.
In examining whether divestment is the right approach, the Norwegian expert group – and others considering these issues – need to be mindful of unintended consequences and not be persuaded by the fuzzy logic of the divestment campaigners.
- Benjamin Sporton, WCA Deputy Chief Executive -
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Friday, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
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- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Planning Commission, India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
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