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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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Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
Wednesday, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
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- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
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