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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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Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
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- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Planning Commission, India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
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