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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, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
Monday, 23 June 14
INDONESIAN COAL SWAP FOR Q3 DELIVERY LOST 8.60% Y-O-Y;4.80% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
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Showing 3641 to 3645 news of total 6871 |
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- Simpson Spence & Young - Indonesia
- The University of Queensland
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
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