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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, 23 June 14
COAL SWAPS DROPS FURTHER MONTH ON MONTH ON WEAK DEMAND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 6.91 percent month on month and closed at US$ 69.00 per mt a ...
Sunday, 22 June 14
THE PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA SLIPPED THIS WEEK
COALspot.com: The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Friday ...
Friday, 20 June 14
DRY BULK MARKET LOOKING FOR UPSIDE ON ROBUST SEABORNE IRON ORE TRADE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn’t been able to justify the heightened expectations this year. Yesterday, the Baltic Dry Index managed to inch forwar ...
Friday, 20 June 14
US WEEKLY COAL PRODUCTION DROPS 1.8% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 19 June 14
PANAMAX: VERY CLOSE TO BREAKING THE ALL TIME LOW RECORD - FEARNLEYS AS
Handy
The Supra-Handy market is experiencing the same market slow down as its bigger sister markets however not to the same extent. We see TA rat ...
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- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- The University of Queensland
- PTC India Limited - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
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