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Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even though many have made net-zero pledges, a report by a group of 28 non-government organisations showed.
Reducing coal use is a key part of global efforts to slash climate-warming greenhouse gases and bring emissions down to “net zero” by the middle of the century, and governments, firms and financial institutions across the world have pledged to take action.
But banks continue to fund 1,032 firms involved in the mining, trading, transportation and utilisation of coal, the research showed.
“Banks like to argue that they want to help their coal clients transition, but the reality is that almost none of these companies are transitioning,” said Katrin Ganswind, head of financial research at German environmental group Urgewald, which led the research. “And they have little incentive to do so as long as bankers continue writing them blank checks.”
The study said banks from six countries – China, the United States, Japan, India, Britain and Canada – were responsible for 86% of global coal financing over the period.
Direct loans amounted to $373 billion, with Japanese banks Mizuho Financial 8411.T, Mitsubishi UFJ Financial 8306.T – both members of the Net Zero Banking Alliance – identified as the two biggest lenders. Neither firm responded immediately to requests for comment.
Another $1.2 trillion was channelled to coal firms via underwriting. All of the top 10 underwriters were Chinese, with the Industrial and Commercial Bank of China 601398.SS (ICBC) in first place, accounting for $57 billion. It did not respond to a request for comment.
Institutional investments in coal firms over the period amounted to $469 billion, with BlackRock BLK.N at the top of the list with $34 billion. The U.S. asset manager declined to comment on Tuesday, but chief executive Larry Fink wrote in January that “divesting from entire sectors… will not get the world to net zero.”
“Foresighted companies across a wide range of carbon intensive sectors are transforming their businesses, and their actions are a critical part of decarbonisation,” he wrote in a letter to fellow chief executives.
Comparative coal funding figures for previous years were not immediately available. Other research studies, however, have shown that coal investment is on the decline.
The coal sector is responsible for nearly half of global greenhouse gas emissions. More than 40 countries pledged to end coal use following climate talks in Glasgow in November, though major consumers such as China, India and the United States did not sign up.
But more China-invested overseas coal-fired power capacity was cancelled than commissioned since 2017, according to research from the Centre for Research on Energy and Clean Air (CREA) last June.
Furthermore, nearly all internationally available development financing is now committed to reducing or ending investment in coal-fired power after moves by China and the G20 to stop supporting new projects overseas, research from Boston University’s Global Development Policy Center showed in November.
Source: Reuters
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Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- The University of Queensland
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
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