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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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Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
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- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
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