BlackRock Warns Korea’s Power Giant on Overseas Coal Plant Push

(Bloomberg) — BlackRock Inc. has challenged Korea Electric Power Corp. over plans to invest in new coal-fired power plants in Vietnam and Indonesia.

The world’s top asset manager raised concerns over “several controversial coal projects” with a South Korean utility, including in meetings in the first quarter, it said in a report last month. BlackRock “contacted the CEO seeking a clear strategic rationale for its investments in coal energy,” it said, without naming the company.

Kepco, as the utility is known, confirmed Thursday that it received a letter from BlackRock, which it said requested fuller disclosure of its planned involvement in new coal-fired plants overseas.
Tiếp tục đọc “BlackRock Warns Korea’s Power Giant on Overseas Coal Plant Push”

Vietnam and Asia neighbors hungry for cheap coal

asia.nikkei.com

Demand for low-grade coal expands amid economic growth

Vietnam’s steam coal imports in 2019 are estimated to total about 32 million tons, twice the amount for last year and up three times from three years ago.   © Reuters

TOKYO — Demand for low-grade coal with lower combustion efficiency is growing amid economic growth in Vietnam and other emerging Asian countries, placing another hurdle in the global race to reduce greenhouse gas emissions.

While prices of high-grade coal with higher power generation efficiency have fallen by more than 30% over the past year as developed countries have been reducing coal consumption, prices of low-grade coal have fallen more slowly. The price difference between the two categories of coal has shrunk to one-third the level of a year ago. Tiếp tục đọc “Vietnam and Asia neighbors hungry for cheap coal”

An Australian Coal Company Tries Desperately to Sell Coal to Vietnam

Adani’s desperate bid to sell Carmichael coal to Vietnam

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adani carmichael

The invitation of an Adani Mining executive as a speaker at a “energy roundtable” in Hanoi organised by an Australian government agency is symptomatic of the desperate challenge the company faces getting its Carmichael coal project off the ground.

Adani Mining’s Senior Marketing Manager, Christine Evans, was listed by the Australian Trade Commission (Austrade) to speak on “future supply opportunities, international coal procurement practice” at the roundtable on May 22. Tiếp tục đọc “An Australian Coal Company Tries Desperately to Sell Coal to Vietnam”

Europe’s biggest insurance group Allianz stops insuring coal companies

DW

Europe’s biggest insurance group, Germany-based Allianz, stops selling policies to coal companies effective immediately under efforts to reduce the use of fossil fuel and foster climate-saving energy policies.

    
Allianz Versicherungskonzern Zentrale bei München (picture-alliance/dpa)

Munich, Germany-based Allianz Group announced on Friday that it would refuse insurance coverage of coal-fired power plants and coal mines with immediate effect, and would aim to get rid of all coal risks in its business by 2040.

Read more: How can the world move beyond fossil fuels?

In addition, Europe’s biggest insurer said it would stop investing in companies that do not cut their greenhouse gas emissions.

“We want to promote the transition to a climate-friendly economy,” said chief executive Oliver Bäte, adding that the company wanted to get “even more serious on global warming.” Tiếp tục đọc “Europe’s biggest insurance group Allianz stops insuring coal companies”

Funding coal in Southeast Asia is ‘collective suicide’

eco-business.com – Experts at the Unlocking capital for sustainability forum observed that the finance sector, hampered by a short-term approach to investing, is lagging on sustainability, and that the financing of coal should be phased out as soon as possible.

Singapore has declared 2018 the year of climate action—so why are its banks still funding coal?

eco-business_2018 is officially the year of climate action in Singapore, and yet the country’s powerful banks are bankrolling huge, greenhouse gas-producing coal-fired power stations in Asia Pacific, a report has found.

DBS is co-financing four 1200 MW coal-fired power plants in Vietnam—Nam Dinh 1, Nghi Son 2, Vinh Tan 4 and Vung Ang 2—and is a financial adviser for a number of planned coal-fired projects in Indonesia including the Jawa-6, Jawa-9 and Jawa-10 plants.

Singapore banks are bankrolling fossil fuel power projects that are at odds with public promises to fight climate change, a report from Market Forces has found. Tiếp tục đọc “Singapore has declared 2018 the year of climate action—so why are its banks still funding coal?”

54% of EU coal power is loss-making

carbontracker.org

Coal phase-out by 2030 could cut utility losses by €22 billion

More than half of all coal plants in the EU are loss-making, rising to 97% by 2030, finds a Carbon Tracker report launched today. It warns investors that utilities currently only plan to close 27% of capacity by then and that a complete phase-out of coal by 2030 could stem utility losses by €22 billion ($26bn).

Forthcoming air quality standards and carbon prices are pushing up coal operating costs while clean technology costs continue to fall. The report finds that building new onshore wind and solar PV projects will be cheaper than operating existing coal plants by 2024 and 2027 respectively.

“The changing economics of renewables, as well as air pollution policy and rising carbon prices, has put EU coal power in a death spiral. Utilities can’t do much to stop this other than drop coal or lobby governments and hope they will bail them out.”

Matt Gray, Carbon Tracker analyst and co-author of the report

Carbon Tracker analysed the profitability of every coal unit in the EU to look at the financial implications of a coal phase-out in Europe consistent with the goal of the Paris Agreement.

German utilities RWE and Uniper could avoid losses of €5.3bn and €1.7bn respectively by closing plants by 2030. This strategy would cut losses for all of Europe’s 15 largest coal plant operators, except Italy’s Enel and Romania’s CE Oltenia. Tiếp tục đọc “54% of EU coal power is loss-making”

HSBC accused of breaking EU sanctions rules by co-financing Vietnam coal plant

HSBC might be breaking European Union rules on working with Russian banks by funding a new 1,200 megawatt coal-fired power station in Vietnam. The bank, which recently announced a US$100 billion fund to fight climate change, denies this.

 eco-business_HSBC, one of the world’s largest financial services groups, may have broken European Union (EU) sanctions regulations by working with a Russian bank on the financing of a new coal-fired power plant in Vietnam, according to an investigation by Market Forces, an environmental group that campaigns against the funding of fossil fuel power projects.

The London-based global banking giant is the lead arranger and global coordinator for the financing of LongPhu1, a 1,200 megawatt coal-fired power station that is also being funded by Russian development bank Vnesheconombank. Tiếp tục đọc “HSBC accused of breaking EU sanctions rules by co-financing Vietnam coal plant”

Plans for coal-fired power in Asia are ‘disaster for planet’ warns World Bank

Experts have offered stark warnings that proposed power plants in India, China, Vietnam and Indonesia would blow Paris climate deal if they move ahead

 World Bank president Jim Yong Kim said that new coal-fired power plants ‘would spell disaster for us and our planet’.
The World Bank president, Jim Yong Kim, said that new coal-fired power plants ‘would spell disaster for us and our planet’. Photograph: Bloomberg via Getty Images

Carbon capture analyst: ‘Coal should stay in the ground’

Date:December 2, 2015

Source:University of Michigan

Summary:Serious flaws have been found in a decade’s worth of studies about the best way to reduce greenhouse gas emissions and stabilize the climate, report experts in a new article.

Serious flaws have been found in a decade’s worth of studies about the best way to reduce greenhouse gas emissions and stabilize the climate.

sciencedaily – The findings, from the University of Michigan, are released as world leaders at COP21 attempt to negotiate the globe’s first internationally binding climate agreement.

The U-M researchers have found that most economic analysis of carbon capture and storage, or CCS, technology for coal-fired power plants severely underestimates the technique’s costs and overestimates its energy efficiency. CCS involves sucking carbon out of coal-fired power plants’ flue gases, compressing it and then injecting it deep underground.

The new analysis puts the cost of reducing carbon emissions with CCS-equipped coal plants higher than any previous study — and most importantly, higher than wind and comparable to solar power. It’s the first study to confront the so-called ‘energy loop’ inherent in the CCS process. Tiếp tục đọc “Carbon capture analyst: ‘Coal should stay in the ground’”