GLASGOW, Nov 4 (Reuters) – Indonesia, Poland, Vietnam and other nations pledged on Thursday to phase out use of coal-fired power and stop building plants, but their deal at the COP26 climate summit failed to win support from China, India and other top coal consumers.
More than 40 countries have agreed to phase out their use of coal-fired power, the dirtiest fuel source, in a boost to UK hopes of a deal to “keep 1.5C alive”, from the Cop26 climate summit.
Major coal-using countries, including Canada, Poland, South Korea, Ukraine, Indonesia and Vietnam, will phase out their use of coal for electricity generation, with the bigger economies doing so in the 2030s, and smaller economies doing so in the 2040s.
Since 2013, public finance from China, Japan and South Korea accounted for more than 95% of total foreign financing toward coal-fired power plants. This financing enabled the construction and operation of coal power plants in developing countries, where investment in power supply does not match demand. These investments also came at a time when the global carbon budget was already overstretched.
(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.
Japanese financial giant Mizuho Financial Group will stop investing and offering loans to new coal power projects as well as end all loans for coal by 2050.
Mizuho – one of the three so-called megabanks of Japan – plans to reduce its outstanding balance of JPY300 billion ($2.8 billion) in loans to coal power plants by half by the 2030 fiscal year and reduce it to zero by 2050. The bank will go to great lengths to de-carbonate as coal power plants emit massive amounts of CO2 – a major contributor to global warming, according to Asahi. Tiếp tục đọc “Japanese bank Mizuho to stop lending to coal power plants”→
(Bloomberg) — Follow Bloomberg on LINE messenger for all the business news and analysis you need. Vietnam may scale back a plan to boost coal’s role in its power generation as financial restrictions and local environmental concerns make it more difficult to build plants. The National Steering Committee for Power Development has recommended eliminating about 15 gigawatts of planned new coal plan
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”→
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.
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.
The London-headquartered bank withdrew from the US$1.87 billion coal-fired power plant’s financing consortium, but eight other banks, including Singapore’s OCBC and DBS and Malaysia’s Maybank, closed the deal.
eco-business_What will be one of Vietnam’s largest coal-fired power stations has secured enough funding to get built, but a key member of the financing syndicate has pulled out following a campaign that highlighted a major conflict with the bank’s climate policy.
Financing closed on the US$1.87 billion, 1,200 megawatt Nghi Son 2 coal-fired power plant last week. But London-headquartered Standard Chartered Bank—which was initially part of a consortium of nine banks that includes Singapore’s Oversea-Chinese Banking Corporation (OCBC) and DBS, Malaysia’s Maybank and Japan Bank for International Cooperation—was absent from the final list of financiers.
A campaign by green groups Greenpeace and Market Forces pointed out that by financing the coal plant, StanChart was in breach of its own policy on energy and climate change. That policy rules out providing loans for coal plants above a certain emissions intensity.
The coal financing deal also goes against the Equator Principles, a framework for banks to assess the environmental and social risk of the infrastructure projects they finance, that StanChart signed in 2003.
Vietnam is well-placed for clean energy investment, but Singapore’s major banks continue to miss opportunities to fund a clean energy development pathway, instead locking in polluting coal for decades to come.
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.
Các tổ chức xã hội Đông Nam Á và Sáng kiến Liên minh các nước Nói không với điện than do Vương Quốc Anh và Canada khởi xướng
Chúng tôi, những tổ chức kí tên dưới đây, hoan nghênh sáng kiến Liên minh các nước nói không với điện than do Vương quốc Anh và Canada khởi xướng. Những quốc gia này một lần nữa nhấn mạnh sự cần thiết của việc cắt giảm cacbon và loại bỏ than đối với tất cả quốc gia trên thế giới. Đối với các quốc gia phát triển, đây là yêu cầu cấp thiết cần phải hoàn thành trước năm 2030, đối với các quốc gia còn lại thời hạn sẽ là năm 2050. Tuy nhiên chúng tôi kêu gọi các quốc gia đẩy nhanh hơn nữa thời hạn loại bỏ điện than để mục tiêu 100% năng lượng tái tạo có thể được hiện thực hóa trước năm 2030 đối với các quốc gia phát triển và trước năm 2050 đối với các quốc gia đang phát triển. Tiếp tục đọc “Tuyên bố Các tổ chức xã hội Đông Nam Á và Sáng kiến Liên minh các nước Nói không với điện than do Vương Quốc Anh và Canada khởi xướng”→
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 announcement comes in advance of the Solar PV Trade Mission, scheduled April 18 – 22 in Hanoi and Bangkok. It is hoped the trade missions will assemble diverse high-level delegations of stakeholders from around the world into emerging markets to jointly explore and create business development opportunities. Tiếp tục đọc “Vietnam Plans Move Away From Coal”→