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The World Banks private lending branch is indirectly backing one of the world8217s biggest new coal complexes, despite a new green policy.
In September, the International Finance Corporation IFC published its green equity approach GEA, outlining that IFC no longer makes equity investments in financial institutions that do not have a plan to phase out investments in coal-related activities.
Yet the client it chose to pilot the approach with in 2019, Hana Indonesia, has since approved project finance to the 2,000 MW Java coal power station in Banten, Indonesia.
A source with knowledge of the matter told Climate Home that when confronted, IFC officials claimed not to be aware of Hana Indonesia8217s involvement in the coal megaproject.
Sep 19, 2019nbsp018332The Indonesia Coal Mining Conference centerstages leading coal buyers, producers and traders. as they share market updates, current projects, production plans and price projections. Plus, hear from policy makers on post-election regulations and their market implications.
Polands largest utility announces pivot from coal to renewables
Java 9 and 10 is predicted to release 250 million tonnes of carbon dioxide over 25 years, equivalent to the annual emissions of Thailand or Spain, according to a report by sustainable finance watchdog Recourse.
JAKARTA When Indonesias parliament passed a new slate of deregulation that, among other things, drastically strips back environmental protections against coal mining, critics and protesters denounced it as catering to business interests.
Oct 26, 2020nbsp018332JAKARTA When Indonesias parliament passed a new slate of deregulation that, among other things, drastically strips back environmental protections against coal
The report, compiled by a coalition of Indonesian NGOs, uses corporate registries and other publicly available sources to map out the connections between the mining and 8220dirty energy8221 industry and the drafting of the so-called omnibus law on job creation.
There has been a massive potential for conflicts of interest, Ahmad Ashov Birry, a spokesman for the coalition, said at the recent online launch of the report.
He said the coalition had identified 18 politicians mired in potential conflicts of interest, including prominent figures such as Airlangga Hartarto, the coordinating minister for the economy Luhut Binsar Pandjaitan, the coordinating minister in charge of investment and a close confidant to President Joko Widodo and Puan Maharani, the parliamentary speaker and a senior member of Widodos ruling party.
Airlangga brought the omnibus bill to life last year by convening a 127-person committee, dominated by business leaders, to draft the legislation. Nine of the drafters were affiliated with coal or other dirty energy companies, the report says. Airlangga himself is also affiliated with two mining companies, which Ahmad identified as Bara Hanyu Kapuas and Multi Harapan Utama.
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The report shows that these officials either own a stake in coal mining and energy companies, or are listed as board members or executives of these companies. The NGOs also looked through minutes of official discussions of the omnibus bill and found that none of the officials theyd identified had said anything critical about the proposed deregulation.
Parliament passed the bill into law on Oct. 5, capping a drafting and deliberation process heavily criticized for its lack of transparency and public participation. The passage of the law sparked a nationwide series of protests, still ongoing, by groups ranging from university students, labor unions and religious conservatives, to environmental and Indigenous rights activists.
Of particular concern for the latter group is the sweeping overhaul of mining regulations ushered in by the omnibus law, which they warn will make it easier for companies to dig for coal, unconstrained by environmental or social safeguards.
Indonesias chief economic minister Airlangga Hartarto said on Tuesday coal exports this year had reached 232.3 million tonnes by October, or only around 58.8 of the full-year target due to ...
Sep 19, 2019nbsp018332The Indonesia Coal Mining Conference centerstages leading coal buyers, producers and traders as they share market updates, current projects, production plans and price projections. Plus, hear from policy makers on post-election regulations and their market implications.
KRU Overseas Ltd., a global supplier of high-quality coal, sponsored the International Conference Argus Russian Coal Market 2020, which was held on February 20 in Moscow. The event brought together more than 150 participants from 20 countries, including Russia, Turkey, the United Arab Emirates, China, Kazakhstan, Latvia, Switzerland and others.
Nov 27, 2018nbsp018332One of Polands leading coal companies has become the first official sponsor of the UN climate talks, which start in the southern city of Katowice next week. Jastrzbska Sp243ka Wglowa JSW, a majority state-owned corporation and the European Unions largest producer of high-quality coking coal, has announced the partnership with COP24 in a statement on its website.
Batang coal-fired power plant 2,000 megawatt will be one of the biggest coal-fired power plants in Asia. It will cost approximately JPY400 billion USD four billion. Japanese companies J-POWER and Itochu are major players in the project. The Japanese Bank for International Cooperation JBIC and private banks are under consideration for the financing. The Japanese government is likely to promote the project under the public-private partnerships PPP scheme.
The Batang power plant will be built by PT Bhimasena Power Indonesia BPI, a local company which is a joint venture of J-Power, Adaro and Itochu. It was established in a build-operate-transfer BOT scheme and will operate as an independent power producer. It signed a 25-year power purchase agreement hereafter referred to as PPA, with the Indonesian State Electricity Company PLN using the BOT scheme. This will be the first PPP project based on an Indonesian Presidential Decree.