Leaked OECD document reveals coal power troika resisting export credit changes
“Siding with Japan and South Korea, who provide billions of dollars in support for coal plants in Asia and other countries, Australia is trying to block any climate action at the OECD on this initiative [a ban on export credit agencies funding new unabated coal plants]. The Abbott Government is likely to be doing this for two reasons. First, to promote continued expansion of coal plants in Asia to firm up future markets for Australian coal. And most worryingly, because of an ideological opposition to any international measures aimed at curbing global warming,” writes Sebastien Godinot, an economist with WWF’s European Policy Office, based in Brussels.
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Financial risks with coal miners and power generators are growing, warns Moody’s
“In a significant escalation in the debate over the financial risks associated with fossil fuel industries the ratings agency Moody’s has released a report which argues that increasing carbon liabilities and the rise of solar power are ‘already having a tangible impact on rated companies in select carbon intensive industries.’ The global report, which was released on Tuesday, warns that ‘credit pressures are building’ for the most exposed industries, especially coal mining and coal power generation,” writes Bob Burton in RenewEconomy.
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Coal exports from northern Canadian port in freefall
“Coal exports through the Ridley terminal in northern British Columbia are in freefall … Just a few years back, Ridley was so confident about its prospects that it undertook an ambitious plan to boost its throughput capacity from 12 million tons per year … to 24 million tons per year … [but] Ridley is now on track to ship less than 6 million tons of coal this year… Instead of doubling their capacity, Ridley could have cut it in half, and they still might have room to spare,” writes Clark Williams-Derry from the Sightline Institute.
Suggested Tweet: #Coal exports from northern British Columbia #Canada in freefall http://bit.ly/1IFLZwk @ClarkWDerry #strandedassets