Articles in topic: Finance & Economics

New coal-fired power enjoys support among bankers in Germany and Asia

In the northern Greek city of Ptolemaida, a new 660-megawatt power plant that burns lignite, a plentiful soft brown coal, is scheduled to be built by 2020. The European Investment Bank has withdrawn funding from the project because of its high CO2 emissions and other pollutants, but the German government-owned development bank KfW, which has a large portfolio of green investments in Germany, is planning to provide half the money needed, roughly €800 million ($888 million) in loan guarantees. The deal has come at considerable expense to Germany's reputation as a climate leader. By funding the plant in Ptolemaida, KfW is helping to block the expansion of renewable energy, such as solar and wind power, while cementing coal-fired power into Greece's grid for decades.

Norway’s sovereign wealth fund drops over 50 coal companies

The world’s richest sovereign wealth fund divested from over 50 coal companies in 2014, new analysis has revealed. The GPFG sold off its holdings in 53 coal companies in 2014, dumping 16 US companies including Peabody Energy and the mountain-top-removal companies Arch Coal and Alpha Natural Resources. The fund also dropped 13 Indian companies, including the giant Coal India.

Civil Society Statement Calling on the ADB to End Support for Coal  

Signed by 72 organisations from 19 countries on the occasion of the 2014 Asia Clean Energy Forum The Asian Development Bank has been a major funder of coal-fired power plants globally. Between 1994 and 2012, the institution was the third largest public international financier of coal-fired power plants, investing $3.9 billion in 21 projects.[1] Over the past six years, the institution invested $1.69 billion in five coal plants, including $900 million in the Jamshoro plant in Pakistan and $450 million in the controversial Tata Mundra Ultra Mega Coal plant in the Indian state of Gujarat.[2] The ADB’s continued support for coal is out of step with its stated intention of rapidly increasing investment in clean energy, and with international norms.