Author Archive: Simon Nicholas

Energy Finance Analyst Simon Nicholas, a fellow of the Institute of Chartered Accountants of England and Wales. Nicholas joined the IEEFA team in July 2016, after 16 years’ experience within the finance industry at ABN Amro, Macquarie Group and Commonwealth Bank of Australia in both Sydney and London.

IEEFA: Is there scope for faster decarbonisation of Australian steel?

Globally, more scrap steel recycling looks certain starting this decade

There is increasing investor pressure on steel manufacturers to reduce their carbon emissions in tandem with global commitments under the steel breakthrough agenda at COP26, a commitment to have near-zero steel technology established in every region by 2030, to which Australia is a signatory. Given suitable qualities and quantities of scrap, electric arc furnaces (EAFs) […]

IEEFA: Risks are rising for ‘new generation’ of Australian coking coal projects

Reluctant finance, emerging technology and climate concerns add to uncertainty over exports

It has been reported that a “new generation” of Australian coking coal projects are on the table that could add more than 100 million tonnes of coal to the seaborne market. Unlike thermal coal, which fuels coal-fired power plants, coking (or metallurgical coal) is used in blast furnaces for steelmaking. Australia is the second largest […]

IEEFA: China, Japan and South Korea stand to gain most from increased scrap steel recycling

Mature, cost-competitive recycling technology offers an immediate opportunity for emissions reductions

17 December (IEEFA Australia): Investors are increasingly pressuring global steel companies to set out credible decarbonisation plans and these demands will only intensify. A significant trend that will lower emissions will be the expansion of scrap steel recycling, says a new report from the Institute for Energy Economics and Financial Analysis (IEEFA). “Steel recycling is […]

IEEFA: More than half of current global steel production may have already reached peak carbon emissions

Regulation and falling demand look to have capped steel's carbon emissions in China, the world's largest producer

The latest data from China’s National Bureau of Statistics shows that the country’s monthly crude steel production dropped to a nearly four-year low in October 2021 at 71.6 million tonnes. For the first ten months of 2021, China’s crude steel output is now down 0.7%, the first decline in year-to-date output for at least five […]

IEEFA: As COP26 begins, a shift of focus away from wind and solar is a step backwards for Pakistan

Pakistan's power plans favour hydro, slashing support for solar and wind

Several coinciding events are putting the spotlight on Pakistan’s power sector plans. At Glasgow’s COP26 climate conference, fossil fuels will come under increasing pressure – especially coal. This follows China’s recent announcement that it will cease financing coal power plants overseas. In October, the International Energy Agency (IEA) published its key World Energy Outlook 2021 report which […]

November 2, 2021 Read More →

IEEFA: China is supporting over 50% of coal power development in largest remaining project pipelines

As finance shifts from coal, China is looking isolated as the last enabler of coal-fired power overseas

A review of coal power proposals in countries with large remaining project pipelines indicates that 56% of the total capacity of these proposals is being supported by China. Historically just one of the major providers of finance to overseas coal power projects, China has more recently looked increasingly isolated as other nations and financial institutions […]

IEEFA: Bangladesh making progress on scrapping coal but LNG is not a wise replacement

Decade-long coal-fired plant binge slows as government considers gas alternatives

Bangladesh has been faced with the prospect of a major rollout of coal-fired power plants for over a decade. The Bangladesh government’s focus on coal-fired power began with the 2010 Power System Master Plan, and was then reinforced by the 2016 version. Several of these plants are now under construction. For many years since, people […]

IEEFA: Pakistan’s new long-term power plan – one step forward, two steps back

Over reliance on hydro whilst slashing wind and solar increases risk of missing the 60% clean energy target

Pakistan has released a new version of its long term power plan – the Indicative Generation Capacity Expansion Plan (IGCEP) for 2021. IEEFA highlighted some issues with the 2020 version in September last year. The new iteration of the IGCEP – prepared by the National Transmission and Despatch Company (NTDC) – states on page 1 […]

IEEFA: Japan still seeking to exploit coal power loopholes

JBIC wants to continue burdening developing nations with its expensive coal-fired power technology

Japan is continuing to push its expensive coal-fired power technology on developing nations if such projects feature carbon capture and storage (CCS) or if a proportion of ammonia or biomass is co-fired with the coal. The Japan Bank for International Cooperation’s (JBIC) announcement comes only a few months after it was reported that the state-owned […]

IEEFA Australia: NSW Government accepts that thermal coal is set for major decline

A moratorium on new thermal coal mining capacity is needed to avoid chaotic employment impacts

The New South Wales (NSW) Treasury has concluded in a technical paper for the 2021 NSW Intergenerational Report that “global demand for coal is expected to weaken considerably”. The report further notes that “Declining global demand for coal will reduce New South Wales’ economic growth over the projection period and will have impacts both on […]