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IEEFA
Bloomberg Green: Bank of New York Mellon Corp. will sever ties with billionaire Gautam Adani’s contentious Carmichael thermal coal mine in Australia, the latest global financial institution to distance itself from the project. “BNY Mellon has decided to resign from all legacy transactions with Adani in Australia and will not pursue additional transactions,” the U.S. […]
Tim Buckley
As a former Citi executive, I know the bank could change course and lead again
In September 2007, with a mortgage crisis clearly on the horizon, Citigroup’s CEO Charles Prince III gathered with his top executives to understand whether the bank—then the nation’s largest—faced any risk. The consensus was no. How wrong they were. In a year’s time, Lehman Brothers crashed, triggering a global financial collapse. Citigroup lost 90% of […]
Simon Nicholas
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up the future of the Anglo American coal spin-off, South Africa’s second largest coal export destination Pakistan is planning to bring coal imports to an end. Thungela CEO July Ndlovu recently stated that a “just transition” for developing nations requires the continued operation of existing coal-fired power plants […]
Guest Contributor: Owen Evans and Press Release
Regulator should step back before taxpayer foots the bill
9 May 2021 (IEEFA Australia): The Queensland Competition Authority’s (QCA) massive ‘overnight’ increase in Dalrymple Bay Coal Terminal’s remediation provision costs from $433 to $850 million highlights a very serious regulatory issue, finds a new briefing note by the Institute for Energy Economics and Financial Analysis (IEEFA). Author of the note IEEFA guest contributor Owen […]
IEEFA
Bloomberg: Pacific Investment Management Co., which is seeking to decarbonize its investment portfolio, has stopped participating in the bond offerings of Adani Ports & Special Economic Zone Ltd. because of its links to a controversial coal project Australia, according to a person familiar. Pimco, which is owned by Germany’s Allianz SE, did not participate in […]
Trista Rose
Planned fossil fuel exit by the world’s largest coal port is paralysed by lending constraints and a secret NSW government deal
The Port of Newcastle’s planned exit from fossil fuels suffered further setback last month after ANZ withdrew financing from the terminal, presently the world’s largest port for exporting thermal coal. ANZ had previously been a major lender to the port, however divested its position during the latest round of refinancing of approximately A$900 million in […]
Trista Rose
Stock market listing slated for 8 December
Coal port operator Dalrymple Bay Infrastructure (DBI) will commence trading on the Australian Stock Exchange (ASX) on Tuesday 8 December. Under the offer, present owner Brookfield Asset Management (Brookfield) is seeking to raise at least A$656 million, equating to a market value (for 100% of the equity) of A$1.3 billion. If defensible, the valuation would […]
Trista Rose
A coal terminal carrying a heavy debt load and increasing climate risks
Preparations to float Dalrymple Bay Coal Terminal (DBCT) on the Australian Stock Exchange appear to be heating up, with a potential listing date slated for the fourth quarter of this year. Initially marketed to private buyers, plans to sell DBCT located at Hay Point on Central Queensland’s coast were shelved in early 2020 after present […]
IEEFA
The Guardian: A second major Korean backer of Adani’s Australian coal operation has said it won’t provide any more financial support for the controversial miner, which faces potential debt difficulties related to its Abbot Point export terminal. Guardian Australia has seen a letter from Korean brokerage firm Hanwha Securities – sent to the climate group […]
Bruce Robertson
But it doesn’t
The plunge in oil prices over the weekend will delay or postpone the development of major Australian gas fields, of which there are many. Liquefied Natural Gas (LNG) export contracts are directly linked to the oil price. The oil price has fallen 25%. We can expect to see a similar fall in the value of […]
IEEFA Australia: Port of Newcastle’s roadblock on the path away from thermal coal
Planned fossil fuel exit by the world’s largest coal port is paralysed by lending constraints and a secret NSW government dealThe Port of Newcastle’s planned exit from fossil fuels suffered further setback last month after ANZ withdrew financing from the terminal, presently the world’s largest port for exporting thermal coal. ANZ had previously been a major lender to the port, however divested its position during the latest round of refinancing of approximately A$900 million in […]