{"id":18476,"date":"2017-11-23T12:46:38","date_gmt":"2017-11-23T01:46:38","guid":{"rendered":"https:\/\/www.marketforces.org.au\/?page_id=18476"},"modified":"2023-10-06T13:46:38","modified_gmt":"2023-10-06T02:46:38","slug":"global-coal-finance","status":"publish","type":"page","link":"https:\/\/www.marketforces.org.au\/research\/global-coal-finance\/","title":{"rendered":"Global coal finance"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#cd0304&#8243; custom_padding=&#8221;4px||2px|||&#8221; global_colors_info=&#8221;{}&#8221; global_module=&#8221;72786&#8243; theme_builder_area=&#8221;post_content&#8221;][et_pb_row _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;75%&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; header_3_font=&#8221;Inter|800|||||||&#8221; custom_margin=&#8221;||8px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3><span style=\"color: #ffffff;\">ARCHIVED CONTENT<\/span><\/h3>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.22.1&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Poppins||||||||&#8221; text_text_color=&#8221;#FFFFFF&#8221; text_font_size=&#8221;16px&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>This content is no longer being updated.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; background_image=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Indonesia-coal-mining-banner-1600&#215;640.jpg&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;2_3,1_3&#8243; make_equal=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; width=&#8221;90%&#8221; max_width=&#8221;90%&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|800||on|||||&#8221; header_text_color=&#8221;#FFFFFF&#8221; header_text_shadow_style=&#8221;preset5&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h1>GLOBAL COAL FINANCE<\/h1>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;|700|||||||&#8221; text_font_size=&#8221;1.2em&#8221; link_font=&#8221;|700|on|on|||||&#8221; link_text_align=&#8221;left&#8221; link_text_color=&#8221;#FFFFFF&#8221; custom_css_main_element=&#8221;position: absolute;||bottom: 0;&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/12\/Global-Coal-Finance-Report.pdf\" target=\"blank\" rel=\"noopener\">Download a copy of the full report<\/a><br \/><a href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/12\/Bibliography-global-coal-finance-study.pdf\" target=\"blank\" rel=\"noopener\">Read the bibliography<\/a><\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;||||||||&#8221; text_line_height=&#8221;2.5em&#8221; link_font=&#8221;|700||on|||||&#8221; link_text_color=&#8221;#FFFFFF&#8221; link_font_size=&#8221;2em&#8221; text_orientation=&#8221;right&#8221; link_text_shadow_style=&#8221;preset2&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><a href=\"#scaleofcoal\">Scale of the coal industry<\/a><br \/>\n<a href=\"#coalownership\">Ownership of coal companies<\/a><br \/>\n<a href=\"#corporatevproject\">Corporate v Project finance<\/a><br \/>\n<a href=\"#privatevpublic\">Public and Private Debt Finance<\/a><br \/>\n<a href=\"#loanbondmaturity\">Maturity of loans and bonds<\/a><br \/>\n<a href=\"#equityraising\">Equity Raising<\/a><br \/>\n<a href=\"#trends\">Trends<\/a><br \/>\n<a href=\"#trends\" style=\"font-size: 1.25em;\">Race between China, Japan and Korea<\/a><br \/>\n<a href=\"#corporaterestructures\" style=\"font-size: 1.25em;\">Corporate restructures<\/a><br \/>\n<a href=\"#projectbonds\" style=\"font-size: 1.25em;\">Project bonds<\/a><br \/>\n<a href=\"#countries\">Countries<\/a><br \/>\n<a href=\"#keytakeaways\">Key Takeaways<\/a><br \/>\n<a href=\"#keystudies\">Studies<\/a><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;rgba(143,61,75,0.61)&#8221; background_image=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/06\/shirt-and-tie-bw.jpg&#8221; background_blend=&#8221;overlay&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_3_text_color=&#8221;#FFFFFF&#8221; header_3_font_size=&#8221;3em&#8221; custom_margin=&#8221;||-6px|||&#8221; header_3_text_shadow_style=&#8221;preset4&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3>About this content<\/h3>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;|600|||||||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"color: #ffffff;\">The following is a literature review of key studies on global coal finance. Additional information and findings of many more studies can be found in the <span style=\"color: #a1b93c;\"><a href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/12\/Global-Coal-Finance-Report.pdf\" target=\"_blank\" style=\"color: #a1b93c;\" rel=\"noopener\">full report<\/a><\/span> and <span style=\"color: #a1b93c;\"><a href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/12\/Bibliography-global-coal-finance-study.pdf\" target=\"_blank\" style=\"color: #a1b93c;\" rel=\"noopener\">bibliography<\/a><\/span>. The research is current to 30 November 2017.<\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||87px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_id=&#8221;scaleofcoal&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|700||on|||||&#8221; header_2_text_align=&#8221;center&#8221; header_2_text_color=&#8221;#903e4c&#8221; header_text_shadow_style=&#8221;preset2&#8243; header_2_text_shadow_style=&#8221;preset2&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Scale of the coal industry<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_3_text_align=&#8221;center&#8221; header_3_text_color=&#8221;#000000&#8243; custom_margin=&#8221;||1px|||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3>Coal mining<\/h3>\n<p>[\/et_pb_text][et_pb_code _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; text_orientation=&#8221;center&#8221; max_width=&#8221;620px&#8221; custom_css_main_element=&#8221;margin: auto;&#8221; global_colors_info=&#8221;{}&#8221;]<iframe src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vSYGSetMgLZ6RWA5cQQhVhHeG8TsgMv7-cw2RryFuKIFZUNFqmKUE-pGlEdflwekFD5uk1ZNzv1B2zr\/pubhtml?gid=1003182322&#038;single=true&#038;widget=true&#038;headers=false\" style=\"min-height: 530px;\"><\/iframe>[\/et_pb_code][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_3_text_align=&#8221;center&#8221; header_3_text_color=&#8221;#000000&#8243; custom_margin=&#8221;||1px|||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3>Coal power<\/h3>\n<p>[\/et_pb_text][et_pb_slider show_arrows=&#8221;off&#8221; show_cta_on_mobile=&#8221;off&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; custom_padding=&#8221;5px||0px|||&#8221; custom_css_main_element=&#8221;margin: auto&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_slide _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; width=&#8221;100%&#8221; max_width=&#8221;620px&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; custom_css_main_element=&#8221;margin: auto\t&#8221; global_colors_info=&#8221;{}&#8221; sticky_transition=&#8221;on&#8221;]<\/p>\n<p><iframe height=\"430\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vSYGSetMgLZ6RWA5cQQhVhHeG8TsgMv7-cw2RryFuKIFZUNFqmKUE-pGlEdflwekFD5uk1ZNzv1B2zr\/pubhtml?gid=2112391028&amp;single=true&amp;widget=true&amp;headers=false\"><\/iframe><\/p>\n<p>[\/et_pb_slide][et_pb_slide _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; width=&#8221;100%&#8221; max_width=&#8221;620px&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; custom_css_main_element=&#8221;margin: auto\t&#8221; global_colors_info=&#8221;{}&#8221; sticky_transition=&#8221;on&#8221;]<\/p>\n<p><iframe height=\"430\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vSYGSetMgLZ6RWA5cQQhVhHeG8TsgMv7-cw2RryFuKIFZUNFqmKUE-pGlEdflwekFD5uk1ZNzv1B2zr\/pubhtml?gid=1641493156&amp;single=true&amp;widget=true&amp;headers=false\"><\/iframe><\/p>\n<p>[\/et_pb_slide][\/et_pb_slider][et_pb_code _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; text_orientation=&#8221;center&#8221; max_width=&#8221;620px&#8221; custom_css_main_element=&#8221;margin: auto;&#8221; global_colors_info=&#8221;{}&#8221;]<iframe src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vSYGSetMgLZ6RWA5cQQhVhHeG8TsgMv7-cw2RryFuKIFZUNFqmKUE-pGlEdflwekFD5uk1ZNzv1B2zr\/pubhtml?gid=1789896266&#038;single=true&#038;widget=true&#038;headers=false\" style=\"min-height: 530px;\"><\/iframe>[\/et_pb_code][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#ededed&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_id=&#8221;coalownership&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_align=&#8221;center&#8221; header_2_text_color=&#8221;#903e4c&#8221; header_2_text_shadow_style=&#8221;preset5&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Who owns the coal industry?<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_3_text_align=&#8221;center&#8221; header_3_text_color=&#8221;#000000&#8243; custom_margin=&#8221;||1px|||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3>Coal mining<\/h3>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;2_3,1_3&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; custom_padding=&#8221;||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_slider show_arrows=&#8221;off&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; custom_margin=&#8221;0px|0px|0px|0px|false|false&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_slide _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; background_enable_color=&#8221;on&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221; sticky_transition=&#8221;on&#8221;]<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/2017-05-InfluenceMap-Who-Owns-the-Worlds-Coal-comp.jpg\" alt=\"\" width=\"100%\" height=\"auto\" class=\"aligncenter size-full wp-image-18927\" \/><\/p>\n<p>[\/et_pb_slide][et_pb_slide _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; background_enable_color=&#8221;on&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221; sticky_transition=&#8221;on&#8221;]<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/2017-10-27-Asia-coal-price-mapped-to-bankruptcies-comp.png\" alt=\"\" width=\"100%\" height=\"auto\" class=\"aligncenter size-full wp-image-18927\" \/><\/p>\n<p>[\/et_pb_slide][et_pb_slide _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; background_enable_color=&#8221;on&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221; sticky_transition=&#8221;on&#8221;]<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Slide-3-2.png\" alt=\"\" width=\"100%\" height=\"auto\" class=\"aligncenter size-full wp-image-18925\" \/><\/p>\n<p>[\/et_pb_slide][et_pb_slide _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; background_enable_color=&#8221;on&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; global_colors_info=&#8221;{}&#8221; sticky_transition=&#8221;on&#8221;]<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Slide-4-3.png\" alt=\"\" width=\"100%\" height=\"auto\" class=\"aligncenter size-full wp-image-19054\" \/><\/p>\n<p>[\/et_pb_slide][\/et_pb_slider][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>The IEA estimate\u00a015% of global coal production to be coking coal and the remaining 85% thermal coal.<\/p>\n<p>Influence Map provides information about the ownership of <strong>1\/2 of the total global thermal coal\u00a0production, constituting 117 listed companies,\u00a0<\/strong>with the ownership of the remaining 1\/2 unknown.\u00a0<\/p>\n<p>Influence map divides investors into &#8220;Strategic&#8221; investors (e.g. governments, power companies) that have a reason to be invested beyond a financial return, and &#8220;Non-Strategic&#8221; investors (e.g. fund managers) who are primarily seeking a return on equity.\u00a0<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||21px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h6> Non-strategic Investors in coal mining companies by coal reserves (M Tons) <\/h6>\n<p>Source: Influence Map, 2017<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;2_3,1_3&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<table style=\"margin-top:0px;\">\n<thead>\n<tr>\n<th><\/th>\n<th>Investor<\/th>\n<th>Type<\/th>\n<th>Country<\/th>\n<th>Coal reserves (m tons)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1.<\/td>\n<td>Life Insurance Corporation of India<\/td>\n<td>State<\/td>\n<td>India<\/td>\n<td>1,279<\/td>\n<\/tr>\n<tr>\n<td>2.<\/td>\n<td>Fude Sino Life Insurance<\/td>\n<td>Private<\/td>\n<td>China<\/td>\n<td>702<\/td>\n<\/tr>\n<tr>\n<td>3.<\/td>\n<td>The Vanguard Group<\/td>\n<td>Private<\/td>\n<td>United States<\/td>\n<td>462<\/td>\n<\/tr>\n<tr>\n<td>4.<\/td>\n<td>BlackRock Institutional Trust Company<\/td>\n<td>Private<\/td>\n<td>United States<\/td>\n<td>344<\/td>\n<\/tr>\n<tr>\n<td>5.<\/td>\n<td>Dimensional Fund Advisors LP<\/td>\n<td>Private<\/td>\n<td>United States<\/td>\n<td>334<\/td>\n<\/tr>\n<tr>\n<td>6.<\/td>\n<td>HSZ (Hong Kong) Limited<\/td>\n<td>Private<\/td>\n<td>Hong Kong<\/td>\n<td>288<\/td>\n<\/tr>\n<tr>\n<td>7.<\/td>\n<td>Neuberger Berman LLC<\/td>\n<td>Private<\/td>\n<td>United States<\/td>\n<td>191<\/td>\n<\/tr>\n<tr>\n<td>8.<\/td>\n<td>Elara Capital Plc<\/td>\n<td>Private<\/td>\n<td>UK<\/td>\n<td>177<\/td>\n<\/tr>\n<tr>\n<td>9.<\/td>\n<td>Emerging India Fund Management Ltd<\/td>\n<td>Private<\/td>\n<td>Mauritius<\/td>\n<td>170<\/td>\n<\/tr>\n<tr>\n<td>10.<\/td>\n<td>Accipiter Capital Management Ltd<\/td>\n<td>Private<\/td>\n<td>United States<\/td>\n<td>122<\/td>\n<\/tr>\n<tr>\n<td>11.<\/td>\n<td>ICICI Prudential Asset Management<\/td>\n<td>Private<\/td>\n<td>India<\/td>\n<td>107<\/td>\n<\/tr>\n<tr>\n<td>12.<\/td>\n<td>M M Warburg Bank (Schweiz) AG<\/td>\n<td>Private<\/td>\n<td>Switzerland<\/td>\n<td>99<\/td>\n<\/tr>\n<tr>\n<td>13.<\/td>\n<td>Prosperity Capital Management<\/td>\n<td>State<\/td>\n<td>Russia<\/td>\n<td>84<\/td>\n<\/tr>\n<tr><\/tr>\n<tr>\n<td>14.<\/td>\n<td>Templeton Asset Management Ltd<\/td>\n<td>Private<\/td>\n<td>Hong Kong<\/td>\n<td>84<\/td>\n<\/tr>\n<tr>\n<td>15.<\/td>\n<td>Fidelity Managment &amp; Research<\/td>\n<td>Private<\/td>\n<td>United States<\/td>\n<td>83<\/td>\n<\/tr>\n<tr>\n<td>16.<\/td>\n<td>BlackRock Investment Management (UK)<\/td>\n<td>Private<\/td>\n<td>UK\/US<\/td>\n<td>79<\/td>\n<\/tr>\n<tr><\/tr>\n<tr>\n<td>17.<\/td>\n<td>Renaissance Technologies LLC<\/td>\n<td>Private<\/td>\n<td>United States<\/td>\n<td>75<\/td>\n<\/tr>\n<tr>\n<td>18.<\/td>\n<td>Tontine Asset Management LLC<\/td>\n<td>Private<\/td>\n<td>United States<\/td>\n<td>72<\/td>\n<\/tr>\n<tr>\n<td>19.<\/td>\n<td>Mangrove Partners<\/td>\n<td>Private<\/td>\n<td>United States<\/td>\n<td>68<\/td>\n<\/tr>\n<tr>\n<td>20.<\/td>\n<td>Capital World Investors<\/td>\n<td>Private<\/td>\n<td>United States<\/td>\n<td>54<\/td>\n<\/tr>\n<tr style=\"background-color: rgba(160, 185, 60, 0.2);\">\n<td colspan=\"5\">Example of strategic investor:<\/td>\n<\/tr>\n<tr style=\"background-color: rgba(160, 185, 60, 0.2);\">\n<td><\/td>\n<td>Central and local government, India<\/td>\n<td>State<\/td>\n<td>India<\/td>\n<td>13,878<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Influence Map provides information on the <strong>non-strategic investors.\u00a0<\/strong>The largest non-strategic investors by coal reserve are listed in the table opposite.\u00a0<\/p>\n<p>In comparison, listed is an example of a strategic investor, the Central and local Governments in India.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_3_text_align=&#8221;center&#8221; header_3_text_color=&#8221;#000000&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3>Coal power<\/h3>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h6>Analysis of the companies representing half of global total by coal power expansion plans<\/h6>\n<p>Source: Global Coal Exit List, 2017<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Graph below: 40 unlisted companies seeking to expand coal power, indicating country of headquarters and ownership status (as identified in the Global Coal Exit List)<\/p>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Private-companies-analysis-no-title.png&#8221; title_text=&#8221;Private companies analysis &#8211; no title&#8221; force_fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_divider color=&#8221;#000000&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||-5px|||&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Table below: top 20 shareholders of the 17 listed companies seeking to expand coal power (as identified in the Global Coal Exit List, data provided by GSCC)<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<table style=\"height: 1000px;\" width=\"349\">\n<thead>\n<tr>\n<th><\/th>\n<th>Investor<\/th>\n<th>Type<\/th>\n<th>Country<\/th>\n<th>Amount (US$ bn)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1.<\/td>\n<td>Government of India<\/td>\n<td>State<\/td>\n<td>India<\/td>\n<td>$19.63<\/td>\n<\/tr>\n<tr>\n<td>2.<\/td>\n<td>Shanghai Electric Group<\/td>\n<td>Private<\/td>\n<td>China<\/td>\n<td>$ 8.18<\/td>\n<\/tr>\n<tr>\n<td>3.<\/td>\n<td>Korea Development Bank<\/td>\n<td>State<\/td>\n<td>South Korea<\/td>\n<td>$ 7.18<\/td>\n<\/tr>\n<tr>\n<td>4.<\/td>\n<td>CRH Power<\/td>\n<td>Private<\/td>\n<td>China<\/td>\n<td>$ 5.87<\/td>\n<\/tr>\n<tr>\n<td>5.<\/td>\n<td>Khazanah Nasional Bhd<\/td>\n<td>State<\/td>\n<td>Malaysia<\/td>\n<td>$ 5.60<\/td>\n<\/tr>\n<tr>\n<td>6.<\/td>\n<td>Life Insurance Corporation of India<\/td>\n<td>State<\/td>\n<td>India<\/td>\n<td>$ 4.21<\/td>\n<\/tr>\n<tr>\n<td>7.<\/td>\n<td>Ministry of Strategy and Finance Korea<\/td>\n<td>State<\/td>\n<td>South Korea<\/td>\n<td>$ 3.97<\/td>\n<\/tr>\n<tr>\n<td>8.<\/td>\n<td>Poland State Treasury<\/td>\n<td>State<\/td>\n<td>Poland<\/td>\n<td>$ 3.52<\/td>\n<\/tr>\n<tr>\n<td>9.<\/td>\n<td>Lawrencium Mikado Holdings<\/td>\n<td>Private<\/td>\n<td>Hong Kong<\/td>\n<td>$ 2.37<\/td>\n<\/tr>\n<tr>\n<td>10.<\/td>\n<td>Adani Gautam<\/td>\n<td>Private<\/td>\n<td>India<\/td>\n<td>$ 2.26<\/td>\n<\/tr>\n<tr>\n<td>11.<\/td>\n<td>OAK CLP<\/td>\n<td>Private<\/td>\n<td>Hong Kong<\/td>\n<td>$ 2.22<\/td>\n<\/tr>\n<tr>\n<td>12.<\/td>\n<td>Employees Provident Fund<\/td>\n<td>State<\/td>\n<td>Malaysia<\/td>\n<td>$ 2.22<\/td>\n<\/tr>\n<tr>\n<td>13.<\/td>\n<td>Vanguard Group<\/td>\n<td>Private<\/td>\n<td>USA<\/td>\n<td>$ 2.10<\/td>\n<\/tr>\n<tr>\n<td>14.<\/td>\n<td>Government Pension Investment Fund Japan<\/td>\n<td>State<\/td>\n<td>Japan<\/td>\n<td>$ 1.93<\/td>\n<\/tr>\n<tr>\n<td>15.<\/td>\n<td>Roseneftegaz<\/td>\n<td>State<\/td>\n<td>Russia<\/td>\n<td>$ 1.78<\/td>\n<\/tr>\n<tr>\n<tr>\n<td>16.<\/td>\n<td>Lawrencium Holdings<\/td>\n<td>Private<\/td>\n<td>Hong Kong<\/td>\n<td>$ 1.73<\/td>\n<\/tr>\n<tr>\n<td>17.<\/td>\n<td>Blackrock Fund Advisors<\/td>\n<td>Private<\/td>\n<td>USA<\/td>\n<td>$ 1.53<\/td>\n<\/tr>\n<tr>\n<td>18.<\/td>\n<td>National Pension Service Korea<\/td>\n<td>State<\/td>\n<td>South Korea<\/td>\n<td>$ 1.42<\/td>\n<\/tr>\n<tr>\n<td>19.<\/td>\n<td>INTER RAO Capital<\/td>\n<td>State<\/td>\n<td>Russia<\/td>\n<td>$ 1.35<\/td>\n<\/tr>\n<tr>\n<tr>\n<td>20.<\/td>\n<td>Skim Amanah Saham Bumiputera<\/td>\n<td>State<\/td>\n<td>Malaysia<\/td>\n<td>$ 1.32<\/td>\n<\/tr>\n<tr>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||2px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_id=&#8221;corporatevproject&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_align=&#8221;center&#8221; header_2_text_color=&#8221;#903e4c&#8221; header_2_text_shadow_style=&#8221;preset5&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>The role of corporate v project finance<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_3_text_align=&#8221;center&#8221; header_3_text_color=&#8221;#000000&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3>Coal mining<\/h3>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;2_3,1_3&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_counters _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; title_font=&#8221;|700|||||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_counter percent=&#8221;95&#8243; bar_background_color=&#8221;#903e4c&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; bar_background_color_default=&#8221;#7EBEC5&#8243; use_percentages=&#8221;on&#8221;]Fossil fuel supply finance 2011 (IEA)[\/et_pb_counter][et_pb_counter percent=&#8221;93&#8243; bar_background_color=&#8221;#903e4c&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; bar_background_color_default=&#8221;#7EBEC5&#8243; use_percentages=&#8221;on&#8221;]Fossil fuel supply finance 2016 (IEA)[\/et_pb_counter][\/et_pb_counters][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>According to International Energy Agency,\u00a0<em>World Energy Investment <\/em>(2017), most coal mining investment takes the form of balance sheet (corporate) finance.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_3_text_align=&#8221;center&#8221; header_3_text_color=&#8221;#000000&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3>Coal power<\/h3>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;data:image\/svg+xml;base64,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&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||5px|||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h6 style=\"margin-top:0px\">International Energy Agency, World Energy Investment,<br \/>\n 2017<\/h6>\n<p>[\/et_pb_text][et_pb_counters _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; title_font=&#8221;|700|||||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_counter percent=&#8221;83&#8243; bar_background_color=&#8221;#903e4c&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; bar_background_color_default=&#8221;#7EBEC5&#8243; use_percentages=&#8221;on&#8221;]Thermal power generation finance 2011[\/et_pb_counter][et_pb_counter percent=&#8221;78&#8243; bar_background_color=&#8221;#903e4c&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; bar_background_color_default=&#8221;#7EBEC5&#8243; use_percentages=&#8221;on&#8221;]Thermal power generation finance 2016[\/et_pb_counter][\/et_pb_counters][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Note the contrasting conclusions in these two sources of information, indicating the difficulty in quantifying the split between project and balance sheet finance. However, both point to the dominant role of corporate finance in coal power.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#ededed&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||2px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_id=&#8221;privatevpublic&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_align=&#8221;center&#8221; header_2_text_color=&#8221;#903e4c&#8221; header_2_text_shadow_style=&#8221;preset5&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Public and private debt finance<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_3_text_align=&#8221;center&#8221; header_3_text_color=&#8221;#000000&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3>Coal mining<\/h3>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Mining-combined.png&#8221; title_text=&#8221;Mining combined&#8221; force_fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_divider color=&#8221;#000000&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||-2px|||&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h6> Commercial bank lending to coal mining, 2014-2016<\/h6>\n<p>Source: RAN, BankTrack, Oil Change, Sierra Club, Banking on Climate Change, 2017<\/p>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/coal-power-RAN-report.jpg&#8221; title_text=&#8221;coal power RAN report&#8221; force_fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||2px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_3_text_align=&#8221;center&#8221; header_3_text_color=&#8221;#000000&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3>Coal power<\/h3>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/CFPS-combined.png&#8221; title_text=&#8221;CFPS combined&#8221; force_fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_divider color=&#8221;#000000&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||-2px|||&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h6> Commercial bank lending to coal power, 2014-2016<\/h6>\n<p>Source: RAN, BankTrack, Oil Change, Sierra Club, Banking on Climate Change 2017<\/p>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/coal-power-RAN-report.jpg&#8221; title_text=&#8221;coal power RAN report&#8221; force_fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#ededed&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||2px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_id=&#8221;loanbondmaturity&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_align=&#8221;center&#8221; header_2_text_color=&#8221;#903e4c&#8221; header_2_text_shadow_style=&#8221;preset5&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Maturity of Loans and Bonds<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h6> Maturity Profiles of Bonds and Loans to Coal Mining Companies from 2017 to 2022<\/h6>\n<p>Source: Data provided by GSCC, 2017<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||2px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_id=&#8221;equityraising&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_align=&#8221;center&#8221; header_2_text_color=&#8221;#903e4c&#8221; header_2_text_shadow_style=&#8221;preset5&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Equity raising<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Companies will often turn to the equity market to raise capital before seeking more debt finance, as the equity can be leveraged many times over. While equity is often sourced from existing shareholders, companies will seek additional investment through further share issuances. There is no comprehensive study on the role of equity raising in coal finance at this stage.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#ededed&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||2px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_id=&#8221;trends&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_align=&#8221;center&#8221; header_2_text_color=&#8221;#903e4c&#8221; header_2_text_shadow_style=&#8221;preset5&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Trends: China, Japan and Korea&#8217;s new coal race<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/IEA-CCC-Historical-supplies-full-comp.png&#8221; title_text=&#8221;IEA CCC Historical supplies full (comp)&#8221; force_fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/IEA-CCC-Future-supplies-full-comp.png&#8221; title_text=&#8221;IEA CCC Future supplies full (comp)&#8221; force_fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;17px||17px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Source: IEA Clean Coal Center, 2017<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h6>Study of 21 new coal-fired power stations in Indonesia financed since 2010<\/h6>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/06\/Indonesian-public-coal-finance-China-lending.png&#8221; title_text=&#8221;Indonesian public coal finance &#8211; China lending&#8221; force_fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/06\/Indonesian-public-coal-finance-Japan-lending.png&#8221; title_text=&#8221;Indonesian public coal finance &#8211; Japan lending&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Indonesian-coal-power.png&#8221; title_text=&#8221;Indonesian coal power&#8221; align=&#8221;center&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;17px||17px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; text_orientation=&#8221;center&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Source: Market Forces, 2017<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||2px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_id=&#8221;corporaterestructures&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_align=&#8221;center&#8221; header_2_text_color=&#8221;#903e4c&#8221; header_2_text_shadow_style=&#8221;preset5&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Trends: Corporate restructuring<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.<\/p>\n<p>Bankruptcies are clearly a sign of distress for coal mining companies, but do not mean the end of the companies or their operations.\u00a0<\/p>\n<p>Rather, bankruptcies are often part of corporate restructuring during which operations can continue. The intention of a company emerging from bankruptcy is to be in a more secure and healthier financial state.\u00a0\u00a0<\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;data:image\/svg+xml;base64,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&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||8px|||&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Chart source: TR Eikon, 2017<\/p>\n<p><span style=\"color: #00ccff;\"><\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Shenhua-merger-Bloomberg-comp.png&#8221; title_text=&#8221;Shenhua merger Bloomberg (comp)&#8221; force_fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||8px|||&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Shenhua Group and China Guodian have merged, creating a company with a<strong>\u00a0<\/strong>combined capacity portfolio of 221 to 225GW, and 500 million tons of coal per year.<\/p>\n<p>Other major M&amp;A activity includes: <\/p>\n<ul>\n<li>Arclight acquisition of AEP\u2019s power plants in US.<\/li>\n<li>Vale sale of Mozambique coal mines to Mitsui.<\/li>\n<li>Yancoal acquisition of Coal &amp; Allied Industries.<\/li>\n<li>Enel\u2019s 10% stake in Bayan Resources acquired by the company\u2019s founder.<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#ededed&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||2px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_id=&#8221;projectbonds&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_align=&#8221;center&#8221; header_2_text_color=&#8221;#903e4c&#8221; header_2_text_shadow_style=&#8221;preset5&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Trends: Project bonds<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>At this stage, this debt instrument does not seem significant to global coal finance at present. However, companies may use more project bonds to raise debt<\/p>\n<ul>\n<li>in Asia;<\/li>\n<li>in refinancings;\u00a0and<\/li>\n<li>following the Basel III regulations coming into effect.<\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h6>Anatomy of a Project Bond: Paiton Energy, US$2bn, August 2017<\/h6>\n<p>Source: Project Finance International, 2017<\/p>\n<p><strong>The breakdown of the investors in the 2010 loan:<\/strong><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;4px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMTA4MCIgaGVpZ2h0PSI1NDAiIHZpZXdCb3g9IjAgMCAxMDgwIDU0MCIgeG1sbnM9Imh0dHA6Ly93d3cudzMub3JnLzIwMDAvc3ZnIj4KICAgIDxnIGZpbGw9Im5vbmUiIGZpbGwtcnVsZT0iZXZlbm9kZCI+CiAgICAgICAgPHBhdGggZmlsbD0iI0VCRUJFQiIgZD0iTTAgMGgxMDgwdjU0MEgweiIvPgogICAgICAgIDxwYXRoIGQ9Ik00NDUuNjQ5IDU0MGgtOTguOTk1TDE0NC42NDkgMzM3Ljk5NSAwIDQ4Mi42NDR2LTk4Ljk5NWwxMTYuMzY1LTExNi4zNjVjMTUuNjItMTUuNjIgNDAuOTQ3LTE1LjYyIDU2LjU2OCAwTDQ0NS42NSA1NDB6IiBmaWxsLW9wYWNpdHk9Ii4xIiBmaWxsPSIjMDAwIiBmaWxsLXJ1bGU9Im5vbnplcm8iLz4KICAgICAgICA8Y2lyY2xlIGZpbGwtb3BhY2l0eT0iLjA1IiBmaWxsPSIjMDAwIiBjeD0iMzMxIiBjeT0iMTQ4IiByPSI3MCIvPgogICAgICAgIDxwYXRoIGQ9Ik0xMDgwIDM3OXYxMTMuMTM3TDcyOC4xNjIgMTQwLjMgMzI4LjQ2MiA1NDBIMjE1LjMyNEw2OTkuODc4IDU1LjQ0NmMxNS42Mi0xNS42MiA0MC45NDgtMTUuNjIgNTYuNTY4IDBMMTA4MCAzNzl6IiBmaWxsLW9wYWNpdHk9Ii4yIiBmaWxsPSIjMDAwIiBmaWxsLXJ1bGU9Im5vbnplcm8iLz4KICAgIDwvZz4KPC9zdmc+Cg==&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;data:image\/svg+xml;base64,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&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><strong>The breakdown of the investors in the 2017 bond:<\/strong><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Paiton-Bond-Chart-1-comp.png&#8221; title_text=&#8221;Paiton Bond Chart 1 (comp)&#8221; force_fullwidth=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Paiton-Bond-Chart-2-comp.png&#8221; title_text=&#8221;Paiton Bond Chart 2 (comp)&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h5>Could coal projects be financed by green bonds?<\/h5>\n<ul>\n<li>Voluntary Green Bonds Principles (which include renewable energy and pollution prevention and control) recommend external review.<\/li>\n<li>ASEAN framework of green bonds standards specifically exclude funding of fossil fuels.<\/li>\n<li>However, Chinese coal power plant producer Tianjin SDIC Jinneng Electric Power registered short-term &#8220;green bonds&#8221; on interbank market for $USD150M to finance a 2,000MW coal-fired power plant in Tianjin.\u00a0<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||2px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_id=&#8221;countries&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_align=&#8221;center&#8221; header_2_text_color=&#8221;#903e4c&#8221; header_2_text_shadow_style=&#8221;preset5&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Country by country<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Click <a href=\"https:\/\/prezi.com\/p\/kqh0lkubcosr\/\">here <\/a>to view Prezi in full screen.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/prezi.com\/p\/kqh0lkubcosr\/embed\" width=\"800\" height=\"700\">   <\/iframe><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#ededed&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||2px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_id=&#8221;keytakeaways&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_align=&#8221;center&#8221; header_2_text_color=&#8221;#903e4c&#8221; header_2_text_shadow_style=&#8221;preset5&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Key takeaways<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>The nature of coal finance varies wildly between countries.<\/li>\n<li>Importance of China and Chinese finance.<\/li>\n<li>Importance of corporate or balance sheet finance.<\/li>\n<li>In several key coal power growth markets, public finance unlocks commercial debt.\u00a0<\/li>\n<li><span>In areas like India, Turkey, Australia, domestic banks are key.<\/span><\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; custom_padding=&#8221;0px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||2px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text module_id=&#8221;keytakeaways&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|||on|||||&#8221; header_text_align=&#8221;center&#8221; header_2_font=&#8221;|||on|||||&#8221; header_2_text_align=&#8221;center&#8221; header_2_text_color=&#8221;#903e4c&#8221; header_2_text_shadow_style=&#8221;preset5&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Key studies<\/h2>\n<p>[\/et_pb_text][et_pb_toggle title=&#8221;350 Japan, Energy Finance in Japan: Funding Climate Change and Nuclear Risk, August 2017&#8243; open=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>Investigates investment in fossil fuel sector selecting 17 fossil fuel companies and to 12 nuclear sector companies.<\/li>\n<li>Looked at which financial institutions provided loans and underwriting to the fossil fuel sector, with Mizuho, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial providing the largest percentage of finance.<\/li>\n<li>Available\u00a0<a href=\"http:\/\/40w95614sn5m1jd0sb353zli.wpengine.netdna-cdn.com\/ja\/files\/2016\/10\/energy_finance_in_japan.pdf\">online.<\/a><\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;BP Statistical Review of World Energy, 2017&#8243; open=&#8221;on&#8221; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>Provides information on a country-by-country basis on the proven reserves, production and consumption.<\/li>\n<li>Provides analysis of reserve to production ratios, production and consumption by region.<\/li>\n<li>Maps coal prices in the region.<\/li>\n<li>Available <a href=\"https:\/\/www.bp.com\/content\/dam\/bp\/en\/corporate\/pdf\/energy-economics\/statistical-review-2017\/bp-statistical-review-of-world-energy-2017-coal.pdf\">online. <\/a><\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;EndCoal, Global Coal Plant Tracker, July 2017&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>Provides information on coal plants by country (MW).<\/li>\n<li>Includes units 30MW and larger, and divides them into announced, pre-permit, permitted, construction, shelved, operating and cancelled.<\/li>\n<li>Available <a href=\"https:\/\/endcoal.org\/wp-content\/uploads\/2017\/07\/PDFs-for-GCPT-July-2017-Countries-MW.pdf\">online<\/a>.<\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Global Coal Exit List, Urgewald, November 2017&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>Provides a &#8220;who is who&#8221; of the global coal industry by providing key statistics on 775 companies.<\/li>\n<li>&#8220;All in all, the companies listed in the GCEL represent over 88% of world coal production and 86% of the world\u2019s coal-fired capacity.&#8221;<\/li>\n<li>provides information about which companies are planning new coal projects, 225 expanding coal mining and 282 planning new coal-fired power stations.<\/li>\n<li>Available <a href=\"https:\/\/coalexit.org\/node\/1114\">online<\/a>.<\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;GreenID, A Study of Financiers of Coal Power in Vietnam, October 2016&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>Provides an overview of investment in coal power.<\/li>\n<li>Summarises the investment in 65 Vietnamese power plants: by investors and EPCs including their country of origin and value of their investment.<\/li>\n<li>Available on request.<\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;IEA Clean Coal Centre, International Finance for Coal-fired Power Plants, April 2017&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>Provides a &#8220;brief introduction to project finance and debt instruments&#8221;, and the global trends in coal finance.\u00a0<\/li>\n<li><span>Discusses &#8220;a geographical shift from western banks as the lead arrangers of project finance, towards Asian institutions taking greater leadership.&#8221; Specifically, the report talks about Japan, Korea and China pursuing coal project to export their own technology and using Asian public finance institutions to finance these projects.\u00a0<\/span><\/li>\n<li>Available for purchase <a href=\"http:\/\/www.iea-coal.org\/report\/80561\/\/84067\/International-finance-for-coal-fired-power-plants,-CCC-277-\">here<\/a>.<\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;IEA World Energy Investment, 2017&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>Looks at total investment into energy: &#8220;<span>Total energy investment worldwide in 2016 was just over $1.7 trillion, accounting for 2.2% of global GDP. Investment was down by 12% compared to IEA\u2019s revised 2015 energy investment estimate of $1.9 trillion.&#8221;<\/span><\/li>\n<li>Reviews investment regionally.<\/li>\n<li>Looks at trends in specific energy sectors and the lowered investment in coal-fired power plants (nearly 20 GW less commissioned).<\/li>\n<li>States playing a key role in energy investments.<\/li>\n<li>Balance sheet finance more important than project finance in the energy sector.<\/li>\n<li>Available for purchase <a href=\"https:\/\/www.iea.org\/publications\/wei2017\/\">here<\/a>.<\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;IEEFA, Global Electricity Utilities in Transition: Leaders and Laggards: 11 Case Studies, October 2017&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>Provides a summary of 11 major utilities in transition: Enel, Engie, NRG, NextEra, Engie, RWE, E.ON, AGL, NTPC, CEIC, TEPCO and Eskom and classifies them under renewable energy leaders, belated transition underway and laggards not modernizing.\u00a0<\/li>\n<li>Provides a good overview of factors affecting each utility, and the impact of wholesale electricity prices being pushed down by the rise of renewable generation.<\/li>\n<li>Available <a href=\"http:\/\/ieefa.org\/wp-content\/uploads\/2017\/10\/IEEFA-Global-Utilities-in-Transition-11-Case-Studies-October-2017.pdf\">online<\/a>.<\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;IEEFA, Turkey at a Crossroads: Invest in the Old Energy Economy or the New, June 2016&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>Discusses the rapid power plant buildout as putting upward pressure on low electricity prices.<\/li>\n<li>Provides that a new proposed\u00a0 coal subsidy would cost US$1.1 to 2 billion dollars annually and raise the electricity prices as much as 29%.<\/li>\n<li>The potential for defaults and stranded assets would undermine the Turkish banking sector.<\/li>\n<li>Advocates for Turkey to seriously consider its renewables potential.\u00a0<\/li>\n<li>Available <a href=\"https:\/\/endcoal.org\/wp-content\/uploads\/2016\/06\/Turkey-Crossroads-Invest-in-the-Old-Energy-Economy-or-the-New_June-20162.pdf\">online<\/a>.<\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Influence Map, Who Owns the World&#8217;s Coal, May 2017&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>Discusses geographical spread of ownership of thermal coal producing companies.<\/li>\n<li>\u00a0Divestment and Pension Funds: assessing coal divestment statements and assessing their progress, &#8220;finding good compliance with the coal specific divestment statements from investors aggregating $1.4tn AUM.&#8221;<\/li>\n<li>\u00a0Discusses the nature of shareholders of thermal coal: &#8220;(1) strategic investors from Asia, (gvmts, power companies) (2) BlackRock and Vanguard (who own assets through the sheer size of their global holdings) and (3) mid size asset managers and funds who may see opportunity in US resurgence and Asian growth.&#8221;<\/li>\n<li>Available <a href=\"https:\/\/influencemap.org\/report\/Clarifying-carbon-ownership-8cb210f5b6643c8e58037dbfaa28d7ae\">online<\/a>.<\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Market Forces, Foreign Finance to Indonesian Coal, June 2017&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>Reviewed deals comprising &#8220;debt finance to 21 coal power projects with a combined capacity of 13.1GW, which reached financial close from January 2010 to March 2017&#8221;.<\/li>\n<li>&#8220;Export Credit Agencies participated in 64% of deals and loaned 45% of total debt. Bilateral Development Banks participated in 27% of deals, lending 19% of overall debt.&#8221;<\/li>\n<li>&#8220;The power plants studies were majority foreign owned. 51% of the overall project value was owned by Japanese and Chinese companies, with 39% Indonesian-owned.&#8221;<\/li>\n<li>Available <a href=\"https:\/\/www.marketforces.org.au\/research\/indonesia\/public-finance-to-indonesian-coal\/\">online<\/a>.<\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Oil Change International, Shift the Subsidies Database, 2017&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>The database tracks public financial flows from public financial institutions around the world from 2008 to 2015(over 7,000 energy finance transactions).<\/li>\n<li>Includes information on major multilateral development banks (2008 to 2015), bilateral financing agencies of the US (2008 to 2015), and Bilateral Financing Agencies of the other G20 countries (from 2013 to 2015) tracking their fossil fuel and clean energy finance.<\/li>\n<li>Available on request <a href=\"http:\/\/priceofoil.org\/shift-the-subsidies\/\">here<\/a>.<\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;RAN et al, Banking on Climate Change, 2017&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>This report represents the 8th Annual Fossil Fuel Finance Report Card.<\/li>\n<li>It &#8220;grades fossil\u00a0fuel policies and tabulates financing from 37 major private\u00a0banks from across Europe, the United States, Canada, Japan,\u00a0China, and Australia.&#8221;<\/li>\n<li>For coal mining: &#8220;The world\u2019s top 40 coal mining companies<br \/>by annual production.&#8221;<\/li>\n<li>For coal power: &#8220;The top 10 companies by megawatts of\u00a0operating coal-fired capacity in the Americas; the top 10\u00a0in Europe, the Middle East, and Africa; and the top 10 in\u00a0Asia and Oceania.&#8221;<\/li>\n<li>The banks analyzed in this report funneled USD $92 billion to<br \/>extreme fossil fuels in 2014, USD $111 billion in 2015 and $87 billion in 2016 (representing a 22 percent decrease).<\/li>\n<li>Available <a href=\"https:\/\/d3n8a8pro7vhmx.cloudfront.net\/rainforestactionnetwork\/pages\/17879\/attachments\/original\/1504735525\/RAN_Banking_On_Climate_Change_2017_final.pdf?1504735525\">online<\/a>.<\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;US Energy Administration Agency, Annual Coal Report 2016, November 2017&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li>Presents &#8220;annual data on U.S. coal production,\u00a0number of mines, productive capacity, recoverable\u00a0reserves, employment, productivity, consumption, stocks,\u00a0and prices.&#8221;<\/li>\n<li>&#8220;In 2016, U.S. coal production dropped 18.8% year-over year\u00a0to 728.4 million short tons, the lowest annual\u00a0production level since 1979.&#8221;<\/li>\n<li>Available <a href=\"https:\/\/www.eia.gov\/coal\/annual\/pdf\/acr.pdf\">online<\/a>.<\/li>\n<\/ul>\n<p>[\/et_pb_toggle][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ARCHIVED CONTENT This content is no longer being updated. GLOBAL COAL FINANCE Download a copy of the full reportRead the bibliography Scale of the coal industry Ownership of coal companies Corporate v Project finance Public and Private Debt Finance Maturity of loans and bonds Equity Raising Trends Race between China, Japan and Korea Corporate restructures [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":0,"parent":14325,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-blank-4.php","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"[cs_content][cs_element_section _id=\"1\" ][cs_element_row _id=\"2\" ][cs_element_column _id=\"3\" ][x_custom_headline level=\"h1\" looks_like=\"h1\" accent=\"false\" class=\"cs-ta-left ftfheading\" style=\"color: hsl(0, 0%, 100%);margin-top:15px;\"]GLOBAL COAL FINANCE[\/x_custom_headline][cs_text class=\"cs-ta-right jump-to-contents\" style=\"margin-top:300px;\"]<p style=\"text-align: left\"><em><a style=\"font-size:small\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/12\/Global-Coal-Finance-Report.pdf\" target=\"blank\" rel=\"noopener noreferrer\">Download a copy of the full report<\/a><\/em><br \/><em> <a style=\"font-size:small\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/12\/Bibliography-global-coal-finance-study.pdf\" target=\"blank\" rel=\"noopener noreferrer\">Read the bibliography<\/a><\/em><\/p>[\/cs_text][\/cs_element_column][cs_element_column _id=\"6\" ][cs_text _order=\"0\" class=\"cs-ta-right jump-to-contents\" style=\"margin-top:15px;\"]<a href=\"#scaleofcoal\">Scale of the coal industry<\/a>\n<a href=\"#coalownership\">Ownership of coal companies<\/a>\n<a href=\"#corporatevproject\">Corporate v Project finance<\/a>\n<a href=\"#privatevpublic\">Public and Private Debt Finance<\/a>\n<a href=\"#loanbondmaturity\">Maturity of loans and bonds<\/a>\n<a href=\"#equityraising\">Equity Raising<\/a>\n<a href=\"#trends\">Trends<\/a>\n<a href=\"#trends\" style=\"font-size:small\">Race between China, Japan and Korea<\/a>\n<a href=\"#corporaterestructures\" style=\"font-size:small\">Corporate restructures<\/a>\n<a href=\"#projectbonds\" style=\"font-size:small\">Project bonds<\/a>\n<a href=\"#countries\">Countries<\/a>\n<a href=\"#keytakeaways\">Key Takeaways<\/a>\n<a href=\"#keystudies\">Studies<\/a>[\/cs_text][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"8\" ][cs_element_row _id=\"9\" ][cs_element_column _id=\"10\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"false\" class=\"ftfheading\" style=\"color: hsl(0, 0%, 100%);text-shadow: 1px 1px 0 #000;\"]About this content[\/x_custom_headline][cs_text _order=\"0\"]<p><span style=\"color: #ffffff;\">The following is a literature review of key studies on global coal finance. Additional information and findings of many more studies can be found in the <span style=\"color: #a1b93c;\"><a href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/12\/Global-Coal-Finance-Report.pdf\" target=\"_blank\" style=\"color: #a1b93c;\" rel=\"noopener noreferrer\">full report<\/a><\/span> and <span style=\"color: #a1b93c;\"><a href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/12\/Bibliography-global-coal-finance-study.pdf\" target=\"_blank\" style=\"color: #a1b93c;\" rel=\"noopener noreferrer\">bibliography<\/a><\/span>. The research is current to 30 November 2017.<\/span><\/p>[\/cs_text][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"13\" ][cs_element_row _id=\"14\" ][cs_element_column _id=\"15\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"true\" class=\"cs-ta-center ftfheading\" style=\"color: rgb(144, 62, 76);text-shadow: 1px 1px 0 #000;\"]Scale of the coal industry[\/x_custom_headline][x_custom_headline level=\"h4\" looks_like=\"h5\" accent=\"false\" id=\"scalecoalmining\" class=\"cs-ta-center\" style=\"margin-top:20px;\"]Coal mining[\/x_custom_headline][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"18\" ][cs_element_column _id=\"19\" ][cs_element_map _id=\"20\" ][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"21\" ][cs_element_column _id=\"22\" ][x_custom_headline level=\"h4\" looks_like=\"h5\" accent=\"false\" id=\"scalecoalpower\" class=\"cs-ta-center\" style=\"margin-top:20px;\"]Coal power[\/x_custom_headline][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"24\" ][cs_element_column _id=\"25\" ][x_slider animation=\"fade\" slide_time=\"7000\" slide_speed=\"1000\" slideshow=\"false\" random=\"false\" control_nav=\"false\" prev_next_nav=\"true\" no_container=\"true\"  style=\"height:430px;width:620px;\"][x_slide]\n<iframe height=\"430\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vSYGSetMgLZ6RWA5cQQhVhHeG8TsgMv7-cw2RryFuKIFZUNFqmKUE-pGlEdflwekFD5uk1ZNzv1B2zr\/pubhtml?gid=2112391028&amp;single=true&amp;widget=true&amp;headers=false\"><\/iframe>[\/x_slide][x_slide]<iframe height=\"430\" \n src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vSYGSetMgLZ6RWA5cQQhVhHeG8TsgMv7-cw2RryFuKIFZUNFqmKUE-pGlEdflwekFD5uk1ZNzv1B2zr\/pubhtml?gid=1641493156&amp;single=true&amp;widget=true&amp;headers=false\"><\/iframe>[\/x_slide][\/x_slider][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"29\" ][cs_element_column _id=\"30\" ][cs_element_map _id=\"31\" ][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"32\" ][cs_element_row _id=\"33\" ][cs_element_column _id=\"34\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"true\" class=\"cs-ta-center ftfheading\" style=\"color: rgb(144, 62, 76);text-shadow: 1px 1px 0 #000;\"]Who owns the coal industry? [\/x_custom_headline][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"36\" ][cs_element_column _id=\"37\" ][x_custom_headline level=\"h4\" looks_like=\"h5\" accent=\"false\" id=\"ownerhipcoalmining\" class=\"cs-ta-center\" style=\"margin-top:20px;\"]Coal mining[\/x_custom_headline][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"39\" ][cs_element_column _id=\"40\" ][x_slider animation=\"fade\" slide_time=\"7000\" slide_speed=\"1000\" slideshow=\"false\" random=\"false\" control_nav=\"false\" prev_next_nav=\"true\" no_container=\"false\"  style=\"margin-top:15px;\"][x_slide]<p><img src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/2017-05-InfluenceMap-Who-Owns-the-Worlds-Coal-comp.jpg\" alt=\"\" width=\"480\" height=\"289\" class=\"aligncenter size-full wp-image-18927\" \/><\/p>\n[\/x_slide][x_slide]<p><img src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/2017-10-27-Asia-coal-price-mapped-to-bankruptcies-comp.png alt=\"\" width=\"480\" height=\"289\" class=\"aligncenter size-full wp-image-18926\" \/><\/p>\n<p><\/p>[\/x_slide][x_slide]<p><img src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Slide-3-2.png\" alt=\"\" width=\"481\" height=\"289\" class=\"aligncenter size-full wp-image-18925\" \/><\/p>[\/x_slide][x_slide]<p><img src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Slide-4-3.png\" alt=\"\" width=\"481\" height=\"289\" class=\"aligncenter size-full wp-image-19054\" \/><\/p>[\/x_slide][\/x_slider][\/cs_element_column][cs_element_column _id=\"46\" ][cs_text _order=\"0\"]<p>The IEA estimate\u00a015% of global coal production to be coking coal and the remaining 85% thermal coal.<\/p><p>Influence Map provides information about the ownership of <strong>1\/2 of the total global thermal coal\u00a0production, constituting 117 listed companies,\u00a0<\/strong>with the ownership of the remaining 1\/2 unknown.\u00a0<\/p><p>Influence map divides investors into \"Strategic\" investors (e.g. governments, power companies) that have a reason to be invested beyond a financial return, and \"Non-Strategic\" investors (e.g. fund managers) who are primarily seeking a return on equity.\u00a0<\/p>[\/cs_text][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"48\" ][cs_element_column _id=\"49\" ][x_line style=\"border-top-color: #433244;border-top-width: 1px;\"][cs_text _order=\"0\"]<h6> Non-strategic Investors in coal mining companies by coal reserves (M Tons) <\/h6>\n\nSource: Influence Map, 2017[\/cs_text][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"52\" ][cs_element_column _id=\"53\" ][cs_text style=\"background-color:#ffffff;margin-top:0px;\"]<table style=\"margin-top:0px;\"><thead><tr><th><\/th><th>Investor<\/th><th>Type<\/th><th>Country<\/th><th>Coal reserves (m tons)<\/th><\/tr><\/thead><tbody><tr><td>1.<\/td><td>Life Insurance Corporation of India<\/td><td>State<\/td><td>India<\/td><td>1,279<\/td><\/tr><tr><td>2.<\/td><td>Fude Sino Life Insurance<\/td><td>Private<\/td><td>China<\/td><td>702<\/td><\/tr><tr><td>3.<\/td><td>The Vanguard Group<\/td><td>Private<\/td><td>United States<\/td><td>462<\/td><\/tr><tr><td>4.<\/td><td>BlackRock Institutional Trust Company<\/td><td>Private<\/td><td>United States<\/td><td>344<\/td><\/tr><tr><td>5.<\/td><td>Dimensional Fund Advisors LP<\/td><td>Private<\/td><td>United States<\/td><td>334<\/td><\/tr><tr><td>6.<\/td><td>HSZ (Hong Kong) Limited<\/td><td>Private<\/td><td>Hong Kong<\/td><td>288<\/td><\/tr><tr><td>7.<\/td><td>Neuberger Berman LLC<\/td><td>Private<\/td><td>United States<\/td><td>191<\/td><\/tr><tr><td>8.<\/td><td>Elara Capital Plc<\/td><td>Private<\/td><td>UK<\/td><td>177<\/td><\/tr><tr><td>9.<\/td><td>Emerging India Fund Management Ltd<\/td><td>Private<\/td><td>Mauritius<\/td><td>170<\/td><\/tr><tr><td>10.<\/td><td>Accipiter Capital Management Ltd<\/td><td>Private<\/td><td>United States<\/td><td>122<\/td><\/tr><tr><td>11.<\/td><td>ICICI Prudential Asset Management<\/td><td>Private<\/td><td>India<\/td><td>107<\/td><\/tr><tr><td>12.<\/td><td>M M Warburg Bank (Schweiz) AG<\/td><td>Private<\/td><td>Switzerland<\/td><td>99<\/td><\/tr><tr><td>13.<\/td><td>Prosperity Capital Management<\/td><td>State<\/td><td>Russia<\/td><td>84<\/td><\/tr><tr><\/tr><tr><td>14.<\/td><td>Templeton Asset Management Ltd<\/td><td>Private<\/td><td>Hong Kong<\/td><td>84<\/td><\/tr><tr><td>15.<\/td><td>Fidelity Managment &amp; Research<\/td><td>Private<\/td><td>United States<\/td><td>83<\/td><\/tr><tr><td>16.<\/td><td>BlackRock Investment Management (UK)<\/td><td>Private<\/td><td>UK\/US<\/td><td>79<\/td><\/tr><tr><\/tr><tr><td>17.<\/td><td>Renaissance Technologies LLC<\/td><td>Private<\/td><td>United States<\/td><td>75<\/td><\/tr><tr><td>18.<\/td><td>Tontine Asset Management LLC<\/td><td>Private<\/td><td>United States<\/td><td>72<\/td><\/tr><tr><td>19.<\/td><td>Mangrove Partners<\/td><td>Private<\/td><td>United States<\/td><td>68<\/td><\/tr><tr><td>20.<\/td><td>Capital World Investors<\/td><td>Private<\/td><td>United States<\/td><td>54<\/td><\/tr><tr style=\"background-color: rgba(160, 185, 60, 0.2);\"><td colspan=\"5\">Example of strategic investor:<\/td><\/tr><tr style=\"background-color: rgba(160, 185, 60, 0.2);\"><td><\/td><td>Central and local government, India<\/td><td>State<\/td><td>India<\/td><td>13,878<\/td><\/tr><\/tbody><\/table>[\/cs_text][\/cs_element_column][cs_element_column _id=\"55\" ][cs_text _order=\"0\"]Influence Map provides information on the <strong>non-strategic investors.\u00a0<\/strong>The largest non-strategic investors by coal reserve are listed in the table opposite.\u00a0<\/p><p>In comparison, listed is an example of a strategic investor, the Central and local Governments in India.[\/cs_text][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"57\" ][cs_element_column _id=\"58\" ][x_custom_headline level=\"h4\" looks_like=\"h5\" accent=\"false\" id=\"ownershipcoalpower\" class=\"cs-ta-center\" style=\"margin-top:20px;\"]Coal power[\/x_custom_headline][cs_text]<h6> Analysis of the companies representing half of global total by coal power expansion plans<\/h6>\n\nSource: Global Coal Exit List, 2017[\/cs_text][cs_text]Graph below: 40 unlisted companies seeking to expand coal power, indicating country of headquarters and ownership status (as identified in the Global Coal Exit List) [\/cs_text][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Private-companies-analysis-no-title.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Private-companies-analysis-no-title.png\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][x_line style=\"border-top-color: #433244;border-top-width: 2px;\"][cs_text]Table below: top 20 shareholders of the 17 listed companies seeking to expand coal power (as identified in the Global Coal Exit List, data provided by GSCC)[\/cs_text][cs_text style=\"background-color:#ffffff;\"]<table style=\"height: 1000px;\" width=\"349\">\n<thead>\n<tr>\n<th><\/th>\n<th>Investor<\/th>\n<th>Type<\/th>\n<th>Country<\/th>\n<th>Amount (US$ bn)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1.<\/td>\n<td>Government of India<\/td>\n<td>State<\/td>\n<td>India<\/td>\n<td>$19.63<\/td>\n<\/tr>\n<tr>\n<td>2.<\/td>\n<td>Shanghai Electric Group<\/td>\n<td>Private<\/td>\n<td>China<\/td>\n<td>$ 8.18<\/td>\n<\/tr>\n<tr>\n<td>3.<\/td>\n<td>Korea Development Bank<\/td>\n<td>State<\/td>\n<td>South Korea<\/td>\n<td>$ 7.18<\/td>\n<\/tr>\n<tr>\n<td>4.<\/td>\n<td>CRH Power<\/td>\n<td>Private<\/td>\n<td>China<\/td>\n<td>$ 5.87<\/td>\n<\/tr>\n<tr>\n<td>5.<\/td>\n<td>Khazanah Nasional Bhd<\/td>\n<td>State<\/td>\n<td>Malaysia<\/td>\n<td>$ 5.60<\/td>\n<\/tr>\n<tr>\n<td>6.<\/td>\n<td>Life Insurance Corporation of India<\/td>\n<td>State<\/td>\n<td>India<\/td>\n<td>$ 4.21<\/td>\n<\/tr>\n<tr>\n<td>7.<\/td>\n<td>Ministry of Strategy and Finance Korea<\/td>\n<td>State<\/td>\n<td>South Korea<\/td>\n<td>$ 3.97<\/td>\n<\/tr>\n<tr>\n<td>8.<\/td>\n<td>Poland State Treasury<\/td>\n<td>State<\/td>\n<td>Poland<\/td>\n<td>$ 3.52<\/td>\n<\/tr>\n<tr>\n<td>9.<\/td>\n<td>Lawrencium Mikado Holdings<\/td>\n<td>Private<\/td>\n<td>Hong Kong<\/td>\n<td>$ 2.37<\/td>\n<\/tr>\n<tr>\n<td>10.<\/td>\n<td>Adani Gautam<\/td>\n<td>Private<\/td>\n<td>India<\/td>\n<td>$ 2.26<\/td>\n<\/tr>\n<tr>\n<td>11.<\/td>\n<td>OAK CLP<\/td>\n<td>Private<\/td>\n<td>Hong Kong<\/td>\n<td>$ 2.22<\/td>\n<\/tr>\n<tr>\n<td>12.<\/td>\n<td>Employees Provident Fund<\/td>\n<td>State<\/td>\n<td>Malaysia<\/td>\n<td>$ 2.22<\/td>\n<\/tr>\n<tr>\n<td>13.<\/td>\n<td>Vanguard Group<\/td>\n<td>Private<\/td>\n<td>USA<\/td>\n<td>$ 2.10<\/td>\n<\/tr>\n<tr>\n<td>14.<\/td>\n<td>Government Pension Investment Fund Japan<\/td>\n<td>State<\/td>\n<td>Japan<\/td>\n<td>$ 1.93<\/td>\n<\/tr>\n<tr>\n<td>15.<\/td>\n<td>Roseneftegaz<\/td>\n<td>State<\/td>\n<td>Russia<\/td>\n<td>$ 1.78<\/td>\n<\/tr>\n<tr><tr>\n<td>16.<\/td>\n<td>Lawrencium Holdings<\/td>\n<td>Private<\/td>\n<td>Hong Kong<\/td>\n<td>$ 1.73<\/td>\n<\/tr>\n<tr>\n<td>17.<\/td>\n<td>Blackrock Fund Advisors<\/td>\n<td>Private<\/td>\n<td>USA<\/td>\n<td>$ 1.53<\/td>\n<\/tr>\n<tr>\n<td>18.<\/td>\n<td>National Pension Service Korea<\/td>\n<td>State<\/td>\n<td>South Korea<\/td>\n<td>$ 1.42<\/td>\n<\/tr>\n<tr>\n<td>19.<\/td>\n<td>INTER RAO Capital<\/td>\n<td>State<\/td>\n<td>Russia<\/td>\n<td>$ 1.35<\/td>\n<\/tr>\n<tr>\n<tr>\n<td>20.<\/td>\n<td>Skim Amanah Saham Bumiputera<\/td>\n<td>State<\/td>\n<td>Malaysia<\/td>\n<td>$ 1.32<\/td>\n<\/tr>\n<tr>\n<\/tr>\n<\/tbody>\n<\/table>[\/cs_text][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"66\" ][cs_element_row _id=\"67\" ][cs_element_column _id=\"68\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"true\" class=\"cs-ta-center ftfheading\" style=\"color: rgb(144, 62, 76);text-shadow: 1px 1px 0 #000;\"]The role of corporate v project finance[\/x_custom_headline][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"70\" ][cs_element_column _id=\"71\" ][x_custom_headline level=\"h4\" looks_like=\"h5\" accent=\"false\" id=\"corporatecoalmining\" class=\"cs-ta-center\" style=\"margin-top:20px;\"]Coal mining[\/x_custom_headline][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"73\" ][cs_element_column _id=\"74\" ][x_skill_bar heading=\"Fossil fuel supply finance 2011 (IEA)\" percent=\"95%\" bar_text=\"Balance sheet = 95%\" bar_bg_color=\"\"][x_skill_bar heading=\"Fossil fuel supply finance 2016 (IEA)\" percent=\"93%\" bar_text=\"Balance sheet = 93%\" bar_bg_color=\"\"][\/cs_element_column][cs_element_column _id=\"77\" ][cs_text _order=\"0\"]<p>According to International Energy Agency,\u00a0<em>World Energy Investment <\/em>(2017), most coal mining investment takes the form of balance sheet (corporate) finance.<\/p>[\/cs_text][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"79\" ][cs_element_column _id=\"80\" ][x_custom_headline level=\"h4\" looks_like=\"h5\" accent=\"false\" id=\"corporatecoalpower\" class=\"cs-ta-center\" style=\"margin-top:20px;\"]Coal power[\/x_custom_headline][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"82\" ][cs_element_column _id=\"83\" ][cs_text]<h6 style=\"margin-top:0px\">Infrastructure Journal Global, 2017<\/h6>[\/cs_text][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/IJGlobal.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/IJGlobal-full.png\" title=\"Top 5 coal mining financiers and recipients of finance, by country, 2012-2015\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][\/cs_element_column][cs_element_column _id=\"86\" ][cs_text _order=\"0\"]<h6 style=\"margin-top:0px\">International Energy Agency, World Energy Investment,\n 2017<\/h6>[\/cs_text][x_skill_bar heading=\"Thermal power generation finance 2011\" percent=\"83%\" bar_text=\"Balance sheet = 83%\" bar_bg_color=\"\"][x_skill_bar heading=\"Thermal power generation finance 2016\" percent=\"78%\" bar_text=\"Balance sheet = 78%\" bar_bg_color=\"\"][cs_text]Note the contrasting conclusions in these two sources of information, indicating the difficulty in quantifying the split between project and balance sheet finance. However, both point to the dominant role of corporate finance in coal power.[\/cs_text][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"91\" ][cs_element_row _id=\"92\" ][cs_element_column _id=\"93\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"true\" class=\"cs-ta-center ftfheading\" style=\"color: rgb(144, 62, 76);text-shadow: 1px 1px 0 #000;\"]Public and private debt finance[\/x_custom_headline][x_custom_headline level=\"h4\" looks_like=\"h5\" accent=\"false\" id=\"debtcoalmining\" class=\"cs-ta-center\" style=\"margin-top:20px;\"]Coal mining[\/x_custom_headline][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"96\" ][cs_element_column _id=\"97\" ][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Mining-combined.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Mining-combined.png\" title=\"Top 5 coal mining financiers and recipients of finance, by country, 2012-2015\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"99\" ][cs_element_column _id=\"100\" ][x_line style=\"border-top-color: #433244;border-top-width: 2px;\"][cs_text]<h6> Commercial bank lending to coal mining, 2014-2016<\/h6>\n\nSource: RAN, BankTrack, Oil Change, Sierra Club, Banking on Climate Change, 2017[\/cs_text][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/coal-mining-RAN-report.jpg\" alt=\"\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"104\" ][cs_element_row _id=\"105\" ][cs_element_column _id=\"106\" ][x_custom_headline level=\"h4\" looks_like=\"h5\" accent=\"false\" id=\"privatecoalpower\" class=\"cs-ta-center\" style=\"margin-top:20px;\"]Coal power[\/x_custom_headline][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/CFPS-combined.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/CFPS-combined.png\" title=\"Top 5 coal power financiers and recipients of finance, by country, 2012-2015\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][x_line style=\"border-top-color: hsl(0, 0%, 0%);border-top-width: 2px;\"][cs_text]<h6> Commercial bank lending to coal power, 2014-2016<\/h6>\n\nSource: RAN, BankTrack, Oil Change, Sierra Club, Banking on Climate Change 2017[\/cs_text][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"111\" ][cs_element_column _id=\"112\" ][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/coal-power-RAN-report.jpg\" alt=\"\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"114\" ][cs_element_row _id=\"115\" ][cs_element_column _id=\"116\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"true\" class=\"cs-ta-center ftfheading\" style=\"color: rgb(144, 62, 76);text-shadow: 1px 1px 0 #000;\"]Maturity of Loans and Bonds[\/x_custom_headline][cs_text]<h6> Maturity Profiles of Bonds and Loans to Coal Mining Companies from 2017 to 2022<\/h6>\n\nSource: Data provided by GSCC, 2017[\/cs_text][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Maturity-Profiles-of-loans-and-bonds-Global-2.png\" alt=\"\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"120\" ][cs_element_row _id=\"121\" ][cs_element_column _id=\"122\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"true\" class=\"cs-ta-center ftfheading\" style=\"color: rgb(144, 62, 76);text-shadow: 1px 1px 0 #000;\"]Equity raising[\/x_custom_headline][cs_text]<p>Companies will often turn to the equity market to raise capital before seeking more debt finance, as the equity can be leveraged many times over. While equity is often sourced from existing shareholders, companies will seek additional investment through further share issuances. There is no comprehensive study on the role of equity raising in coal finance at this stage.<\/p>[\/cs_text][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"125\" ][cs_element_row _id=\"126\" ][cs_element_column _id=\"127\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"true\" class=\"cs-ta-center ftfheading\" style=\"color: rgb(144, 62, 76);text-shadow: 1px 1px 0 #000;\"]Trends: China, Japan and Korea's new coal race[\/x_custom_headline][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"129\" ][cs_element_column _id=\"130\" ][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/IEA-CCC-Historical-supplies-full-comp.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/IEA-CCC-Historical-supplies-full-comp.png\" title=\"Top 5 coal power financiers and recipients of finance, by country, 2012-2015\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][cs_text]Source: IEA Clean Coal Center, 2017[\/cs_text][\/cs_element_column][cs_element_column _id=\"133\" ][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/IEA-CCC-Future-supplies-full-comp.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/IEA-CCC-Future-supplies-full-comp.png\" title=\"Top 5 coal power financiers and recipients of finance, by country, 2012-2015\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"135\" ][cs_element_column _id=\"136\" ][cs_text]<h6>Study of 21 new coal-fired power stations in Indonesia financed since 2010<\/h6>[\/cs_text][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"138\" ][cs_element_column _id=\"139\" ][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/06\/Indonesian-public-coal-finance-China-lending.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/06\/Indonesian-public-coal-finance-China-lending.png\" title=\"Top 5 coal power financiers and recipients of finance, by country, 2012-2015\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][\/cs_element_column][cs_element_column _id=\"141\" ][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/06\/Indonesian-public-coal-finance-Japan-lending.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/06\/Indonesian-public-coal-finance-Japan-lending.png\" title=\"Top 5 coal power financiers and recipients of finance, by country, 2012-2015\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"143\" ][cs_element_column _id=\"144\" ][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Indonesian-coal-power.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/06\/Indo-public-coal-finance-lending-sources.png\" title=\"Top 5 coal power financiers and recipients of finance, by country, 2012-2015\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][cs_text]Source: Market Forces, 2017[\/cs_text][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"147\" ][cs_element_row _id=\"148\" ][cs_element_column _id=\"149\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"true\" class=\"cs-ta-center ftfheading\" style=\"color: rgb(144, 62, 76);text-shadow: 1px 1px 0 #000;\"]Trends: Corporate restructuring[\/x_custom_headline][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"151\" ][cs_element_column _id=\"152\" ][cs_text]<p>Bankruptcies are clearly a sign of distress for coal mining companies, but do not mean the end of the companies or their operations.\u00a0<\/p><p>Rather, bankruptcies are often part of corporate restructuring during which operations can continue. The intention of a company emerging from bankruptcy is to be in a more secure and healthier financial state.\u00a0\u00a0<\/p>[\/cs_text][\/cs_element_column][cs_element_column _id=\"154\" ][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/12\/2017-10-27-Asia-coal-price-mapped-to-bankruptcies-v2-1.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/12\/2017-10-27-Asia-coal-price-mapped-to-bankruptcies-v2-1.png\" title=\"Top 5 coal power financiers and recipients of finance, by country, 2012-2015\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][cs_text]<p>Chart source: TR Eikon, 2017<\/p><p><span style=\"color: #00ccff;\"><\/span><\/p>[\/cs_text][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"157\" ][cs_element_column _id=\"158\" ][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Shenhua-merger-Bloomberg-comp.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Shenhua-merger-Bloomberg-comp.png\" title=\"Shenhua merger Bloomberg (comp)\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][\/cs_element_column][cs_element_column _id=\"160\" ][cs_text]Shenhua Group and China Guodian have merged, creating a company with a<strong>\u00a0<\/strong>combined capacity portfolio of 221 to 225GW, and 500 million tons of coal per year.\n\nOther major M&amp;A activity includes: \n<ul>\n<li>Arclight acquisition of AEP\u2019s power plants in US.<\/li>\n<li>Vale sale of Mozambique coal mines to Mitsui.<\/li>\n<li>Yancoal acquisition of Coal &amp; Allied Industries.<\/li>\n<li>Enel\u2019s 10% stake in Bayan Resources acquired by the company\u2019s founder.<\/li><\/ul>[\/cs_text][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"162\" ][cs_element_row _id=\"163\" ][cs_element_column _id=\"164\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"true\" class=\"cs-ta-center ftfheading\" style=\"color: rgb(144, 62, 76);text-shadow: 1px 1px 0 #000;\"]Trends: Project bonds[\/x_custom_headline][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"166\" ][cs_element_column _id=\"167\" ][cs_text]<p>At this stage, this debt instrument does not seem significant to global coal finance at present. However, companies may use more project bonds to raise debt<\/p><ul><li>in Asia;<\/li><li>in refinancings;\u00a0and<\/li><li>following the Basel III regulations coming into effect.<\/li><\/ul>[\/cs_text][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"169\" ][cs_element_column _id=\"170\" ][cs_text]<h6> Anatomy of a Project Bond: Paiton Energy, US$2bn, August 2017<\/h6>\n\nSource: Project Finance International, 2017[\/cs_text][cs_text]<p><strong>The breakdown of the investors in the 2010 loan:<\/strong><\/p>[\/cs_text][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"173\" ][cs_element_column _id=\"174\" ][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Paiton-Bond-Chart-2010-1.png\" alt=\"\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][\/cs_element_column][cs_element_column _id=\"176\" ][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Paiton-Bond-Chart-2010-2.png\" alt=\"\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"178\" ][cs_element_column _id=\"179\" ][cs_text]<p><strong>The breakdown of the investors in the 2017 bond:<\/strong><\/p>[\/cs_text][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"181\" ][cs_element_column _id=\"182\" ][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Paiton-Bond-Chart-1-comp.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Paiton-Bond-Chart-1-comp.png\" title=\"Top 5 coal power financiers and recipients of finance, by country, 2012-2015\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][\/cs_element_column][cs_element_column _id=\"184\" ][x_raw_content][x_image class=\"my-image\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Paiton-Bond-Chart-2-comp.png\" alt=\"Example\" type=\"thumbnail\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2017\/11\/Paiton-Bond-Chart-2-comp.png\" title=\"Top 5 coal power financiers and recipients of finance, by country, 2012-2015\"][x_lightbox selector=\".my-image\" opacity=\"0.875\"][\/x_raw_content][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"186\" ][cs_element_column _id=\"187\" ][cs_text]<h5>Could coal projects be financed by green bonds?<\/h5><ul><li>Voluntary Green Bonds Principles (which include renewable energy and pollution prevention and control) recommend external review.<\/li>\n<li>ASEAN framework of green bonds standards specifically exclude funding of fossil fuels.<\/li><li>However, Chinese coal power plant producer Tianjin SDIC Jinneng Electric Power registered short-term \"green bonds\" on interbank market for $USD150M to finance a 2,000MW coal-fired power plant in Tianjin.\u00a0<\/li><\/ul>[\/cs_text][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"189\" ][cs_element_row _id=\"190\" ][cs_element_column _id=\"191\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"true\" class=\"cs-ta-center ftfheading\" style=\"color: rgb(144, 62, 76);text-shadow: 1px 1px 0 #000;\"]Country by country[\/x_custom_headline][cs_text _order=\"0\"]<p>Click <a href=\"https:\/\/prezi.com\/p\/kqh0lkubcosr\/\">here <\/a>to view Prezi in full screen.<\/p>[\/cs_text][\/cs_element_column][\/cs_element_row][cs_element_row _id=\"194\" ][cs_element_column _id=\"195\" ][cs_element_content_area _id=\"196\" ][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"197\" ][cs_element_row _id=\"198\" ][cs_element_column _id=\"199\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"true\" class=\"cs-ta-center ftfheading\" style=\"color: rgb(144, 62, 76);text-shadow: 1px 1px 0 #000;\"]Key takeaways[\/x_custom_headline][cs_text]<ul><li>The nature of coal finance varies wildly between countries.<\/li><li>Importance of China and Chinese finance.<\/li><li>Importance of corporate or balance sheet finance.<\/li><li>In several key coal power growth markets, public finance unlocks commercial debt.\u00a0<\/li><li><span>In areas like India, Turkey, Australia, domestic banks are key.<\/span><\/li><\/ul>[\/cs_text][\/cs_element_column][\/cs_element_row][\/cs_element_section][cs_element_section _id=\"202\" ][cs_element_row _id=\"203\" ][cs_element_column _id=\"204\" ][x_custom_headline level=\"h3\" looks_like=\"h4\" accent=\"true\" class=\"cs-ta-center ftfheading\" style=\"color: rgb(144, 62, 76);text-shadow: 1px 1px 0 #000;\"]Key studies[\/x_custom_headline][x_accordion class=\"accordionDarkPurple\"][x_accordion_item title=\"350 Japan, Energy Finance in Japan: Funding Climate Change and Nuclear Risk, August 2017\" open=\"true\"]<ul><li>Investigates investment in fossil fuel sector selecting 17 fossil fuel companies and to 12 nuclear sector companies.<\/li><li>Looked at which financial institutions provided loans and underwriting to the fossil fuel sector, with Mizuho, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial providing the largest percentage of finance.<\/li><li>Available\u00a0<a href=\"http:\/\/40w95614sn5m1jd0sb353zli.wpengine.netdna-cdn.com\/ja\/files\/2016\/10\/energy_finance_in_japan.pdf\">online.<\/a><\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"BP Statistical Review of World Energy, 2017\" open=\"true\"]<ul><li>Provides information on a country-by-country basis on the proven reserves, production and consumption.<\/li><li>Provides analysis of reserve to production ratios, production and consumption by region.<\/li><li>Maps coal prices in the region.<\/li><li>Available <a href=\"https:\/\/www.bp.com\/content\/dam\/bp\/en\/corporate\/pdf\/energy-economics\/statistical-review-2017\/bp-statistical-review-of-world-energy-2017-coal.pdf\">online. <\/a><\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"EndCoal, Global Coal Plant Tracker, July 2017\" open=\"false\"]<ul><li>Provides information on coal plants by country (MW).<\/li><li>Includes units 30MW and larger, and divides them into announced, pre-permit, permitted, construction, shelved, operating and cancelled.\u00a0<\/li><li>Available <a href=\"https:\/\/endcoal.org\/wp-content\/uploads\/2017\/07\/PDFs-for-GCPT-July-2017-Countries-MW.pdf\">online<\/a>.\u00a0<\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"Global Coal Exit List, Urgewald, November 2017\" open=\"false\"]<ul><li>Provides a \"who is who\" of the global coal industry by providing key statistics on 775 companies.<\/li><li>\"All in all, the companies listed in the GCEL represent over 88% of world coal production and 86% of the world\u2019s coal-fired capacity.\"<\/li><li>provides information about which companies are planning new coal projects, 225 expanding coal mining and 282 planning new coal-fired power stations.<\/li><li>Available <a href=\"https:\/\/coalexit.org\/node\/1114\">online<\/a>.<\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"GreenID, A Study of Financiers of Coal Power in Vietnam, October 2016\" open=\"false\"]<ul><li>Provides an overview of investment in coal power.<\/li><li>Summarises the investment in 65 Vietnamese power plants: by investors and EPCs including their country of origin and value of their investment.<\/li><li>Available on request.<\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"IEA Clean Coal Centre, International Finance for Coal-fired Power Plants, April 2017\" open=\"false\"]<ul><li>Provides a \"brief introduction to project finance and debt instruments\", and the global trends in coal finance.\u00a0<\/li><li><span>Discusses \"a geographical shift from western banks as the lead arrangers of project finance, towards Asian institutions taking greater leadership.\" Specifically, the report talks about Japan, Korea and China pursuing coal project to export their own technology and using Asian public finance institutions to finance these projects.\u00a0<\/span><\/li><li>Available for purchase <a href=\"http:\/\/www.iea-coal.org\/report\/80561\/\/84067\/International-finance-for-coal-fired-power-plants,-CCC-277-\">here<\/a>.<\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"IEA World Energy Investment, 2017\" open=\"false\"]<ul><li>Looks at total investment into energy: \"<span>Total energy investment worldwide in 2016 was just over $1.7 trillion, accounting for 2.2% of global GDP. Investment was down by 12% compared to IEA\u2019s revised 2015 energy investment estimate of $1.9 trillion.\"<\/span><\/li><li>Reviews investment regionally.<\/li><li>Looks at trends in specific energy sectors and the lowered investment in coal-fired power plants (nearly 20 GW less commissioned).<\/li><li>States playing a key role in energy investments.<\/li><li>Balance sheet finance more important than project finance in the energy sector.<\/li><li>Available for purchase <a href=\"https:\/\/www.iea.org\/publications\/wei2017\/\">here<\/a>.<\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"IEEFA, Global Electricity Utilities in Transition: Leaders and Laggards: 11 Case Studies, October 2017\" open=\"false\"]<ul><li>Provides a summary of 11 major utilities in transition: Enel, Engie, NRG, NextEra, Engie, RWE, E.ON, AGL, NTPC, CEIC, TEPCO and Eskom and classifies them under renewable energy leaders, belated transition underway and laggards not modernizing.\u00a0<\/li><li>Provides a good overview of factors affecting each utility, and the impact of wholesale electricity prices being pushed down by the rise of renewable generation.<\/li><li>Available <a href=\"http:\/\/ieefa.org\/wp-content\/uploads\/2017\/10\/IEEFA-Global-Utilities-in-Transition-11-Case-Studies-October-2017.pdf\">online<\/a>.<\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"IEEFA, Turkey at a Crossroads: Invest in the Old Energy Economy or the New, June 2016\" open=\"false\"]<ul><li>Discusses the rapid power plant buildout as putting upward pressure on low electricity prices.<\/li><li>Provides that a new proposed\u00a0 coal subsidy would cost US$1.1 to 2 billion dollars annually and raise the electricity prices as much as 29%.<\/li><li>The potential for defaults and stranded assets would undermine the Turkish banking sector.<\/li><li>Advocates for Turkey to seriously consider its renewables potential.\u00a0<\/li><li>Available <a href=\"https:\/\/endcoal.org\/wp-content\/uploads\/2016\/06\/Turkey-Crossroads-Invest-in-the-Old-Energy-Economy-or-the-New_June-20162.pdf\">online<\/a>.<\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"Influence Map, Who Owns the World&#039;s Coal, May 2017\" open=\"false\"]<ul><li>Discusses geographical spread of ownership of thermal coal producing companies.<\/li><li>\u00a0Divestment and Pension Funds: assessing coal divestment statements and assessing their progress, \"finding good compliance with the coal specific divestment statements from investors aggregating $1.4tn AUM.\"<\/li><li>\u00a0Discusses the nature of shareholders of thermal coal: \"(1) strategic investors from Asia, (gvmts, power companies) (2) BlackRock and Vanguard (who own assets through the sheer size of their global holdings) and (3) mid size asset managers and funds who may see opportunity in US resurgence and Asian growth.\"<\/li><li>Available <a href=\"https:\/\/influencemap.org\/report\/Clarifying-carbon-ownership-8cb210f5b6643c8e58037dbfaa28d7ae\">online<\/a>.<\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"Market Forces, Foreign Finance to Indonesian Coal, June 2017\" open=\"false\"]<ul><li>Reviewed deals comprising \"debt finance to 21 coal power projects with a combined capacity of 13.1GW, which reached financial close from January 2010 to March 2017\".<\/li><li>\"Export Credit Agencies participated in 64% of deals and loaned 45% of total debt. Bilateral Development Banks participated in 27% of deals, lending 19% of overall debt.\"<\/li><li>\"The power plants studies were majority foreign owned. 51% of the overall project value was owned by Japanese and Chinese companies, with 39% Indonesian-owned.\"<\/li><li>Available <a href=\"https:\/\/www.marketforces.org.au\/research\/indonesia\/public-finance-to-indonesian-coal\/\">online<\/a>.<\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"Oil Change International, Shift the Subsidies Database, 2017\" open=\"false\"]<ul><li>The database tracks public financial flows from public financial institutions around the world from 2008 to 2015(over 7,000 energy finance transactions).<\/li><li>Includes information on major multilateral development banks (2008 to 2015), bilateral financing agencies of the US (2008 to 2015), and Bilateral Financing Agencies of the other G20 countries (from 2013 to 2015) tracking their fossil fuel and clean energy finance.<\/li><li>Available on request <a href=\"http:\/\/priceofoil.org\/shift-the-subsidies\/\">here<\/a>.<\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"RAN et al, Banking on Climate Change, 2017\" open=\"false\"]<ul><li>This report represents the 8th Annual Fossil Fuel Finance Report Card.<\/li><li>It \"grades fossil\u00a0fuel policies and tabulates financing from 37 major private\u00a0banks from across Europe, the United States, Canada, Japan,\u00a0China, and Australia.\"<\/li><li>For coal mining: \"The world\u2019s top 40 coal mining companies<br \/>by annual production.\"<\/li><li>For coal power: \"The top 10 companies by megawatts of\u00a0operating coal-fired capacity in the Americas; the top 10\u00a0in Europe, the Middle East, and Africa; and the top 10 in\u00a0Asia and Oceania.\"<\/li><li>The banks analyzed in this report funneled USD $92 billion to<br \/>extreme fossil fuels in 2014, USD $111 billion in 2015 and $87 billion in 2016 (representing a 22 percent decrease).<\/li><li>Available <a href=\"https:\/\/d3n8a8pro7vhmx.cloudfront.net\/rainforestactionnetwork\/pages\/17879\/attachments\/original\/1504735525\/RAN_Banking_On_Climate_Change_2017_final.pdf?1504735525\">online<\/a>.<\/li><\/ul>[\/x_accordion_item][x_accordion_item title=\"US Energy Administration Agency, Annual Coal Report 2016, November 2017\" open=\"false\"]<ul><li>Presents \"annual data on U.S. coal production,\u00a0number of mines, productive capacity, recoverable\u00a0reserves, employment, productivity, consumption, stocks,\u00a0and prices.\"<\/li><li>\"In 2016, U.S. coal production dropped 18.8% year-over year\u00a0to 728.4 million short tons, the lowest annual\u00a0production level since 1979.\"<\/li><li>Available <a href=\"https:\/\/www.eia.gov\/coal\/annual\/pdf\/acr.pdf\">online<\/a>.<\/li><\/ul>[\/x_accordion_item][\/x_accordion][\/cs_element_column][\/cs_element_row][\/cs_element_section][\/cs_content]","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"class_list":["post-18476","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Global coal finance - Market Forces<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketforces.org.au\/research\/global-coal-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global coal finance - Market Forces\" \/>\n<meta property=\"og:description\" content=\"ARCHIVED CONTENT This content is no longer being updated. 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