Page 12 - AsiaElec Week 15

AsiaElec RENEWABLES AsiaElec
has lagged behind regional leaders Taiwan and China.
Japan has laid the legal framework for off- shore development in a bid to boost renewables’ share of the energy mix.
Offshore expansion in Japan is now mak- ing waves, after Tokyo included 10GW of wind capacity by 2030 in its Fifth Basic Energy Supply Plan, dated July 2018. This called for the coun- try’s electricity to be 24% green by 2030.
Ørsted currently has 2.4GW of offshore wind under construction or under development in neighbouring Taiwan, and aims to use its exper- tise to move into Japan. It is also looking at South Korea and China.
Across Asia-Pacific (APAC), total investment
in the offshore wind sector surpassed Europe for the first time in 2019.
The Renewables Consulting Group (RCG) found that financial closure was declared for $10bn of investment in APAC in 2019, driven by Taiwan, Japan and Vietnam, while investment in Europe, previously the leading global region, stood at just over $5.5bn.
Meanwhile, the Global Wind Energy Coun- cil (GWEC) said recently that APAC was the global leader for new wind installations in 2019, adding 28.1GW of new onshore capacity, more than half of the global additions, and 2.5GW off- shore. China added 26.2GW onshore and India 2.4GW.™
POLICY
Pakistan IPPs reject
allegations of unfair
practices
Pakistan’s Independent Power Producers Advisory Council (IPPAC) has categorically rejected the allegations being attributed to the power plants while responding to an inquiry committee’s report over alleged losses in the sector.
According to the IPPAC, these reports make “unsubstantiated allegations” against the Independent Power Producers (IPPs), accusing them of having signed “unfair” agreements and misappropriation in tariff and fuel consumption rates.
Neither the IPPAC nor any IPP was consulted or approached in preparing of
the report or its contents, it said, adding the allegations are “ill-conceived, unfounded, baseless and disappointing”, which is causing “serious damage to our reputation”.
“The IPPs have given their sweat and blood for the development of Pakistan at a time when no one was willing to invest in the country. The IPPs have empowered an uncertain economy, which had not witnessed such a sizeable quantum of Foreign Direct Investment ever in the past. ”
The clarification further said: “It is important to highlight that while the federal government has not paid the IPPs for years and IPPs are at the brink of default being
NEWS IN BRIEF
owed an amount of approximately Rs600bn, they still continue to remain available to provide an uninterrupted supply of electricity for the country, always keeping the greater national interest at the forefront.”
LENDING
Mizuho to stop lending to new coal power projects
Mizuho Financial Group will stop financing new coal power projects and end all loans for coal by 2050, bowing to pressure from a group of leading investors for climate concessions ahead of the bank’s annual shareholders’ meeting in June, Reuters reported.
The policy change leaves Japan’s third- biggest bank by assets plenty of wriggle room on lending to projects planned or under construction, while the 2050 cutoff was dismissed by activists as too late for an exit from the dirtiest fossil fuel.
Mizuho, among the world’s biggest lender to coal power plant developers, said in a statement on Wednesday it would cut its outstanding balance of 300bn yen ($2.8bn) in loans to coal power projects as of March this year in half by 2030 and reduce it to zero by 2050.
A shareholder resolution sent to Mizuho management last month calls on the bank to outline a plan and set targets so that its business practices are more in line with the
Paris Agreement, the global pact to fight climate change.
It was the first time a publicly traded Japanese company had been sent a shareholder climate change resolution. The resolution was sponsored by Kiko Network, a Japanese activist group that focuses on coal and also hold shares in Mizuho.
“Climate change is one of the most important global issues that can affect financial market stability,” Mizuho said. “Responding to the environment and climate change is a key issue in our business strategy.”
Kiko Network’s international director Kimiko Hirata welcomed the move but questioned the exceptions that would allow some projects to go ahead.
COVID-19
ADB gives $2.2bn to India
for immediate COVID-19
response
Asian Development Bank (ADB) President Masatsugu Asakawa has assured Indian Finance Minister and ADB Governor Nirmala Sitharaman of ADB’s support to India in its fight against the novel coronavirus disease (COVID-19) pandemic.
Asakawa commended the Indian government’s decisive response to the pandemic, including a national health
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Week 15 15 •April•2020