Page 13 - AsiaElec Week 24

AsiaElec COAL-FIRED GENERATION AsiaElec

NGOs call on Chinese banks to halt financing

of coal-fired power plant project in Turkey

CHINA MORE than 20 non-governmental organisations flags about your institution’s involvement in this
(NGOs) have urged Chinese banks to withdraw project.”
financial support for a coal-fired power plant The Hunutlu plant is one of China’s largest
under construction in Turkey, referring to envi- investments in Turkey. It has won a 15-year,
ronmental damage and claimed disregard for the $1.38bn loan from the three Chinese banks.
“green” pledge of China’s Belt and Road Initiative Last September saw construction start on the
(BRI). 1,320MW station. Completion is scheduled for
The NGOs sent letters to China Development next year.
Bank, Bank of China, and Industrial & Commer- The group that sent the letters includes Turk-
cial Bank of China, requesting that financing for ish and international NGOs. They have pointed
the Emba Hunutlu project is halted. A related to air pollution issues in Adana province, where
online petition attracted more than 19,000 signa- the plant will be built. One claim made by the
tures. The trio in April 2019 signed the Belt and cancellation campaign is that the project could
Road Green Investment Principles. They are a set result in 2,000 premature deaths. Another is that
of voluntary guidelines incorporating low-car- the facility would pose a threat to the nesting area
bon and sustainable development practices for of a protected species of turtle.
BRI projects. A report last year by the Institute of Energy
“In light of community opposition to the pro- Economics and Financial Analysis concluded
ject, as well as the lack of legal compliance, we that Chinese banks were investing in more
respectfully ask that the financiers of the Emba than one-quarter of coal plants under devel-
Hunutlu coal plant to withdraw all financial sup- opment outside China. Investments amounted
port from the project,” the group of NGOs said to $35.9bn for 102GW of capacity in 27 coun-
in the letter. “We believe that the cumulative bio- tries said the institute, which lobbies for green
diversity, environmental, air pollution, climate, power.™
and policy alignment issues raise serious red

NEWS IN BRIEF

INVESTMENT commitments to the fund, including investors CONSUMPTION
from the Nordic countries, Continental
Copenhagen Infrastructure Europe, the United Kingdom, Israel, North Singapore power
America, Asia and Australia, CIP said.
Partners raises Poulsen said: “We are very pleased with the consumption surges 22% in
CIP managing partner Jakob Baruel
Copenhagen Infrastructure Partners (CIP) confirmed investment commitments and the May
has raised DKK11bn ($1.7bn in commitments launch of CI IV with both existing and new
for a new renewable energy fund. institutional investors committing to the fund. Singaporean’s daily household electricity
The fund – Copenhagen Infrastructure IV “We are honoured by the continued high consumption jumped 22% in May compared
– is expected to make a capital commitment of level of investor confidence in CIP’s approach to February, boosted by most individuals
DKK40-50bn ($6-7.5bn) and could invest up to energy infrastructure investment, and staying, working, or studying from home and
to DKK100bn ($15bn), CIP said. we look forward to continuing to create a warm climate, according to a joint statement
Investments are expected to be made value for our investors, project owners and by the Energy Market Authority and SP
worldwide in North America, Western communities through the fund’s investments. Group.
Europe, developed countries in Asia and CIP partner Michael Hannibal said: “We The statement explained that households’
Australia. are delighted and proud to have managed and electricity consumption typically increases
Capital commitments have come from invested what is expected to be the largest from April through August, driven by the
a group of leading institutional investors, renewable energy infrastructure fund ever hotter weather during these months, as
including two Danish pension funds raised in the world, and we are excited to households use more electricity to power their
PensionDanmark and AP Pension, as well deliver energy infrastructure projects worth fans or air-conditioners to stay cool.
as a number of pension and life insurance up to $100bn. SP Group also added that from 7 April
companies and larger family offices. to 1 June, they have suspended physical
Several other prominent institutional meter reading services in line with the safe
investors are in the process of making capital distancing measures. Typically, they would

Week 24 17•June•2020 www. NEWSBASE .com P13