CLEAN COAL TECHNOLOGY RESEARCH REPORTS

IEA Clean Coal Centre provides unbiased information on the clean and efficient use of coal world-wide, including subjects related to clean coal technology. Funded by member countries and industrial sponsors IEA CCC products include in-depth topical reports available in PDF form, a range of workshop series, the Clean Coal Technologies Conference, and online databases of coal information and resources. IEA CCC also provides direct advice, facilitation of R & D and networks.

From 1 January 2013, our reports are available as free downloads for residents of member countries or employees of sponsoring organisations. Six months after publication reports are freely available to all. Non-members can purchase reports for £100 in the first 6 months after publication. Everyone wishing to obtain a report must be registered with the IEA Clean Centre before proceeding with the download. Registrants will be notified by email when their registration is accepted (normally within one working day). Registration form.

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International finance for coal fired power plants, CCC/277

Research Report: CCC/277

Since 2013, publicly funded financial institutions such as multilateral development banks and export credit agencies based in OECD America and Europe have adopted strict lending rules for greenfield coal power projects. However, in 2014 these particular financial institutions supplied just U$9 billion out of a total of US152 billion funding of coal power and mining companies and therefore account for a small percentage of coal finance. There is evidence that many other banks are prepared to support cleaner and more efficient high efficiency low emission (HELE) coal technologies, especially in Asia.

However, there has been a geographical shift from western banks as the lead arrangers of project finance, towards Asian institutions taking greater leadership. For example, public funding agencies and commercial banks in Japan, Korea, and China are pursuing coal projects abroad partly to export their own HELE technologies, even into Europe. Between 2007-12, Asian public finance institutions accounted for 80% of the funding from such sources. They include the Japan Bank for International Cooperation and the China Development Bank. This funding reduces the impact of the new policies of the western public agencies. Furthermore, the arrival of the newly formed Asian Infrastructure Investment Bank (AIIB) could provide opportunities for funding cleaner coal technologies in the future.

This report provides a brief introduction to project finance and debt instruments. The policies and role of major financial institutions are examined, along with the global trends in coal finance and the increasing role of Asian funding and the terms and conditions often associated with lending from these agencies.

 


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