{"id":42731,"date":"2020-10-22T17:22:30","date_gmt":"2020-10-22T16:22:30","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=42731"},"modified":"2020-10-23T14:40:55","modified_gmt":"2020-10-23T13:40:55","slug":"world-bank-branch-indirectly-backs-coal-megaproject-despite-green-pledge","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2020\/10\/22\/world-bank-branch-indirectly-backs-coal-megaproject-despite-green-pledge\/","title":{"rendered":"World Bank branch indirectly backs coal megaproject despite green pledge"},"content":{"rendered":"<p><b>The World Bank\u2019s private lending branch is indirectly backing one of the world&#8217;s biggest new coal complexes, despite a new green policy.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In September, the International Finance Corporation (IFC) published its <\/span><a href=\"https:\/\/www.ifc.org\/wps\/wcm\/connect\/05541643-0001-467d-883c-5d7a127ffd57\/IFC+Greening+Report+Sept+2020.pdf?MOD=AJPERES&amp;CVID=nisvaOC&amp;ContentCache=NONE&amp;CACHE=NONE#:~:text=IFC's%20green%20equity%20approach,exposure%20to%20coal%2D%20related%20projects.\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">green equity approach (GEA)<\/span><\/a><span style=\"font-weight: 400;\">, outlining that: \u201cIFC no longer makes equity investments in financial institutions that do not have a plan to phase out investments in coal-related activities.\u201d<\/span><\/p>\n<p>Yet the client it chose to pilot the approach with in 2019, Hana Indonesia, has since approved project finance to the 2,000 MW Java coal power station in Banten, Indonesia.<\/p>\n<p>A source with knowledge of the matter told Climate Home that when confronted, IFC officials claimed not to be aware of Hana Indonesia&#8217;s involvement in the coal megaproject.<\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe are in discussion with PT Bank KEB Hana Indonesia to better understand its recent lending activities,\u201d a spokesperson for IFC said.<\/span><\/p>\n<blockquote><p><a href=\"https:\/\/www.climatechangenews.com\/2020\/10\/20\/polands-largest-utility-announces-pivot-coal-renewables\/\"><strong>Poland\u2019s<\/strong> largest utility announces pivot from coal to renewables<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Java 9 and 10 is predicted to release 250 million tonnes of carbon dioxide over 25 years, equivalent to the annual emissions of Thailand or Spain, according to a <a href=\"https:\/\/www.re-course.org\/wp-content\/uploads\/2020\/10\/Coming-clean-Can-the-IFC-help-end-coal-finance_FINAL-compressed.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">report by sustainable finance watchdog Recourse<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2019\/12\/Korean-Jawa-9-10-Health-Impacts-compressed.pdf\"><span style=\"font-weight: 400;\">Greenpeace report <\/span><\/a><span style=\"font-weight: 400;\">warned that the $3.5 billion coal project could lead to more than 4,700 premature deaths over a 30-year period and affect the air quality in the Indonesian capital Jakarta, 120km from the power plant.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Indonesia has the fourth largest coal pipeline in the world and is one of only five countries in the world to start construction of new coal power plants in 2020, according to <\/span><a href=\"https:\/\/climateactiontracker.org\/countries\/indonesia\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Climate Action Tracker<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>The GEA was developed precisely to encourage equity clients in such countries to shift away from coal, with a goal<span style=\"font-weight: 400;\"> to reduce their coal exposure by 50% by 2025 and to zero by 2030.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe approach will allow IFC to continue engaging with banks that finance coal, but with a transparent framework and declining limits in line with the Paris Agreement and various climate scenarios,\u201d the IFC said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The policy came two years after the IFC said it would proactively seek clients <\/span><a href=\"https:\/\/www.climatechangenews.com\/2018\/10\/10\/world-bank-branch-prefer-private-banks-exiting-coal\/\"><span style=\"font-weight: 400;\">committed to moving away coal.<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIf the IFC continues to fund really egregious coal such as Java 9 and 10 that is a huge disappointment and frankly a betrayal of all the GEA stands for,\u201d Recourse co-director Kate Geary told Climate Home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe GEA will be revised in 2021 and we need to see this loophole closed &#8211; no new coal has to be a condition of IFC agreement to partner with a bank under the GEA.\u201d<\/span><\/p>\n<blockquote><p><a href=\"https:\/\/www.climatechangenews.com\/2020\/10\/05\/south-korea-pursues-vietnamese-coal-plant-drawing-international-criticism\/\"><strong>South Korea<\/strong> pursues Vietnamese coal plant, drawing international criticism<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Hana Indonesia\u2019s parent bank is Hana Korea, South Korea\u2019s fourth largest bank. IFC has a \u201clong-term relationship\u201d with Hana Korea, according to Seongeun Lee, a researcher at the Korea Sustainability Investing Forum. \u201c<\/span><span style=\"font-weight: 400;\">They have invested in Hana Korea from their inception.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">IFC and Hana Korea are both shareholders in Hana Indonesia. IFC owns almost 10% and Hana Korea almost 70% of equity in the bank, according to Recourse. Neither bank has made a public statement on coal financing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hana Korea is one of several South Korean banks to invest in Java 9 and 10, noted Yuyun Indradi, the executive director of campaign group Trend Asia.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cKorea is financing dirty energy projects [overseas], while they try to implement the Green New Deal domestically. It\u2019s a double standard,\u201d Indradi said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When President Moon Jae-in won the election earlier this year, he announced an ambitious Green New Deal, which included a 2050 net zero pledge and ending state support for overseas coal projects.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In July, South Korean lawmakers proposed a bill that would end <\/span><a href=\"https:\/\/www.eco-business.com\/news\/south-korea-proposes-ban-on-overseas-coal-financing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">financing for overseas coal projects<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">Seongeun said it is currently unclear whether the bill will pass and said that to date only six Korean financial institutions have declared that they will no longer invest in coal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHana has seen that [Java 9 and 10] is the last chance as a business opportunity [to invest] in the dirty energy sector,\u201d Indradi said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Recourse, IFC could play a pivotal role in ending Indonesian and Korean investment in coal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe need IFC to take Hana Indonesia to task over this, and to use its relationship with Hana Korea to have a serious discussion about the bank&#8217;s huge coal exposure around the world,\u201d said Geary.<\/span><\/p>\n<p><em>This article was amended to clarify the emissions comparison.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"International Finance Corporation piloted its green equity policy with an Indonesian bank, which went on to fund a 2,000 MW coal 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