Private investment fleeing coal in India, backing renewables instead

first_img FacebookTwitterLinkedInEmailPrint分享Bloomberg:If India is such a bright hope for global coal demand, why can’t investors see it?The country will experience the largest increase in coal burning through 2023, according to the International Energy Agency, with a 3.9% annual pace of growth that should be enough to offset falling consumption in developed countries. BloombergNEF, whose forecasts tend to be less bullish than the IEA’s on fossil fuel demand, is not far behind: Coal-fired generation will increase about 48% by 2030 to hit 1,512 terawatt-hours, more than all of Europe, Africa, the Middle East and Latin America.The curious thing is that when you look at the Indian power sector, there are few signs it’s on the brink of a boom. Quite the opposite: As many as 65 gigawatts of the 90GW of private-sector generators connected in India are under financial stress, according to a parliamentary report last year. As my colleague Andy Mukherjee has written, the resulting 1.8 trillion rupees ($26 billion) in bad loans is contributing to a nonperforming asset crisis that risks undermining the Indian financial system. Furthermore, activity to increase coal-fired generation is overwhelmingly dependent on state support. Out of 48GW of coal generators planned to be built by 2027 under the country’s current electricity plan, just 14% is being developed by the private sector; a matching 48GW of generation is already slated for retirement by the same date.Even that modest level of private investment appears to be retreating now, according to a report published Friday by the Centre for Financial Accountability, a Delhi-based group pushing for better standards of development finance. Lending to coal-fired power fell 90% in 2018, to 60 billion rupees from 608 billion rupees the previous year, the CFA said. The vast majority of that total was refinancing of existing plants: Just 12 billion rupees was dedicated to new generation, all of it to just one state-backed plant in Uttar Pradesh.If you still think wind and solar are the energy sectors most dependent on state support, you’ve not been paying attention to how the landscape has changed. In India, 65% of funding to coal-fired projects in 2018 came from government-controlled institutions, whereas three-quarters of loans to renewables came from the private sector, according to the CFA. Even a six-fold increase in renewables subsidies to 150 billion rupees in 2018 left that sector shy of the 160 billion rupees directly supporting the coal mining and generation sector, according to a separate report last year.In truth, there’s not enough investment in either form of generation at the moment to make a sure-fire bet. Still, as we’ve argued, the collapse of financing for fossil fuels should give pause to anyone making bullish predictions for the future of carbon-intensive electricity, including the governments that are increasingly its main backers. Coal-fired power has long failed in terms of human health and climate impacts, but its raw economics are now collapsing, too. Even the might of the state can’t keep flogging this dead horse much longer.More: A burning question for coal’s brightest star Private investment fleeing coal in India, backing renewables insteadlast_img read more

Update on the latest sports

first_imgIn Pittsburgh, Patric Hornqvist had two goals and an assist as the Penguins knocked off the Red Wings, 5-1. Sidney Crosby added a goal and an assist, giving him 19 points in 12 games since returning from core muscle surgery.Matt Murray stopped 27 shots for the Penguins, who won for the 11th time in 15 games to pull within one point of the Metropolitan-leading Capitals.Elsewhere on NHL ice:— Josh Archibald’s second goal of the day gave the Oilers a 4-3 victory against the Hurricanes. NHL scoring leader Leon Draisaitl (DRY’-sy-tul) added a goal and two assists in Edmonton’s third win in four games. Draisaitl set up Archibald’s goal 3:57 into OT for his 95th point of the season.— Adam Henrique (hehn-REEK’) hit the 20-goal mark for the season by scoring twice in the Ducks’ 5-1 rout of the Canucks. Derek Grant provided a power-play goal and an assist as Anaheim handed Vancouver its fifth loss in seven games. Elias (eh-LEE’-uhs) Pettersson was the lone Canuck to beat John Gibson, who finished with 37 saves. CHICAGO (AP) — The NBA All-Star game is today in Chicago as Team LeBron takes on Team Giannis (YAH’-nihs).The game MVP will be the first recipient of the Kobe Bryant Award. The league announced last week that it was renaming the All-Star game MVP after Bryant, who was among nine killed in a helicopter crash late last month.T25 MEN’S BASKETBALL-SCHEDULEAztecs stay unbeatenUNDATED (AP) — San Diego State remains the only unbeaten team in Division I men’s basketball following a resounding victory at Boise State. Associated Press Update on the latest sports Darvish lasted only 1 1/3 innings in both of his 2017 World Series appearances while playing for the Dodgers. He was tagged for four runs and six hits in Game 3 and was the losing pitcher in Game 7 at Dodger Stadium.Meanwhile, commissioner Rob Manfred met with nearly half of the major leagues managers Sunday and told them to knock off any notion of get-even beanballs. Manfred’s visits come after Cody Bellinger, Kris Bryant, Trevor Bauer and Carlos Correa were among the All-Stars recently trading threats, accusations and barbs as spring training opened.Manfred said he would personally talk to the managers of the teams that train in Arizona on Tuesday.In other baseball news:— Brewers left-hander Brent Suter has avoided salary arbitration by accepting a two-year, $2.5 million deal. Suter returned from Tommy John surgery last September and went 4-0 with a 0.49 ERA in nine relief appearances, helping the Brewers earn an NL wild-card spot. Suter had mostly been a starter the previous two seasons with Milwaukee before having elbow surgery in July 2018. He is expected to be used out of the bullpen this year. — Pitcher Chad Bettis has signed a minor league contract with the Yankees, a deal that includes an invitation to big league spring training. The 30-year-old right-hander was 1-6 with one save and a 6.08 ERA in 39 games for Colorado last season.— Cardinals pitcher Miles Mikolas (MY’-koh-las) was scratched from his second bullpen session of the spring because of a flexor tendon issue. Cardinals manager Mike Shildt said the Cardinals hope to have a more concrete time frame for Mikolas return to the mound in a day or two.— Former All-Star shortstop Tony Fernández has died at age 57 after a long battle with kidney disease. Fernández made five All-Star teams during his 17 major league seasons and helped the Toronto Blue Jays win the 1993 World Series. He won four straight Gold Gloves with the Blue Jays in the 1980s and holds club records for career hits and games played.PGA-GENESIS INVITATIONALScott wins at Riviera Malachi Flynn had 22 points and the Aztecs improved to 26-0 with a 72-55 trouncing of the Broncos. Yanni Wetzell had 14 points and seven rebounds for San Diego State, while Matt Mitchell delivered 11 points, seven boards and five steals.In other top-25 games Sunday:— Collin Gillespie scored a season-high 29 points and 15th-ranked Villanova finished 4-0 against Philadelphia’s Big 5 schools by trouncing Temple, 76-56. Jermaine Samuels added 13 points and Jeremiah Robinson-Earl had 10 in the Wildcat’s seventh straight win over the Owls.— Luka Garza dropped in 24 points and No. 21 Iowa closed on an 11-0 run to pull out a 58-55 victory at Minnesota. Golden Gophers center Daniel Oturu missed the front end of a one-and-one free-throw attempt with a chance to tie the game with 3.8 seconds left.NHL-SCHEDULE NASCAR’s season-opening race was postponed following a second rain delay, pushing the event into Monday. It’s the second time in 62 years and first time since 2012 that “The Great American Race” will finish on a Monday.Pole-sitter Ricky Stenhouse Jr. was the leader 20 laps into the race when the rain returned, sending drivers back to pit road.The first delay lasted 50 minutes and came moments after the presidential motorcade completed a ceremonial parade lap around the 2 1/2-mile track. The second stoppage was prompted by heavier rain, further soaking a racing surface that takes hours to dry.NBA-ALL-STAR GAMENBA All-Stars in action NHL-NEWSIslanders get blueline help with GreeneUNDATED (AP) — The New York Islanders have solidified their defense for the playoff push by acquiring Devils captain Andy Greene for blueline prospect David Quenneville (KWEHN-vihl) and a second-round pick in the 2021 draft.The Islanders have been searching for a quality defenseman since losing Adam Pelech (PEH’-lehk) to an Achilles tendon injury on Jan. 2. Greene also gives them a lefty-shooting defender on a team filled with right-handed defensemen.Also in the NHL:center_img Inbee Park wins Australian OpenADELAIDE, Australia (AP) — Seven-time major champion Inbee Park saw a seven shot lead shrink to two Sunday before winning the Women’s Australian Open by three strokes over Amy Olson.Park closed with a 1-over 74 for a 14 under total in her first LPGA title in almost two years. Park moved seven strokes ahead of the field early on the back nine, but she walked off the 16th green just two in front of Olson before claiming her 20th LPGA victory.PGA TOUR CHAMPIONS-CHUBB CLASSICParel wins in Naples — The Ducks’ postponed game against the visiting Blues will be played March 11. The game began last Tuesday and was stopped when defenseman Jay Bouwmeester collapsed on the bench during the first period. The game will begin with a 1-1 score, as it was at the time of the postponement. It will follow a full 60-minute format.MLB-NEWSDarvish says Astros should lose World Series titleUNDATED (AP) — Yu Darvish has chimed in on Houston’s sign-stealing scheme, just over two years after getting rocked by the Astros in the World Series.The Chicago Cubs pitcher says the Astros should be stripped of their 2017 championship, comparing them to an Olympian who loses a gold medal because of cheating. Darvish says he knows the Astros were stealing signs, but he acknowledged that he didn’t pitch his best during the 2017 Fall Classic. NAPLES, Fla. (AP) — Scott Parel closed with an 8-under 63 to overcome a three-stroke deficit and win the Chubb Classic by two shots.It’s Parel’s third career victory on the PGA Tour Champions surpassing $5 million for his career. It also moves him atop the Charles Schwab Cup standings for the first time in his career.Bob Estes shot 64 to end up second. Kevin Sutherland fired a 67 to finish in a third-place tie with Bernhard Langer, who closed with a 69. Share This StoryFacebookTwitteremailPrintLinkedinRedditNASCAR-DAYTONA 500Daytona 500 underway after rain delayDAYTONA BEACH, Fla. (AP) — It’s going to take another day to determine the winner of the Daytona 500. LOS ANGELES (AP) — Adam Scott has another victory at Riviera, and this time it counts.Scott survived a calamitous final round with just enough clutch putts to take the PGA’s Geneisis Invitational. He closed with a 1-under 70 for a two-stroke victory over Matt Kuchar, Scott Brown and Sung Kang.The victory comes 15 years after Scott won a playoff at Riviera that didn’t count as official because rain shortened the tournament to 36 holes. He earned every bit of this victory, his 14th on the PGA Tour and 29th worldwide.Nearly a dozen players had a chance to win. Five players had a share of the lead at some point.LPGA-WOMEN’S AUSTRALIAN OPEN Bruins, Pens winUNDATED (AP) — The Boston Bruins have expanded their lead in the NHL’s Atlantic Division, while the Pittsburgh Penguins have inched two points closer to the Metropolitan Division lead.Charlie Coyle scored the Bruins’ second short-handed goal in as many days to give Boston a 2-0 lead in the second period of a 3-1 victory over the Rangers. Charlie McAvoy tallied late in the first period and Patrice Bergeron (pah-TREES’ BEHR’-zhuh-rahn) added an empty-netter to secure the Bruins’ eighth win in nine gamesJaroslav Halak (YAH’-rah-slahv hah-LAHK’) stopped 25 shots and blanked the Rangers until Mika Zibanejad (MEE’-kuh zih-BAN’-eh-jad) beat him midway through the third period.The win pushes the Bruins three points ahead of Tampa Bay for both the Atlantic Division and overall lead. February 16, 2020last_img read more