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Potential strike threatens Vancouver port again
Potential strike threatens Vancouver port again
Calgary, 13 May (Argus) — A labour dispute at the Canadian port of Vancouver could result in another work stoppage, less than a year after a strike disrupted the flow of more than C$10bn ($7.3bn) worth of goods and commodities ranging from canola and potash to coking coal. Negotiations between the British Columbia Maritime Employers Association (BCMEA) and the International Longshore and Warehouse Union (ILWU) Ship and Dock Foremen Local 514 union have stalled as the two sides try to renew an agreement that expired on 1 April 2023. A 21-day "cooling-off period" concluded on 10 May, giving the union the right to strike and the employers association the right to lock out the workers. A vote and 72-hour notice would first need to occur before either action is taken. The BCMEA filed a formal complaint to the Canada Industrial Relations Board (CIRB) the same day, which had to step in last year in another dispute. The BCMEA locked horns with ILWU Canada over a separate collective agreement in 2023 leading to a 13-day strike by the union in July. This disrupted the movement of C$10.7bn of goods in and out of Canada, according to the Greater Vancouver Board of Trade. Vancouver's port is the country's largest — about the same size as the next five combined — and describes itself as able to handle the most diversified range of cargo in North America. There are 29 terminals belonging to the Port of Vancouver. Terminals that service container ships endured the most significant congestion during last year's strike. Loadings for potash, sulphur, lumber, wood pellets and pulp, steel-making coal, canola, copper concentrates, zinc and lead concentrate, diesel and renewable diesel liquids and some agri-foods were also disrupted. The Trans Mountain-operated Westridge Marine Terminal responsible for crude oil exports on Canada's west coast was unaffected. A deal was eventually reached on 4 August. The strike spurred on proposed amendments to legislation in Canada that would limit the effect of job action on essential services. A bill introduced in Canada's Parliament in November would update the Canada Labour Code and CIRB Regulations accordingly. The bill has been progressing through the House of Commons, now having completed the second of three readings. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Banks’ 2023 fossil fuel funding rises to $705bn: Study
Banks’ 2023 fossil fuel funding rises to $705bn: Study
London, 13 May (Argus) — Fossil fuel financing by the world's 60 largest banks rose to $705bn in 2023, up by 4.8pc from $673bn in 2022, with the increase largely driven by financing for the LNG sector. This brings the total funding for fossil fuels since the Paris agreement was signed in 2015 to $6.9 trillion. The 15th annual Banking on Climate Chaos (BOCC) report was released on 13 May by a group of non-governmental and civil society organisations including the Rainforest Action Network and Oil Change International, and it analyses the world's 60 largest commercial and investment banks, according to ratings agency Standard and Poor's (S&P). Funding had previously dropped in 2022 to $673bn from $742bn in 2021, but this was because higher profits for oil and gas companies had led to reduced borrowing. JPMorgan Chase was the largest financier of fossil fuels in 2023 at $40.9bn, up from $38.7bn a year earlier, according to the report. It also topped the list for banks providing financing to companies with fossil fuel expansion plans, with its commitments rising to $19.3bn from $17.1bn in 2022. Japanese bank Mizuho was the second-largest financier, increasing funding commitments to $37bn for all fossil fuels, from $35.4bn in 2022. The Bank of America came in third with $33.7bn, although this was a drop from $37.3bn a year earlier. Out of the 60 banks, 27 increased financing for companies with fossil fuel exposure, with the rise driven by funding for the LNG sector — including fracking, import, export, transport and gas-fired power. Developers have rallied support for LNG projects as part of efforts to boost energy security after the Russia-Ukraine war began in 2022, and banks are actively backing this sector, stated the report. "The rise in rankings by Mizuho and the prominence of the other two Japanese megabanks — MUFG [Mitsubishi UFG Financial Group] and SMBC [Sumitomo Mitsui Banking] — is a notable fossil fuel trend for 2023," the report said. Mizuho and MUFG dominated LNG import and export financing, providing $10.9bn and $8.4bn respectively, to companies expanding this sector. Total funding for the LNG methane gas sector in 2023 was $121bn, up from $116bn in 2022. Financing for thermal coal mining increased slightly to $42.2bn, from $39.7bn in 2022. Out of this, 81pc came from Chinese banks, according to the report, while several North American banks have provided funds to this sector, including Bank of America. Some North American banks have also rolled back on climate commitments, according to the report. Bank of America, for example, had previously committed to not directly financing projects involving new or expanded coal-fired power plants or coal mines, but changed its policy in late 2023 to state that such projects would undergo "enhanced due diligence" and senior-level reviews. The report also notes that most banks' coal exclusions only apply to thermal coal and not metallurgical coal. Total borrowing by oil majors such as Eni, ConocoPhillips, Chevron and Shell fell by 5.24pc in 2023, with several such as TotalEnergies, ExxonMobil and Hess indicating zero financing for the year. The BOCC report's finance data was sourced from either Bloomberg or the London Stock Exchange between December 2023 and February 2024. UK-based bank Barclays, which ranks ninth on the list with $24.2bn in fossil fuel funding, said that the report does not recognise the classification of some of the data. Its "financed emissions for the energy and power sectors have reduced by 44pc and 26pc respectively, between 2020-23," it said. In response to its increase in financing for gas power, "investment is needed to support existing oil and gas assets, while clean energy is scaled," the bank said. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Japan’s Daio Paper to explore biorefinery
Japan’s Daio Paper to explore biorefinery
Tokyo, 13 May (Argus) — Japanese paper manufacturer Daio Paper is planning a trial biorefinery, aiming to begin commercial production of sustainable aviation fuel (SAF), second-generation bioethanol and biodegradable plastic feedstock by the April 2032-March 2033 fiscal year. Daio, in partnership with domestic biorefinery venture Green Earth Institute (GEI), plans to develop technology to demonstrate manufacturing the bioproducts by 2030. Daio Paper plans to use wooden biomass, waste paper and paper sludge as feedstock. The company declined to disclose any planned commercial output capacity, as well as location of the biorefinery. The project is financed by Japan's state-owned research institute Nedo. Daio Paper is attempting to achieve decarbonisation, while weakening paper demand has forced the industry to seek new business opportunities. Fellow Japanese paper producer Nippon Paper has also tried to develop biorefinery technology with GEI, targeting to begin commercial production of bioethanol for SAF and petrochemical feedstock by 2027-28. By Nanami Oki Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
India’s NTPC tests 20pc torrefied biomass co-firing
India’s NTPC tests 20pc torrefied biomass co-firing
Singapore, 13 May (Argus) — India's state-owned generator NTPC has demonstrated 20pc torrefied biomass-coal co-firing at a 110MW unit at its Tanda power plant in the northern state of Uttar Pradesh. The test was part of NTPC's efforts to expand biomass co-firing across its coal-fired fleet as it aims to lower emissions. Each percentage point of biomass co-firing has the potential to reduce carbon emissions by approximately the same percentage, while also helping in mitigating air pollution caused by direct burning of agricultural waste in farmlands, NTPC said. The generator currently conducts 7-10pc non-torrefied biomass co-firing at NTPC's Dadri power plant, near Delhi. Torrefied biomass was found suitable for higher co-firing percentages without significant system modifications, NTPC said. The torrefied biomass was produced by heating biomass in the absence of oxygen to exhibit characteristics akin to high-quality coal. The gross calorific value and cost of torrefied biomass pellets were currently equivalent to imported coal, it added. Costs could be reduced with the maturity of technology and market in the long run, NTPC said. India's push to cut coal reliance NTPC's efforts are part of India's broader goal of cutting emissions as the country aims to trim reliance on coal in the coming years and attain net zero by 2070. Delhi had initially asked Indian utilities to adopt co-firing of at least 5pc biomass pellets by October 2022. But only a fraction of utilities followed the directives, which eventually prompted the federal power ministry to review the biomass co-firing policy. The ministry amended the policy in June last year and delayed the start date of co-firing, asking all coal-based thermal power plants with bowl mills to use a minimum 5pc blend of biomass pellets made primarily from agricultural residue, with effect from the start of India's 2024-25 fiscal year on 1 April. The threshold would increase to 7pc from the start of 2025-26, the ministry said. Plants with ball and race mills should co-fire the same percentages of torrefied biomass pellets made from agricultural residue during the same time frame, it said. India has surplus biomass supplies of about 230mn t/yr, largely from agricultural residue, the power ministry previously said. NTPC tenders NTPC has awarded biomass supply contracts totalling about 5.2mn t for 20 power plants operated by NTPC, and a joint venture plant. Out of which, it has so far co-fired 316,657t of biomass pellets at 13 NTPC power plants and at the joint venture plant. The generator is setting up biomass pellet plants at various locations to ensure a steady supply of pellets for co-firing. It has set up a 22 t/d non torrefied pellet plant at Lehra Mohabbat, Bhatinda in Punjab state. It is building a 100 t/d torrefied and 100 t/d non-torrefied pellet plant at joint ventureAravali Power's Jhajjar plant. It is also building a 50 t/d non-torrefied pellet plant at the Dadri plant. By Saurabh Chaturvedi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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