Domestic

Ministry of Coal initiative to introduce State of Art Technology in Coal Exploration

The Ministry of Coal takes a major initiative of introducing the implementation of the State of Art Modern Technology, such as 2D/3D Seismic Survey in coal exploration will prove to be a major milestone. This initiative of the Ministry of Coal is in line with the vision of the Hon'ble Prime Minister for "Atmnirbhar Bharat" to fulfill the energy requirement of the country. With this intention, CMPDI- the technical arm of Coal India Limited introduces the 2D/3D Seismic Survey in coal exploration under the guidance of the Ministry of Coal. In comparison to the previously used technology of drilling by deploying drill machines which are comparatively more time-consuming, this new technology will fasten the growth of exploration in coal blocks which is also in synchronization with Govt. of India's Open Acreage Policy for offering coal blocks to the investors. With this intention, CMPDI has awarded work for 2D Seismic Survey in Kartala & Puta-Parogia blocks and 3D Seismic in Taulipali and Rajadahi blocks through outsourcing. These four blocks will cover about 168 sq km in totality with a total coal resource of more than 10 billion tonnes. The total cost of the project is Rs.106 crore.

Coal India revisiting SOPs, rule books amid changing times: CMD

All standard operating procedures, manuals and rule books of state-owned Coal India are being revisited to make them more effective and conducive to meet the challenges thrown by the

changing times, according to its chairman and managing director Pramod Agrawal. In a message, Agrawal said that in recent times, Coal India (CIL) and its subsidiaries have embarked on transformative paths by embracing several IT initiatives like Intelligent Vehicle Tracking System (IVTS), use of modern technology for coal/overburden measurement, eprocurement and other measures to eliminate the potential vulnerabilities in the process flow. Stating that coal is the prime mover of the national economy and a major contributor to the exchequer and national GDP, he said that CIL is shouldering the responsibility of providing the primary source of energy to the nation at an affordable cost with due regard to the environment and conservation. Coal India accounts for over 80 per cent of domestic coal production. CIL is eyeing one billion tonnes of coal output by 2023-24.

. CIL coal supply to power sector drops 10 per cent in first half of FY2020-21

The supply of coal by state-owned Coal India Ltd (CIL) to the power sector dropped by 10 per cent to 197.89 million tonnes (MT) in the first half of the ongoing fiscal. Coal India had supplied 219.85 MT of coal in the April-September period of the previous fiscal, according to official data. However, the supply of fuel by the coal behemoth to the power sector increased by 22.4 per cent to 35.74 million tonnes (MT) in September compared to 29.20 MT in the corresponding month of previous fiscal. The country's power consumption registered a growth of 11.45 per cent to 55.37 billion units (BU) in the first half of October this year, mainly driven by buoyancy in industrial and commercial activities. The government had imposed nationwide lockdown on March 25 to contain the spread of COVID-19. Power consumption started declining from March onwards due to fewer economic activities in the country. Power consumption on year-on-year basis declined 8.7 per cent in March, 23.2 per cent in April, 14.9 per cent in May, 10.9 per cent in June, 3.7 per cent in July and 1.7 per cent in August.

CIL MCL Tests Robots to Control Fire Dust in Coal Mine

Coal India Limited’s subsidiary Mahanadi Coalfields Limited has made a robotic intervention in mining operations to control dust pollution and combat fire. Continuing with a series of innovations for making the mining operations safer, environment-friendly and efficient, MCL successfully tested the remotely-controlled mechanized swivel nozzle, popularly known as Robotic Nozzle, with variable cone mist and straight throw capacity to deal with fire and dust suppression in an effective way. The introduction of “Robotic Nozzle” will be of great help to fire-fighting operations in coal mines besides effective dust suppression using conical mist function. Being a remotely-controlled system to operate from a safe distance, the “robotic nozzle” throws mist with variable cone envelope with a solid angle from 0 to 120 degree with additionally covering 360 degree horizontal pan and 180 degree vertical pitch. Two more such systems will be retrofitted in 28 KL tankers at Basundhara OCP in Sundergarh district and Lingaraj OCP, Talcher in Angul district.

. Coal Ministry launches website for research endeavors in coal sector

The website will help in disseminating and promoting the knowledge and research work in the coal sector”, said.

Shri Jain complemented the efforts of CMPDI in developing the website and suggested to put the web links of the efforts made by various esteemed organizations for R&D in coal sector on the website. Ministry of Coal has launched the website to promote Research & Development (R&D) activities of the ministry and attract research institutes for R&D endeavors in coal sector. Shri Anil Jain launched the website (https://scienceandtech.cmpdi.co.in/) during the 56th meeting of Standing Scientific Research Committee of the Ministry. Coal India R&D arm, Central Mines Planning & Design Institute Limited (CMPDI) has designed and developed this website. The website broadly displays the guidelines for implementing coal research projects with different forms so that anybody can submit proposals in requisite manner. It also has lists and outcomes of completed projects and ongoing research projects to have a transparency and avoid repetitive nature of projects. It showcases photos, videos and news clippings related to the coal and lignite sector and different publications are also available on the website.

Thermal, coking coal imports at major ports dip 25 per cent to 55 MT in Apr-Sept: IPA

Disruptions caused by the COVID-19 pandemic continued to impact cargo movement in India, with thermal and coking coal imports at 12 major ports falling 25.13 per cent year-on-year to 55.41 million tonnes (MT) in April-September, according to the apex ports' body IPA. Coal volumes at the 12 major ports declined for the sixth straight month in September 2020, as per the Indian Ports Association (IPA). Thermal coal imports dropped 23.24 per cent to 34.52 MT during April-September, while coking coal shipments fell 28.04 per cent to 20.89 MT, IPA said. These ports had handled 44.98 MT of thermal coal and 29.03 MT of coking coal in April-September period of the previous financial year. Together, thermal and coking coal handling saw a decline of 25.13 per cent at these ports in the April-September period at 55.41 MT, the IPA, which maintains cargo data handled by these ports, said in its latest report. Shipping Minister Mansukh Mandaviya last month said cargo traffic at 12 major ports declined considerably March onwards, adversely impacted by the COVID-19 pandemic. India has 12 major ports under the control of the central government -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia).

STEEL

SAIL exploring new markets to source coking coal: Chairman Anil Chaudhary

State-run steel maker SAIL is exploring new markets for the sourcing of coking coal with a view to reducing dependence on select countries for the raw material, its chairman Anil Kumar Chaudhary said. According to official data, the country imports about 56 million tonne (MT) of coking coal worth around Rs 72,000 crore. Out of this, about 45 MT is imported from Australia alone, and the remaining from South Africa, Canada and the US. "Domestic steelmakers depend heavily on imported coking coal. For SAIL as well metallurgical coal (coking coal) is largely procured through imports apart from some domestic sourcing. We are looking at developing new destinations and vendors for sourcing coking coal from the international market to avoid dependence on limited sources," the SAIL chairman told.

Raw material security holds significance for the steelmaker which plans to more than double its capacity to 50 MTPA by 2030. Chaudhary further said that SAIL is part of a joint venture International Coal Ventures Limited (ICVL) with the aim to acquire mining assets abroad. PSUs like RINL, NMDC, CIL and NTPC are partners in the JV. According to the company data, during 2019-20, requirement of about 1.53 MT coking coal was met from indigenous sources like Coal India Limited and captive sources while the balance 13.70 MT was met through imports.

RAILWAYS

Rail freight revenue up 11% in October 2020

Freight revenue of Indian Railways jumped 11% in the first 13 days of October from a year earlier to 4,124 crore, underscoring renewed economic activity and rising demand after the disruptions from the coronavirus pandemic. Freight volume during the period rose 18% from a year earlier to 43.46 million tonnes (mt), according to data released by the railway ministry. Volumes grew amid increased loading of commodities such as coal, cement, fertilizers, steel and food grains. Cement and coal comprise more than half of freight movement volumes for Indian Railways. During 1-13 October, the railways carried 19.13 mt of coal, rising from 17.20 mt a year ago. A total of 4.36 mt of cement was transported during the period, up from 3.28 mt a year ago. According to the ministry, the average loading of 53,774 wagons per day marked a 16.5% increase from a year ago. Freight traffic in the fiscal first half fell 9% from a year earlier to 533 mt, while earnings declined 17% to 50,185 crore. Freight loading and revenue began to rise gradually from August, after a sharp drop in the fiscal first quarter due to the nationwide lockdown and turbulence from covid-19. Freight traffic is considered an important macroeconomic indicator, highlighting the broader trend of economic activity. Earlier this month, the government said economic recovery gained momentum in September.

Revival in Steel and Capital Goods Manufacturing will create crosssector economic growth:

To achieve a higher and faster economic growth for India, the expansion of manufacturing sector is critical and that in turn requires high quality and low-cost capital goods. This reinforces the need for high quality steel as a crucial raw material. Steel and capital goods have a strong interrelation as the demand in one sector implies the growth in demand for the other, states the latest EY and Indian Steel Association (ISA) joint study, ‘Steel and capital goods: journey map for future growth’. “Capital goods manufacturers and steel companies need to work in tandem to develop customized solutions to manufacture products with domestic steel. The sector is currently dominated by SMEs with limited research and development (R&D) spend. The government and steel manufacturing firms needs to collaborate with these enterprises to set up a nodal body to help move the SME sector up the value chain and manufacture high quality equipment rather than just assembling imported parts,” said Saurabh Bhatnagar, Partner and National Leader, Metals & Mining, EY India India is aiming to double its installed capacity of crude steel in the next 10 years to 300 million tonnes (mt). To achieve these numbers, it requires capital goods worth US$136b. Indigenous production of capital goods for steel projects is likely to bring down steel companies’ capital expenditure, aiding growth and global competitiveness in the steel industry in long term. In addition, there is a strong requirement of advanced high-strength steel (AHSS), electrical and cold-rolled grain-oriented (CRGO) steel in the capital goods sector.

Indian domestic steel demand showing steady growth

As per a report by financial firm Motilal Oswal, higher steel prices and lower coking coal prices ensured Indian primary steel producers’ margins remained strong. In addition, the report noted there were signs of domestic steel demand recovering gradually in the country. The Motilal Oswal report also pointed out that India’s finished steel consumption, too, is recovering gradually. India’s finished steel consumption registered a drop of as much as 85% year over year in April 2020. What’s more, a renewed demand in the largest steel consuming market in China also boosted the bullish steel market in India. Steel trade data by China shows demand remains strong there. China’s net steel exports declined to 10-year lows in September 2020. In addition, China saw a spurt in passenger car sales in September. Because of these developments in China, its fallout was also seen in the Indian markets. Steel prices have also firmed up and have shown consistent increases over the last four months since July. Meanwhile, seeing the greenshoots of steel recovery, India’s Steel Minister Dharmendra Pradhan asked industry body Confederation of Indian Industry (CII) to submit a report on how to enhance per-capita steel consumption in India. The minister made this announcement in a webinar. He said the objective is clear: to increase per-capita steel consumption in the country. Currently, per-capita consumption in India is at 74 kg. Now, Indian steel mills look with hope to the infrastructure sector, especially the construction segment, hoping it starts to recover.

CEMENT

UltraTech Cement’s Q2 profit surges over twofold

UltraTech Cement’s consolidated net profit more than doubled to Rs 1,234 crore on a yearon-year (y-o-y) basis for the quarter ended September 30, on the back of operational efficiencies and lower finance cost. The company’s consolidated net sales rose 7.8% y-o-y. The consolidated Ebitda was aided by higher volumes, competitive cement prices, lower energy costs and stable logistics. The volumes during the quarter surged a good 20% y-o-y to 19.21 million tonne from 16 million tonne in the corresponding quarter last year, led by strong rural demand and government spends on infrastructure. The company reported volume growth in the north, central, Gujarat and East regions, whereas volume contracted in south and Maharashtra. Going forward, UltraTech expects demand for cement to grow on the back of the government’s thrust on infrastructure and the expanding rural economy. The recent policy measures announced by the Reserve Bank of India to support the real estate sector will also aid demand.

. JK Cement’s volume outlook improves but risks remain

Latest dealers channel checks by various brokerages show that cement demand has started to improve. In this backdrop, completion of a 4.2mtpa grey cement expansion is timely for JK Cement Ltd. Recently, the company commissioned a 0.7mtpa grey cement grinding capacity in Gujarat and also began commercial dispatches. This expansion takes JK Cement’s total grey cement capacity to 14.67mtpa across Rajasthan, Uttar Pradesh and Gujarat. Cement demand in north India is said to be relatively less impacted by the pandemic. Even so, the north is a crowded market and foraying into other regions will give a fillip to the company’s volumes in the long-term, analysts said.

GLOBAL

Glencore beats production estimates but trims coal guidance

Glencore reported stronger third-quarter production but its shares fell after it lowered its 2020 coal production guidance by 5.7% as a strike at the Cerrejon mine in Colombia entered its 60th day on last week. Cerrejon, owned equally by Glencore, BHP Group and Anglo American, has been in negotiations with its largest union and said that "significant advances" had been made.

With Glencore's year-to-date coal production down 20% at 83.5 million tonnes, partly owing to the Cerrejon strike, the company downgraded its full-year output guidance to 109 million tonnes from 114 million tonnes. Copper production was up 17.6% from the previous quarter at 347,000 tonnes, partly because of an end to coronavirus-related mine shutdowns in various countries.

"Glencore has bettered our estimates in Q3, a trend we have been generally seeing as companies recover from COVID-19 impacts from Q2," RBC analysts said. Year-to-date copper production was 934,700 tonnes, 8% lower than a year earlier, while cobalt output was down 37% at 21,600 tonnes owing to the shuttering of its Mutanda mine in the Democratic Republic of Congo (DRC). Glencore subsidiary Katanga Mining's Kamoto Copper Company mine in DRC is ramping up to full production and should produce 270,000 tonnes of copper as cathode this year, head of Africa copper Mark Davis said last month.

South Africa’s MC Mining Reports Output Growth In Third Quarter But Lower Coal Sales

MC Mining Ltd said coal production at its South African mine increased in the third quarter of 2020 but sales reduced due to operating challenged faced by its larges client. The producer of thermal and coking coal said Uitkomst, which is located on in South Africa, generated 137,284 tonnes of run-of-mine coal in the three months to the end of September compared to 135,675 tonnes a year earlier, 1% improvement. Coal sales were 25% lower than a year earlier, at 57,616 tonnes versus 77,243 tonnes year-on-year. MC Mining explained that Uitkomst produces high-grade metallurgical, thermal and high-ash middlings coal and the colliery's largest customer, experienced operational challenges at its Newcastle furnaces during September, which limited volumes purchased from Uitkomst. "The progressive easing of lockdown measures, allowed the Uitkomst Colliery to return to steady-state production, while international coal prices trended positively during September and October," said Chief Executive Brenda Berlin.

Cleaner coal tech to help South Africa reduce emissions, says Minerals Council

Coal is integral to South Africa, economically and socially, and will continue to play a pivotal role for many years to come; therefore, technology and innovation in the industry should be pursued to mitigate carbon emissions as part of the country’s just energy transition journey. This was indicated by speakers during Minerals Council South Africa’s ‘Advancing the just transition: coal technology and innovation’ webinar, held on October 21 − the day on which the council was also observing Global Ethics Day. Anglo American Coal South Africa CEO and World Coal Association chairperson July Ndlovu emphasised that coal was beneficial to the country, with its multitude of uses, including its importance in the energy mix, the number of jobs it supports directly and indirectly and its role in supporting the economy. He noted that 70% of energy use in the country – for both electricity and liquid fuels – was derived from coal. Moreover, with the country being a signatory of the Paris Agreement and needing to meet its targets, he said this has left a policy gap between the country’s aspirations to reach a low-carbon future, and the reality that coal is very much a part of its social and economic fabric.

Banks Don't Want to Lend to Australia's Coal Miners Any More

Financing options open to Australia’s coal operators dwindled further after another of the country’s largest banks said it would end almost all investment in thermal mines and power stations by 2030. The move by Australia and New Zealand Banking Group will add to the increasing difficulty miners face in funding new operations or expanding their existing assets in the nation, the world’s second-biggest exporter of thermal coal. Financial institutions across the globe are bowing to pressure from shareholders and lobby groups to avoid investments in the fuel. Meanwhile, Australia’s mining lobby forecasts a booming market, said that it expects Asian demand to rise 35 per cent over the next decade. As of now, ANZ will not take on any new business customers with thermal coal exposure amounting to more than 10 per cent of total revenue, and will work with existing clients which have over 50 per cent exposure to support their diversification plans, the bank said in its 2020 climate statement published recently. It will also limit financing in power generation to natural gas and renewable projects by 2030.

ANZ is the last of Australia’s big four banks to set a date for exiting direct thermal coal investments, after Westpac Banking and Commonwealth Bank of Australia said they plan to be out by 2030 and National Australia Bank targeted a 2035 exit.

China coking coal import rules to have low impact on Australia: Teck

Canadian mining firm Teck Resources does not expect China's recent import restrictions on Australian coal to have a significant effect on global trade flows, with Australian supply likely to be flat for 2020 and any near-term Chinese coal shortage covered by domestic inventories or Mongolian supplies. But the company says it has increased sales to China as a result of recent developments. "We are starting to see a few sales to China above original expectations, and that is coinciding well with our operations ramping up through the quarter," said senior vice-president of marketing and logistics, Real Foley. Two cargoes of Teck's Elkview coking coal for December-loading were heard sold to two separate Chinese steel mills today at $135-137/t cfr China.

But the miner still does not expect a marked change to trade flows in the longer term. "The first thing I guess to say is there has been no official announcement on those restrictions," Foley added. Despite a number of Australian cargoes being offered for resale over the past two weeks, pushing down the Argus-assessed Australian premium low-volatile coking coal price to $111.80/t today from $136/t fob Australia at the start of October, it remains unclear whether any diversions or potential cargo swaps with US suppliers will materialise.

Teck estimates Chinese coking coal inventories at 45mn-50mn t, equivalent to around four weeks of supply given Chinese mills' consumption rate.

Atlantic coking coal: US prices flat, talks ongoing

US coking coal prices held steady today as negotiations between US miners with available fourth quarter cargoes and Chinese buyers are largely still ongoing, while European mills with any spot requirements continue to focus on resale cargoes offered by Australian miners. Despite the $4.50/t spike in the Australian premium low-volatile price to $112/t, the limited liquidity in US coals and uncertainty over the sustainability of the strength in Asia-Pacific today meant US prices stayed flat. But there is expectation among some Atlantic market participants that Chinese mills will return to purchasing The Argus daily fob Hampton Roads assessment for low-volatility coking coal was unchanged at $107/t today, having lost $2/t last week, weighed down by weakness in the Australian low-volatility segment. The high-volatility A price is flat at $115.50/t fob Hampton Roads, as limited spot availability continues to prop prices up. The high-volatility B price is similarly assessed to be steady at $103/t fob Hampton Roads. The limited availability of US coals in the fourth quarter, with most volumes tied up in term contract commitments and miners having cut production earlier this year, will no doubt cap any surge in US-China trade in the near term. "There are only some US spot volumes still remaining for this year, maybe some of these cargoes will go to China but nothing significant," said one Atlantic buyer.

BHP looks to South32 model for coal asset sale

UK-Australian resources firm BHP is likely to spin out its thermal and lower-grade coking coal assets into a new firm, similar to the formation of South32 in 2015, as diplomatic tensions be-

tween Australia and China make a trade sale of the assets even more difficult.

BHP has been trying to sell its thermal coal operations for several years and added its lower grade coking coal assets in August, setting a two-year deadline for divesting them. By doing so, BHP has created an entity that could support a standalone company by combining the Hunter Valley thermal coal assets and the BHP Mitsui (BMC) Queensland coking coal assets. The company has not taken a trade sale off the table, but would need to sell everything on offer or risk being left with too small a group of assets to create a new firm. It is most likely to instead pursue an in-specie distribution of shares in the new company to existing shareholders in around 18 months' time, according to Glynn Lawcock, analyst at Swiss bank UBS. That echoes the 2015 creation of South32, which BHP span off to hold non-core assets including some metals operations and its Illawarra metallurgical coal business. Fellow UK-Australian firm Rio Tinto sold its thermal and coking coal assets in 2017-18, timing its exit from coal well, Lawcock said. But other producers, including BHP, UK-South African mining firm Anglo American and

Indonesia coal exports at 232.3 mln T by October -minister

Indonesia’s chief economic minister Airlangga Hartarto said coal exports this year had reached 232.3 million tonnes by October, or only around 58.8% of the full-year target due to slower demand amid the coronavirus pandemic. In comparison, the government has targeted 395 million tonnes export this year, Airlangga told an virtual industry event. Domestic coal consumption this year is estimated at 141 million tonnes, compared to a target of 155 million tonnes due to lower elec-

tricity demand.

China’s carbon pledge sets path for deep energy changes

China's transition to a low-carbon economy could require reducing coal's share of the energy mix to as little as 5pc by mid-century, while leaving little room for oil, according to the most aggressive scenarios drawn up by China's leading environmental institute. But even if that proves too ambitious, president Xi Jinping's pledge to achieve "carbon neutrality" by 2060 looks unachievable without major changes in energy policy. A road map for the energy transition drawn up by Tsinghua's Institute of Climate Change and Sustainable Development, sets out four scenarios. The research was started after Beijing in 2017 set out a low-carbon strategy for 2050 and designed to support China's pledge under the UN Paris climate agreement for its CO2 emissions to peak by 2030. The scenarios cover two periods — from now to 2030, and then until 2050. In the ‘current policy' scenario, China is unable to meet its Paris commitments or its new 2060 pledge (see table). China should follow a moderate but strengthened policy scenario under which carbon emissions peak before 2030, in line with current government policies and China's nationally determined contribution (NDC) target under the Paris deal. That would cut the share of coal in China's primary energy mix to 51pc by 2025 and 46pc by the end of this decade from 57pc now, while oil use declines only marginally, to 17pc.

China’s Coal Ban May Cost Australia $15 Billion a Year

China’s coal ban may cost Australia US$15 billion a year.” As many foreign media hyped the news that “China suspends coal imports from Australia”, “Australia News Network” 18th issue published an article by Tariq Brook, a wellknown Australian journalist. According to the article, if China announces the ban, it will mark the “biggest escalation” in the China-Australian

trade conflict. The article said that after China successively announced anti-dumping investigations on Australian beef, imported barley, wine, and hit Australian related industries, in recent weeks, a more worrying sign has appeared-Beijing may be moving to a large scale. Larger and more important industries for the Australian economy are added to its “target list”, namely coal exports. The article stated that although the Australian government has not yet received an official written notice of the ban if the ban comes true, it will mark the “biggest escalation of the conflict so far” as the China-Australian trade relations continue to be tense. Subsequently, Brooke worried that just as Australia was trying to recover from the economic shock brought by the new coronavirus epidemic to the country, through this move, Beijing would “effectively” cause Australia to cost $15 billion per year.

Japanese coal imports fall amid record low gas prices

Record low natural gas prices in Japan cut coal's cost advantage over gas for power generation, paring Japanese demand for seaborne coal imports in September. Japanese thermal coal imports fell by 7pc — or 607,000t — on the year to 8.5mn t in September, according to provisional finance ministry data. Coal imports in January-September fell to at least a seven-year low of 78.5mn t, down from 82.5mn t during the same period last year and the 2016-18 average of 83.5mn t. But Japanese LNG imports rose by 1pc on the year in September and were more robust than coal receipts in the third quarter, with import costs softening significantly as oil-linked prices continued to fall. Thermal coal imports fell by 11pc on the year in July-September, while LNG arrivals were down by only 4pc. This contrasted with the first half of 2020, when coal and LNG receipts fell by 2pc and 5pc, respectively. The average value of Japanese LNG imports dropped to $5.51/mn Btu in September, according to customs data, which was down by 8pc on the month and 42pc on the year. But the value of Japanese coal imports fell less sharply, dropping by 4pc on the month and 29pc on the year to $71.97/t.

South Korea’s move away from coal leaves a Philippine power plant in limbo

State-run Korea Electric Power Corporation (KEPCO) will be cleaning up its widely criticized overseas coal energy investments, putting in limbo two projects in the pipeline in the Philippines and South Africa. In a state audit on Oct. 15, KEPCO president Kim Jong-gap said the company will finance two existing projects: the Jawa 9 and 10 plants in Indonesia, which were approved in June; and the Vung Ang 2 plant in Vietnam, which the board approved in early October. “Out of the four [overseas coal power plants] projects, we decided to go ahead with two, and transition the other two to gas or cancel them at this point,” Kim said. “KEPCO and its subsidiaries will not be pursuing new overseas coal power projects.” Sual 2 in Pangasinan province is among KEPCO’s four overseas coal-fired power plant projects that have met international criticism for contradicting the Korean Green New Deal, a government plan to spend fiscal stimulus on renewable and clean energy technologies and prohibit state coal investments, both local and overseas. South Korea has invested about $10 billion in overseas coal power projects since 2008, making it one of the top three public financiers of coal. Global investors including BlackRock, Legal & General Investment Management, APG, and the Church Commissioners for England have warned KEPCO to drop overseas coal power projects, citing financial and environmental concerns.