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Barclays Takes Harder Line On Coal Project Financing

first_img FacebookTwitterLinkedInEmailPrint分享Clean Technica:Barclays, one of the four “Big Banks” in the U.K., silently made big news last month, shifting its policies regarding financing coal mining and coal-fired power plants, as well as declaring “no appetite” for projects in World Heritage Sites or Ramsar Wetlands locations.The bank declared in the first of two policy statements it had “no appetite” for project financing that supports development or expansion of projects in World Heritage Sites and Ramsar Wetlands locations unless in both cases there is prior consensus that such development will not adversely affect the site.In addition to its commitment to protecting the Ramsar Wetlands, Barclays also published a lengthier, more in-depth policy statement regarding how it will do business with corporate banking and investment banking clients involved in the coal mining and coal-fired power sector. All such clients and their specific individual transactions will be reviewed on a case-by-case basis against a wide array of considerations ranging from adherence to the Equator Principles, use of efficient technology, and a client’s potential for stranded asset risk.Unlike Barclays’ policies regarding World Heritage Sites and Ramsar Wetlands, its coal policy is much more nuanced and detailed, describing specific policies for specific aspects of the coal industry. For example, Barclays declared simply that it “has no appetite for project finance transactions for the development of greenfield thermal coal mines anywhere in the world” but had a much more detailed policy for mountaintop removal coal mining (MTR) given its legal recognition in the United States but the bank’s acknowledgement that this mining method “is also one that has been subject to intense political, judicial, and regulatory debate over the last decade.” As such, Barclays will “not directly finance MTR projects or developments” and will “apply enhanced due diligence to all credit and capital markets facilities involving clients which practice MTR.” Further, financing for companies which are significant producers of MTR-sourced coal will be provided “by exception only.”Barclays also declared “no appetite” for project financing supporting the construction or material expansion of coal-fired power stations in high-income OECD countries (though such power plants utilizing carbon capture storage or sequestration technology will be considered on a case-by-case basis) or the construction or material expansion of coal-fired power stations in non-high-income OECD countries unless they use super-critical or ultra-critical technology — and such transactions will be subject to enhanced due diligence on a case-by-case basis.More: Barclays Declares “No Appetite” For Thermal Coal Mining, Oil, & Gas, Moves To Protect World Heritage Sites Barclays Takes Harder Line On Coal Project Financinglast_img read more

Local businesses ‘seriously ill prepared’ for Brexit crash out

first_imgDonegal County Councillor Liam Doherty has criticised the government for what he says has been their failure to assist border businesses adequately prepare for the outcome of Brexit.The Finn Valley-based Sinn Féin councillor has said some of the initiatives rolled out to date by government to help businesses prepare for Britain’s withdrawal as ‘nothing more than window-dressing’.Cllr Doherty is calling on the government and state agencies to be much more proactive in their approach to ensuring business preparedness. He said: “It is incredible that this week we heard from Enterprise Minister Heather Humphries take to the airwaves to tell businesses to step up their ‘Brexit preparedness’ when it is the government itself that is failing in this regard.“The government is of course making a lot of noise and has been urging companies to avail of state supports and even advising them to contact their local enterprise Ireland office for news on supply chains.“These may make nice sound bites and is clearly an attempt from this administration to highlight the work it’s doing to help business get ready for Brexit day but, in reality, a lot of these initiatives have been nothing but window dressing.”As Brexit deadline looms on March 29th, Cllr Doherty said businesses are not getting the support they need from the state: “We’re six weeks away from a potential no-deal Brexit and the best that this government can come up with is a help-line and a slideshow from consultants. – this is not good enough in my view,” he said.“Enterprise Ireland has already warned that some 25,000 jobs could be lost in a no-deal scenario, and there’s little doubt that the border region would see its fair share of any potential job cuts.“I speak with business owners and employers here from across the border region every single day and, based on what they are telling me about their experiences, businesses here are being left to their own devices in terms of Brexit planning and are being left without much in the way of practical support from the state.“I am talking about the local shop keeper, the butcher, local retailers, hoteliers, restaurateurs, farmers and small manufacturers, all of whom speak of feeling cast adrift.”Cllr Doherty suggested that his party’s document on Brexit preparedness has the answers to impending economic disruption: “Sinn Féin has repeatedly highlighted the need for direct government support for businesses, particularly border businesses which, given their close proximity to the border, stand to be most adversely affected.“Importers and exporters based locally and that trade exclusively with Britain, the vast majority of which are small to medium-sized enterprises (SMEs), have voiced real fears that – given they have neither the expertise, scale or resources to easily change practices or navigate the complexities of heightened red tape – they are seriously ill prepared for a potential crash out Brexit by the end of March 2019.“Instead, government is demanding the impossible of our SMEs and, when challenged about their approach, Fine Gael chooses to hide behind a helpline, slideshows or seminars yet, there is very little tangible support being made available to business.“Sinn Féin on the other hand has listened to the concerns of businesses and, last week, the party launched its document on Brexit preparedness which includes a number of practical supports businesses should be able to avail of as Brexit looms. “The package equates to a €2bn Brexit stabilisation fund which would be in addition to any EU supports for agriculture and exporters.“Sinn Féin’s plan will address things like structural issues, while mitigating the short-term effects of Brexit on our exporters.“The time for action is now and I am calling on government to get its act together fast and provide local businesses here in the border region with the supports they need to survive and be sustainable despite all the uncertainty Brexit will create.”Local businesses ‘seriously ill prepared’ for Brexit crash out was last modified: February 19th, 2019 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:BrexitCllr Liam Dohertylast_img read more