Nedbank funding about-face puts future of two new South Africa coal plants in doubt

first_imgNedbank funding about-face puts future of two new South Africa coal plants in doubt FacebookTwitterLinkedInEmailPrint分享Fin24:This decision fits with the banking group’s commitment to “green” funding, responsible lending and supporting sustainability initiatives. The bank says its initial proposal for funding the construction of the Thabametsi and Khanyisa independent power producers (IPPs) has lapsed and will not be renewed.This follows a corporate policy announced in early 2018 that the bank would no longer fund the construction of any new coal-fired power plants beyond its existing commitments to fund Thabametsi and Khanyisa, which were included as part of the new coal IPP programme in the South African Department of Energy’s draft integrated resource plan for electricity, Draft IRP 2018.The proposed Thabametsi 557 MW coal-fired power station, which would be largely owned by Japan’s Marubeni and South Korea’s Kepco, was planned to be built near Lephalale in Limpopo, while the Khanyisa 306 MW power station was to be sited near eMalahleni in Mpumalanga. The biggest shareholder of Khanyisa would be Saudi-owned Acwa Power.Nedbank says that it would prefer to offer financing for projects in energy efficiency and renewable energy, such as landfill gas, solar, hydro and wind projects. The bank says in its core business of lending and investing, it has a crucial role to play in transforming the economy and addressing climate change and that it seeks to “use [its] financial expertise to do good for individuals, businesses and society.”Nedbank’s announcement follows reports in September 2018 of Standard Bank’s withdrawal of financing the construction of coal-fired power. Currently, it appears that FirstRand, ABSA and the Development Bank of South Africa (DBSA) are still willing to offer funding for the Thabametsi and Khanyisa projects, but this may change. Nedbank and Standard Bank have followed the global trend of financial institutions refusing to fund the construction new coal-fired power plants.Funding is not the only challenge faced by the two new coal IPPs. Credible high court challenges (reviews of the environmental authorisations) are underway, and atmospheric emission licenses, water-use licenses and generation licenses for both projects are either outstanding or being challenged.More: Nedbank withdraws funding for new coal IPPslast_img read more

Brazilian Federal Police Seizes 650 Kilograms of Cocaine in Pernambuco

first_imgBy Marcos Ommati/Diálogo May 21, 2020 On April 22, the Brazilian Federal Police (PF, in Portuguese), with the support of Pernambuco’s Military Police Battalion, seized 650 kilograms of cocaine concealed in the cargo compartment of an airplane. The drug was divided into several packages and bags. The operation resulted in the seizure of the aircraft, eight vehicles, a 380-caliber pistol, 12 cell phones, and many documents, according to information from PF’s Office of Public Affairs.The operation was launched at Igarassu Airfield, in the municipality of the same name located 27 kilometers from Recife, capital of Pernambuco state, in Northeast Brazil. Authorities arrested nine people during the operation, including the airplane pilot and a woman who, according to PF, was the leader of the group. The detainees were charged with international narcotrafficking and sent before the Federal Court.According to PF, the drug could have been sent in ship containers to Africa to be distributed in Europe. “When this drug reaches Europe, the value is three times higher than here, so this was very valuable cargo, equivalent to millions of dollars,” said Passos.last_img read more

Freddie Ljungberg quits role as part of Mikel Arteta’s Arsenal coaching team

first_imgFreddie Ljungberg quits role as part of Mikel Arteta’s Arsenal coaching team Freddie Ljungberg managed just one win, against West Ham, from his six games at the Arsenal helm (Picture: Getty)‘I have decided to leave my first team assistant coaching role at Arsenal to progress my management experience,’ the club legend confirmed on Twitter.‘I have been involved with this club on and off since 1998 and am grateful for all the opportunities they have given me both as a player and as a coach.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal‘I wish Mikel and all the team every success for the season ahead. Thanks also to the fans for their constant support and for always being by my side. ‘I hope we will all meet again soon.’Reacting to the departure of one of his assistants, meanwhile, Arteta said: ‘Freddie has been a really important member of my team since my arrival. ‘He did a great job picking the team up when Unai left and we all have 100% respect for him as a man and a coach. I know I’ll be facing him on the touchline in the future.’MORE: Lyon midfielder Houssem Aouar wants Juventus move over Arsenal and Manchester CityMORE: Jadon Sancho singles out Arsenal’s Bukayo Saka and Manchester United’s Mason Greenwood for ‘doing a madness’Follow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Advertisement Advertisement Metro Sport ReporterSaturday 22 Aug 2020 3:37 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link806Shares Freddie Ljungberg has left his first team coaching role at Arsenal (Picture: Getty)Freddie Ljungberg has left his first team coaching role at Arsenal in the hope of landing his first full-time managerial role.The club legend returned to the club at which he won two Premier League titles two years ago to coach the club’s Under-23 side. Ljungberg was credited with playing a major role in the development of the likes of Bukayo Saka, Joe Willock and Reiss Nelson and was promoted to the first team set-up upon the appointment of Unai Emery. The Spaniard was sacked last December providing Ljungberg with the opportunity to take interim charge of the first team alongside Per Mertesacker. AdvertisementAdvertisementADVERTISEMENTLjungberg was unable to spark an improvement in the team’s results, however, registering just one win from his six games at the helm in all competitions. Commentlast_img read more