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US-Brazil biofuels pact 'irrelevant'
01 April 2007US biofuel sources have rejected as largely irrelevant a US/Brazilian agreement last month to co-operate on biofuels, because the US refuses to abolish its $0.54/gallon ($0.14/litre) duty on imports of ethanol. The US State Department stressed: "This initiative does not include discussion of US trade, tariffs or quotas."
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Morgan Stanley JV to fund renewables projects
01 April 2007Morgan Stanley and Distributed Energy Systems have launched a joint partnership to develop and fund renewable energy projects.
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EU targets raise questions
01 April 2007EU heads of state have committed to cut greenhouse (GHG) emissions by at least 20% and ensure that 20% of EU energy comes from renewable sources by 2020. The targets – agreed at a summit last month – were broadly welcomed as a step in the right direction towards combating climate change, but it remains unclear how the renewables target?will be reached and what impact?it will have on energy?markets across the EU.
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First 'green' bond index launched
01 April 2007JPMorgan and Innovest Strategic Value Advisors have launched what they say is the first bond index to factor in climate change risks.
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First trade struck in Phase III allowances
01 April 2007The first trade in carbon dioxide allowances for delivery in the EU Emissions Trading Scheme (ETS) after 2012 has been completed, according to the parties involved.
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Shipping sets sail for emissions trading
01 April 2007The shipping industry must act now to reduce its carbon emissions, otherwise it risks being saddled with strict regulations in the future, according to UK transport minister Stephen Ladyman.
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S&P warns on car sector emissions targets
01 April 2007Mandatory emissions targets "pose a real risk to European auto-makers' financial performance and creditworthiness", according to a research note from Standard & Poor's (S&P). The ratings agency says that European Commission proposals to limit carbon dioxide emissions to 130g/km (see Environmental Finance, March 2007, page 8) will require car-makers to invest heavily and is likely to encourage a shift towards smaller, lower-margin vehicles.
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G8 promises 'Stern Review' on biodiversity
01 April 2007The G8 is to conduct an assessment of the economic costs of biodiversity loss, on the model of the recent Stern Review on climate change, following a meeting of G8+5 environment ministers in Potsdam in Germany last month.
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Spain to require environmental insurance
01 April 2007Spanish firms will be obliged to make financial provision for environmental damage, under plans announced last month to implement the EU Environmental Liability Directive (ELD).
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Bank rules paralyse response to environmental critics
01 April 2007Banks are powerless to defend themselves against accusations of financing environmentally-damaging projects, because banking rules prevent them disclosing the names of their clients, according to HSBC's environment adviser.