News

• E.ON and Dong step in to save London Array

  01 September 2008

  The future of the London Array offshore wind farm looks more secure, after E.ON and Dong Energy agreed to buy Shell's stake.

• Investors favour 'ESG' in battle of vocabulary

  01 September 2008

  Environment, social and governance (ESG) has won out in an effort to hack through the thicket of vocabulary surrounding socially responsible or sustainable investment.

• US court throws emissions markets into turmoil

  01 July 2008

  A US court has invalidated the entire Clean Air Interstate Rule (CAIR) over "fatal flaws", sending the market for sulphur dioxide (SO2) and annual nitrogen oxides (NOx) allowances into turmoil and creating enormous uncertainty about how the US is to control airborne pollutants.

• California unveils emissions plan

  01 July 2008

  The California Air Resources Board (CARB) draft scoping plan for emissions reductions has drawn a broadly positive response, although some question if the plan's ambition may face problems due to a weakening economy and transmission constraints.

• Carbon prices hit two-year, record highs

  01 July 2008

  Record oil prices have driven prices for carbon allowances (EUAs) in the EU Emissions Trading Scheme to their highest levels in more than two years, while fears of a shortage of carbon credits from projects in developing countries have pushed prices of certified emission reduction (CER) credits in the secondary market above €20 ($32) for the first time.

• Weather risk market bounces back

  01 July 2008

  The market for weather derivatives has re­gained much of the value it lost in the slump of 2006/07, as activity continues to migrate to the Chicago Mercantile Exchange (CME), the leading marketplace for trading weather risk.

• German renewables industry welcomes subsidy reforms

  01 July 2008

  The German renewable energy industry has broadly welcomed the government's overhaul of its renewable energy subsidies – shrugging off reductions in solar subsidies and applauding more support for offshore wind and biomass.

• JBIC slammed for financing Sakhalin II

  01 July 2008

  The Japanese Bank for International Cooperation (JBIC) has organised a $5.3 billion syndicated loan to finance the Sakhalin II oil and gas project, to the consternation of NGOs, which called the decision "tragic news for the environmental and social credibility" of the banks involved.

• World Bank failing on climate change, says WRI

  01 July 2008

  The World Bank "has not met existing G8 expectations" on integrating climate change into its operations, according to a highly critical report* released as the Bank's board approves two $5 billion-plus climate funds.

• Development banks boost use of weather derivatives

  01 July 2008

  The World Bank is to begin offering weather derivatives as part of a strategy to reduce the impact of drought in developing countries, while the Japanese Bank for International Cooperation (JBIC) is targeting Thai farmers for weather deals.