News

• Australia ratifies Kyoto, sets new targets

  01 December 2007

  Australia's incoming Labor Prime Minister Kevin Rudd has signed the nation's Kyoto Protocol ratification papers, following his decisive 24 November election victory. The new Labor government has also pledged to implement emissions trading by 2010, cut greenhouse gas emissions to 60% below 2000 levels by 2050 and source 20% of the nation's electricity from renewables by 2020.

• Iberdrola poised to hit jackpot with renewables IPO

  01 December 2007

  Iberdrola is set to float its renewables business at the top of its projected price range – to a mixed reaction from investors.

• Carbon credit write-downs hit project developers

  01 December 2007

  Downward revisions to the carbon credit portfolios of London-listed developers Camco and EcoSecurities have driven down their share prices in November. Meanwhile, shares in another developer, AgCert, hit a new low as it faces serious delivery problems for next year.

• New Forests plans Malaysian 'biodiversity bank'

  01 December 2007

  Buyers and sellers of palm oil are to be offered 'biodiversity offset' credits, in an innovative conservation finance scheme to preserve a crucial area of Malaysian rainforest.

• Generation raising private equity fund

  01 December 2007

  Generation Investment Management, the sustainability-orientated asset management company run by Al Gore and former Goldman Sachs executive David Blood, is raising money into a private equity fund. The fund – which will focus on companies offering solutions to the challenge of climate change – is expected to be unveiled early in 2008, and follows the announcement of an alliance between Generation and leading Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers (KPCB).

• ATA slams EU move on aviation emissions

  01 December 2007

  A decision by the European Parliament for tougher targets and a stricter timetable to include aviation in the EU Emissions Trading Scheme (ETS) has drawn an angry response from the sector – while a recent report shows it is substantially unprepared for emissions caps.

• Business backs offset standard

  01 December 2007

  Business groups have launched the second version of a standard designed to boost the credibility of the voluntary carbon market – but a leading environmental group has slammed it as full of loopholes.

• Costs add latest hurdle for US offshore wind

  01 December 2007

  While beachfront residents in the US continue to fight planned offshore wind farms, cost has emerged as another barrier to getting the country's first offshore project operating.

• REC tops Sarasin solar ranking

  01 December 2007

  Bank Sarasin has produced a global ranking of the top solar photovoltaics (PV) firms, placing the Norwegian company REC at the top of the class.

• People moves this month

  01 December 2007

  ALEX VAN DER VELDEN, the executive director of FairPensions, is leaving the UK-based charity to take up a new post at Dutch pensions giant PGGM. He will be joining PGGM – which provides pensions for healthcare workers, and has €88 billion under management – as head of its responsible investment portfolio.