News

• Businesses demand climate action

  01 December 2007

  Tackling climate change is essential for economic growth, according to the leaders of 150 global companies. "As business leaders, it is our belief that the benefits of strong early action on climate change outweigh the costs of not acting," they say.

• UNDP calls for low-carbon fund

  01 December 2007

  The UN Development Programme (UNDP) has called for the creation of a fund to manage the expected $25 billion–50 ­billion annual investment in low-carbon energy projects to mitigate climate change in developing countries.

• US still top for bio­fuel investors – E&Y

  01 December 2007

  The US remains the most attractive country for biofuel investments despite a slow-down caused by factors such as high feedstock prices, over-capacity and distribution difficulties, according to the consultancy Ernst & Young.

• EIB mulling ecosystem, biodiversity fund

  01 December 2007

  The European Investment Bank (EIB) is assessing market interest in an ecosystem and biodiversity fund, with hopes of helping to raise money into such a vehicle in 2008.

• Morgan Stanley sees $1 trillion clean energy market

  01 November 2007

  The worldwide market for clean energy could reach $500 million by 2020 and $1 trillion by 2030, estimates investment bank Morgan Stanley.

• Committee jousting delays action on US energy bill

  01 November 2007

  A procedural dispute is delaying action on energy bills that have been passed by the US Senate and House of Representatives, and which must be reconciled between the two chambers.

• Commission delays climate, renewables plans

  01 November 2007

  A European Commission blueprint of how the EU will reach its targets of sourcing 20% of energy from renewables by 2020, and reducing greenhouse gases by at least 20%, has been delayed until January. Suggestions that the plans could include trading to meet national renewables targets have generated controversy.

• Landmark US?climate bill clears first hurdle

  01 November 2007

  Proponents of a mandatory carbon 'cap-and-trade' scheme in the US have hailed as "a turning point" a subcommittee vote on the Climate Security Act (S.2191). The bill, introduced last month by Independent-Democrat Joe Lieberman and Republican John Warner, aims to reduce US greenhouse gases (GHGs) by 63% below 2005 levels by 2050.

• AEP coal settlement seen as 'good business'

  01 November 2007

  American Electric Power (AEP) has agreed to spend billions of dollars to settle what the Environmental Protection Agency (EPA) has described as "the single largest environmental enforcement settlement in history". But observers say that AEP – the largest coal-burner in the US – has acted shrewdly in settling the case.

• Exchanges target financials in carbon push

  01 November 2007

  Competition in the exchange-traded carbon market is set to hot up, with two major exchange alliances announcing plans to launch suites of contracts, and target financial institutions. The initiatives – by der­ivatives giant Eurex in partnership with the European Energy Exch­ange (EEX), and NYSE Euronext in a tie-up with Powernext carbon – promise to broaden access to the carbon markets dramatically, the exchanges believe.