News

• Shipping sets sail for emissions trading

  01 April 2007

  The 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.

• S&P warns on car sector emissions targets

  01 April 2007

  Mandatory 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.

• G8 promises 'Stern Review' on biodiversity

  01 April 2007

  The 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.

• Spain to require environmental insurance

  01 April 2007

  Spanish firms will be obliged to make financial provision for environmental damage, under plans announced last month to implement the EU Environmental Liability Directive (ELD).

• Bank rules paralyse response to environmental critics

  01 April 2007

  Banks 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.

• People moves this month

  01 April 2007

  Lehman Brothers has appointed THEODORE ROOSEVELT as chairman of its newly-formed global council on climate change. Roosevelt, a managing director who has been with the US investment bank for 35 years, will "lead the firm's efforts to address the challenges of global warming".

• Takeover talk boosts AgCert's shares

  01 April 2007

  The share price of AgCert International jumped 40% following an announcement on 9 March that the emissions reduction project developer was in talks about a possible takeover.

• Record year for cat bonds – report

  01 April 2007

  A record 20 catastrophe (cat) bonds, worth $4.69 billion, were issued last year, more than doubling the previous record, of $1.99 billion in 2005, according to a review of the market by Guy Carpenter. The reinsurance broker's fifth annual report, Ripples into Waves, also found a wider variety of catastrophe risks securitised than hitherto, and a wider variety of risk profiles.

• FPL becomes world's largest wind generator

  01 April 2007

  Florida independent power producer FPL Energy has become the world's largest wind energy owner, according to consultancy Emerging Energy Research (EER). The company – with 4,016MW of wind capacity at the end of 2006, up 25% on the year – edged out Spain's Iberdrola, on 3,208MW, following a number of major US projects coming on line.

• Canada's budget less green

  01 April 2007

  The Canadian government has earmarked C$4.5 billion ($3.9 billion) in its 2007 federal budget to "clean our air and water, reduce greenhouse gases and combat climate change, as well as protect our natural environment," the government wrote in its submission to parliament.?