News

• Bush proposes new climate talks

  01 June 2007

  US President George Bush has called on the world's major economies to work together to establish a long-term target by the end of 2008 for reducing greenhouse gas (GHG) emissions. Environmental NGOs reacted with scepticism.

• Senate bill targets efficiency, biofuels, CO2 capture

  01 June 2007

  The US Senate majority leader has introduced legislation consolidating bills on energy efficiency, biofuels and carbon capture, and may add a national renewables mandate.

• AIG launches alt­energy division

  01 June 2007

  US insurer AIG has formed a new practice for its clients in the renewable energy sector. The AIG Global Alternative Energy Practice will focus on insurance, risk management and loss control services for US-based clients in the biofuels, hydroelectric, geothermal, solar and wind industries.

• Traders' exits hit weather trading

  01 June 2007

  After dramatic growth in 2006, the market for weather derivatives has caught a cold, according to the annual survey by the Weather Risk Management Association (WRMA).

• Citi, HSBC pledge big sums on climate change

  01 June 2007

  Two of the world's largest banking groups have pledged enormous sums to the fight against climate change – but have taken different approaches to the issue.

• World Bank backs controversial Ugandan dam

  01 June 2007

  The World Bank is to help finance a controversial $799 million hydropower project in Uganda, it announced last month. Supporters of the 250MW Bujagali hydropower plant, situated on the Victoria Nile Delta near the town of Jinja, say it will end Uganda's electricity crisis, and the blight of daily power cuts which the World Bank says cost the country 1% of its GDP.

• Banks to raise $5 billion for 'green' building retrofits

  01 June 2007

  Five major banks have promised to raise $1 billion each to finance a programme of energy efficiency building retrofits in 15 cities around the world. ABN Amro, Citigroup, Deutsche Bank, JPMorgan Chase and UBS will raise the $5 billion to pay for the first phase of the programme, which was launched by former US president Bill Clinton on 16 May.

• Carbon market triples in 2006 – World Bank

  01 June 2007

  The global carbon market tripled in size to $30 billion in 2006, from $10 billion the previous year, according to a report from the World Bank. But some market participants believe that figure to be an underestimate, putting the real size of market as much as 25% higher.

• Credit Suisse commits $200 million to forestry-based carbon market

  01 June 2007

  Banking giant Credit Suisse has taken a $200 million equity stake in a new company, Sustainable Carbon Finance (SCF), that will provide funding via the carbon credit market to environmentally-friendly forestry projects in Africa, South America and Australasia.

• EIB launches €1bn 'climate' bond

  01 June 2007

  The European Investment Bank (EIB) has launched an index-linked bond, the proceeds of which it will invest in renewable energy and energy efficiency projects.