News

• EU ETS data confuse, again

  01 May 2007

  Companies in the EU Emissions Trading Scheme once more emitted less carbon dioxide than they were allocated allowances in 2006, according to preliminary figures published by the European Commission. How­ever, the extent of the oversupply remains unclear because of a lack of clarity surrounding the data rel­eased by Brussels.

• First cat bond issued for flood risk

  01 May 2007

  German insurance giant Allianz has closed the first catastrophe (cat) bond to cover river flood risk.

• International pressure grows for post-Kyoto agreement

  01 May 2007

  Climate change should be tackled as a global "security imperative", argued UK foreign secretary Margaret Beckett during the UN Security Council's first debate on the issue on 17 April.

• Emerald raises €135 million into clean-tech fund

  01 May 2007

  Emerald Technology Ventures has closed its second clean technology (clean-tech) fund, after raising €135 million ($183 million).

• Swiss Re closes €329 million clean energy fund

  01 May 2007

  Reinsurer Swiss Re has raised €329 million ($447 million) into its European Clean Energy Fund. The private equity vehicle – which the company claims is one of the largest of its type in Europe – will invest in projects which are "environmentally beneficial, generate carbon credits or ­tradable renewable energy certificates", the company said.

• People moves this month

  01 May 2007

  RASHAD KALDANY has been named as director of the infrastructure department at the International Finance Corp­oration (IFC), the private sector arm of the World Bank. In addition to his responsibilities for encouraging investment in the transportation, power and sanitation sectors in developing countries, he is also tasked with widening IFC's investments in renewable energy and energy efficiency.

• Sweeping changes to clean-tech index

  01 May 2007

  The Cleantech Group has performed major surgery on its index tracking the US clean technology (clean-tech) sector. It has shrunk the number of stocks in the Cleantech Index (CTIUS), from around 65 to 45, and the criteria for inclusion have been significantly tightened.

• Forecasters raise hurricane warning

  01 May 2007

  Hurricane forecasters have warned that 2007 will be a more active season than they originally thought and have said there is a higher likelihood of a major hurricane making landfall.

• WeatherBill hooks up with Nephila

  01 May 2007

  WeatherBill, a newly-launched online weather risk management service, has announced a risk capacity and collateral agreement with Nephila Capital. The deal will see WeatherBill lay off weather risk it assumes from its customers with Nephila's Nimbus Weather Fund, a hedge fund active in weather and catastrophe bond markets.

• Car emission cuts to cost up to €23 billion

  01 May 2007

  Plans by the European Commission to reduce carbon dioxide (CO2) emissions from new cars to 120 grammes per kilometre by 2012 will cost up to €23 billion, according to an impact assessment published by the Commission.