News

• Wells Fargo tops EPA green power chart

  01 November 2006

  Wells Fargo has become the largest corporate buyer of 'green' electricity in the US, according to rankings released by the US Environmental Protection Agency (EPA) this week.

• First offshore wind farm project financing imminent

  01 November 2006

  The first project financing of an offshore wind farm was due to be completed by the end of October, according to bankers involved in the deal. As Environmental Finance went to press in mid-October, Dexia Credit Local, Rabobank and BNP Paribas were close to arranging some €230 million ($290 million) of financing for the 120MW Q7 wind farm off the coast of the Netherlands.

• Eco-securitisation' mulled to protect forests

  01 November 2006

  Forum for the Future is carrying out an R&D programme to examine the prospects for "eco-securitisation" to finance sustainable forestry. The project is designed to test the technical feasibility of using securitisation techniques – widely used to repackage and sell on portfolios of mortgages, car loans and even rock musicians' royalties – to extract value from, and hence protect, the world's forests.

• Doubts raised on CDM credit delivery

  01 November 2006

  The Kyoto Protocol's Clean Development Mechanism (CDM) is likely to deliver substantially fewer greenhouse gas (GHG) reduction credits than expected, according to carbon market experts. Continuing regulatory uncertainty, overly bureaucratic project approval processes, and under-delivery of reductions from projects, mean that up to half of projected carbon credits will not be forthcoming, they say.

• Shell, IUCN mulling biodiversity businesses

  01 November 2006

  Energy major Shell and the World Conservation Union (IUCN) are considering establishing one or more "biodiversity businesses", to help demonstrate the viability of using the private sector, and market mechanisms, to protect biodiversity.

• EU plans stringent measures to slash energy use

  01 November 2006

  Buildings, cars, fridges and water heaters are to be scrutinised by the European Commission as it aims to cut energy use by more than 20% by 2020 and reduce the EU's annual fuel bill by €100 billion ($125 billion).

• EU promises $100 million for developing world clean energy fund

  01 November 2006

  The European Commission is to create a global risk capital fund worth €100 million to boost energy efficiency and renewable energy projects in developing countries.

• Agreement on post-2012 climate regime 'needed by 2008'

  01 November 2006

  There must be a decision on a post-2012 international climate change regime by 2008 in order to give countries enough time to ratify any forthcoming agreement, according to an official at the UN Framework Convention on Climate Change (UNFCCC) secretariat.

• Low-carbon fund lists on AIM

  01 November 2006

  The newest clean energy company to list on London's AIM market – Low Carbon Accelerator (LCA) – raised £44.5 million ($82.8 million) in a listing last month, but fell short of the £50-80 million that had been hoped for.

• UK recycling fund binned

  01 November 2006

  A £5.5 million ($10.2 million) government-backed investment fund aimed at growing the UK's recycling sector is to close after failing to meet its three-year investment target.