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California unveils emissions plan
01 July 2008The California Air Resources Board (CARB) draft scoping plan for emissions reductions has drawn a broadly positive response, although some question if the plan's ambition may face problems due to a weakening economy and transmission constraints.
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Carbon prices hit two-year, record highs
01 July 2008Record oil prices have driven prices for carbon allowances (EUAs) in the EU Emissions Trading Scheme to their highest levels in more than two years, while fears of a shortage of carbon credits from projects in developing countries have pushed prices of certified emission reduction (CER) credits in the secondary market above €20 ($32) for the first time.
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Weather risk market bounces back
01 July 2008The market for weather derivatives has regained much of the value it lost in the slump of 2006/07, as activity continues to migrate to the Chicago Mercantile Exchange (CME), the leading marketplace for trading weather risk.
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German renewables industry welcomes subsidy reforms
01 July 2008The German renewable energy industry has broadly welcomed the government's overhaul of its renewable energy subsidies – shrugging off reductions in solar subsidies and applauding more support for offshore wind and biomass.
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JBIC slammed for financing Sakhalin II
01 July 2008The Japanese Bank for International Cooperation (JBIC) has organised a $5.3 billion syndicated loan to finance the Sakhalin II oil and gas project, to the consternation of NGOs, which called the decision "tragic news for the environmental and social credibility" of the banks involved.
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World Bank failing on climate change, says WRI
01 July 2008The World Bank "has not met existing G8 expectations" on integrating climate change into its operations, according to a highly critical report* released as the Bank's board approves two $5 billion-plus climate funds.
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Development banks boost use of weather derivatives
01 July 2008The World Bank is to begin offering weather derivatives as part of a strategy to reduce the impact of drought in developing countries, while the Japanese Bank for International Cooperation (JBIC) is targeting Thai farmers for weather deals.
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Suez swoops on Econergy
01 July 2008French energy giant Suez is to buy Econergy International, after the directors of the UK-listed renewable energy and carbon project developer recommended that shareholders accept the £0.45 ($0.88) a share offer. That bid – made on 13 June – trumped a cash-and-shares offer from carbon fund Trading Emissions Plc (see Environmental Finance, June 2008, page 11).
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SG, Citi share research honours
01 July 2008Société Générale (SG) has been named top European socially responsible investment (SRI) and sustainability research brokerage firm in the 2008 Thomson Reuters Extel Survey. Citi Investment Research came second. However, their positions were reversed in the pure SRI research category, which does not include renewable energy, corporate governance or long-term thematic research, with Citi coming first and SG second. Last year, Citi came first in both categories.
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WWF to measure carbon in China's supply chain
01 July 2008Manufacturers in China's Pearl River delta are piloting a carbon accounting and labelling programme initiated by WWF Hong Kong. The environmental NGO aims to address concerns among Western consumers and retailers about the carbon footprint of goods sourced from China.