CME launches weekly weather contracts

The Chicago Mercantile Exchange (CME) is adding weekly weather futures and options to its weather derivative contracts. The CME – which lists monthly and seasonal heating degree day and cooling degree day contracts on 35 cities around the world – is to add weekly contracts on temperatures in 18 US cities from 2 April.

Repower bidding war hots up

Areva has raised its offer for German wind turbine manufacturer Repower to €140 ($187) a share, trumping the €126 bid that Indian wind turbine maker Suzlon made in early February.

Western US states to form GHG market

The US states of Arizona, California, New Mexico, Oregon and Washington have agreed a regional initiative to reduce greenhouse gas (GHG) emissions.

Parliamentarians push for G8+5 climate deal

A group bringing together legislators from both the major industrialised and developing countries has reached an agreement on climate change that its organisers hope will feed into G8 talks on the issue.

GLG launches 'green' hedge fund

GLG Partners, an $18 billion London-based hedge fund manager, is raising funds into an open-ended environmental hedge fund. The GLG Environment Fund will use research from Trucost to identify companies within its $1.5 billion European equity strategy with a lighter environmental footprint, on the assumption – backed up by back-testing – that they will outperform the wider market.

Suzlon outbids Areva for Repower

Indian wind turbine manufacturer Suzlon has triggered a takeover battle for Repower Systems, a German wind turbine maker that was last month the subject of a bid from Areva, a French nuclear and electricity transmission company.

Standard RECs contract released

A standard contract for trading renewable energy certificates (RECs) was released in February by the American Bar Association, the Environmental Markets Association and the American Council on Renewable Energy. Those organisations formed a joint committee in 2005 to develop a contract that would be technology-neutral and usable in both compliance and voluntary markets (see Environmental Finance, November 2006, page 20).

EU aims for 25% cut in car emissions

The European Commission has proposed mandatory targets to compel car makers to reduce carbon dioxide (CO2)?emissions from new cars by around 25% by 2012.

French scheme awards €1.2bn SRI mandates

ERAFP, the French public service pension scheme, has awarded mandates to four socially responsible investment (SRI) managers, to make equity investments expected to top €1.2 billion ($1.6 billion) over the next four years.