Friday, 4 July 2008
Airtricity takes on Italian job
AIRTRICITY, the renewable energy division of Perth-based Scottish & Southern Energy, has entered into a 60/40 joint venture with Italian wind farm development company Entropya.
The joint venture company will be based in Lecce in Puglia, southern Italy, and will develop a portfolio of wind farm sites across Puglia, Basilicata, Calabria and Sicily. It has a development pipeline of more than 2,000 megawatts and follows a similar deal between Airtricity and Swedish Gothia Vind in April. Last Updated: 03 July 2008 8:56 PM
Source: The Scotsman
Location: Edinburgh
Go sustainable to survive the crunch
Will recession force people to ditch good environmental habits? It shouldn't: going green is the best solution to a financial squeeze
Arlo Brady
guardian.co.uk,
Thursday July 3, 2008
Over the last five years we have witnessed what I describe as a "greenrush". Businesses and consumers alike – one driven by the other – have sought to become more environmentally and socially responsible, with varying degrees of practical and perceived success.
However, today, as we sit on our forest stewardship council-certified wooden chairs, on the verge of a recession, we find ourselves asking whether this trend can survive. As the prices of many everyday items spiral out of control, are consumers now set to "dump values for value"? The answer is both yes, and no.
In the last decade, public awareness of the key sustainability issues of our generation has risen as has public perception of the power of big business. Ten years of mega-mergers, each more substantial than the next, have done little to alter this perception. The new breed of behemoth brands and businesses has been at the forefront of the greenrush; desperate to prove to consumers and regulators that big does not necessarily equate to bad. This behaviour, coupled with the invasive transparency of the digital revolution, has resulted in an unprecedented growth in public expectation of business.
By enthusiastically showing that they can be part of the solution, businesses have inadvertently opened Pandora's box. There can be no going back.
Today's consumers want more from business, and following an unprecedented period of economic growth, they have become unaccustomed to compromise. They are looking for value, but they are also looking for authenticity, transparency and responsibility. As a recession takes hold, it's true that consumers may themselves be willing to compromise, but they are unlikely to react sympathetically if businesses and brands try the same trick.
As consumers get used to questioning what they spend their hard earned money on, they will place businesses under an unprecedented level of scrutiny. Ironically, in doing so they may inadvertently find themselves making some fundamentally more sustainable choices. This is certainly true in the automotive market where consumers are currently downshifting from large 4x4s to more economical vehicles in their droves.
Throughout the recent greenrush a fundamental misunderstanding had become established in the consumer mindset – namely that buying products and services that have a lower environmental impact is costly and therefore a luxury. This is a direct result of the premium pricing strategy that many businesses have adopted, and the lack of easily accessible and credible information on environmental impact.
This misunderstanding is fundamentally wrong on a number of levels.
Firstly, there is the obvious point that in general, consuming less equates to less environmental impact. This is the paradox of environmental consumerism. And then there is the observation that products that are more environmentally friendly tend to have used (and use) fewer resources than their conventional counterparts, and should therefore be cheaper to buy or run.
Following the principles of environmental efficiency enables us to do more with less. I can't think of a better message during a downturn. Smart businesses, governments and individuals will seek out efficiency and the competitive advantage that it brings.
In the short term, there will be a number of unsavoury consequences. For example, as the oil price soars perhaps to the $200 mark within the next year, businesses like Shell and BP will seek to exploit hard-to-extract oil resources like Canada's carbon-heavy tar sands. But in the long-term this trend will be self-defeating: it will act only to stabilise oil prices at a high level, while simultaneously increasing the economic viability of alternatives. The investment that oil majors are making in unconventional reserves is only viable if the oil price remains high. Big oil will very soon have a vested interest in maintaining a price that will ultimately lead to a decisive shift towards renewable energy.
From a corporate perspective, there is no doubt that many shortsighted businesses will stop, or even reverse, investment in sustainability and corporate social responsibility initiatives. But I don't view this as a serious cause for concern – instead, I argue that it could and should be viewed as a bonus. We have all had more than enough of greenwash.
Sustainability will simply enter a new, and more robust, phase of its development. A recession is likely to foster a more genuine sustainability, removing inefficient and vacuous programmes, and leaving the most effective and authentic in their place.
Although an economic downturn will have many negative consequences, the pain won't last forever. It's my contention that those businesses that use the time to lay reputational and practical foundations for success, by working on relevant issues that matter to real people, will be those that emerge with real competitive advantage when the downturn lifts.
Arlo Brady
guardian.co.uk,
Thursday July 3, 2008
Over the last five years we have witnessed what I describe as a "greenrush". Businesses and consumers alike – one driven by the other – have sought to become more environmentally and socially responsible, with varying degrees of practical and perceived success.
However, today, as we sit on our forest stewardship council-certified wooden chairs, on the verge of a recession, we find ourselves asking whether this trend can survive. As the prices of many everyday items spiral out of control, are consumers now set to "dump values for value"? The answer is both yes, and no.
In the last decade, public awareness of the key sustainability issues of our generation has risen as has public perception of the power of big business. Ten years of mega-mergers, each more substantial than the next, have done little to alter this perception. The new breed of behemoth brands and businesses has been at the forefront of the greenrush; desperate to prove to consumers and regulators that big does not necessarily equate to bad. This behaviour, coupled with the invasive transparency of the digital revolution, has resulted in an unprecedented growth in public expectation of business.
By enthusiastically showing that they can be part of the solution, businesses have inadvertently opened Pandora's box. There can be no going back.
Today's consumers want more from business, and following an unprecedented period of economic growth, they have become unaccustomed to compromise. They are looking for value, but they are also looking for authenticity, transparency and responsibility. As a recession takes hold, it's true that consumers may themselves be willing to compromise, but they are unlikely to react sympathetically if businesses and brands try the same trick.
As consumers get used to questioning what they spend their hard earned money on, they will place businesses under an unprecedented level of scrutiny. Ironically, in doing so they may inadvertently find themselves making some fundamentally more sustainable choices. This is certainly true in the automotive market where consumers are currently downshifting from large 4x4s to more economical vehicles in their droves.
Throughout the recent greenrush a fundamental misunderstanding had become established in the consumer mindset – namely that buying products and services that have a lower environmental impact is costly and therefore a luxury. This is a direct result of the premium pricing strategy that many businesses have adopted, and the lack of easily accessible and credible information on environmental impact.
This misunderstanding is fundamentally wrong on a number of levels.
Firstly, there is the obvious point that in general, consuming less equates to less environmental impact. This is the paradox of environmental consumerism. And then there is the observation that products that are more environmentally friendly tend to have used (and use) fewer resources than their conventional counterparts, and should therefore be cheaper to buy or run.
Following the principles of environmental efficiency enables us to do more with less. I can't think of a better message during a downturn. Smart businesses, governments and individuals will seek out efficiency and the competitive advantage that it brings.
In the short term, there will be a number of unsavoury consequences. For example, as the oil price soars perhaps to the $200 mark within the next year, businesses like Shell and BP will seek to exploit hard-to-extract oil resources like Canada's carbon-heavy tar sands. But in the long-term this trend will be self-defeating: it will act only to stabilise oil prices at a high level, while simultaneously increasing the economic viability of alternatives. The investment that oil majors are making in unconventional reserves is only viable if the oil price remains high. Big oil will very soon have a vested interest in maintaining a price that will ultimately lead to a decisive shift towards renewable energy.
From a corporate perspective, there is no doubt that many shortsighted businesses will stop, or even reverse, investment in sustainability and corporate social responsibility initiatives. But I don't view this as a serious cause for concern – instead, I argue that it could and should be viewed as a bonus. We have all had more than enough of greenwash.
Sustainability will simply enter a new, and more robust, phase of its development. A recession is likely to foster a more genuine sustainability, removing inefficient and vacuous programmes, and leaving the most effective and authentic in their place.
Although an economic downturn will have many negative consequences, the pain won't last forever. It's my contention that those businesses that use the time to lay reputational and practical foundations for success, by working on relevant issues that matter to real people, will be those that emerge with real competitive advantage when the downturn lifts.
Energy efficiency specialist Eaga to work with giant
SMALL BUT BEAUTIFUL
EAGA has reached agreement in principle on a £200 million deal with ScottishPower, to deliver the power company's entire carbon emissions reduction target (Cert) obligation.Cert – which came into effect on 1 April and will run until 2011 – is an obligation introduced by the UK government on energy suppliers to reduce carbon emissions from houses.Methods used to improve energy efficiency will include loft and cavity wall insulation, especially for elderly people or those on low income.Eaga already has government contracts to improve energy efficiency in people's homes, including the Warm Front programme in England and Home Energy Efficiency Scheme in Wales.It also holds a contract with the BBC to run its digital switchover help scheme. Eaga, which has a market cap of about £250m, has an office in Livingston and depots in Inverness and Perth. John Clough, Eaga's chief executive, said: "This ground-breaking partnership with ScottishPower demonstrates our outsourcing capabilities and, as planned, utilises the strong organic growth platform we have built within our installation services".
EAGA has reached agreement in principle on a £200 million deal with ScottishPower, to deliver the power company's entire carbon emissions reduction target (Cert) obligation.Cert – which came into effect on 1 April and will run until 2011 – is an obligation introduced by the UK government on energy suppliers to reduce carbon emissions from houses.Methods used to improve energy efficiency will include loft and cavity wall insulation, especially for elderly people or those on low income.Eaga already has government contracts to improve energy efficiency in people's homes, including the Warm Front programme in England and Home Energy Efficiency Scheme in Wales.It also holds a contract with the BBC to run its digital switchover help scheme. Eaga, which has a market cap of about £250m, has an office in Livingston and depots in Inverness and Perth. John Clough, Eaga's chief executive, said: "This ground-breaking partnership with ScottishPower demonstrates our outsourcing capabilities and, as planned, utilises the strong organic growth platform we have built within our installation services".
Carmakers negotiate a maze of European green taxes
By John Thornhill and Haig Simonian
Published: July 4 2008 03:00
The French love tinkering with their tax regime for the purposes of social engineering. The state provides fiscal incentives to buy property, hire home help and have babies. But the government is now becoming increasingly enthusiastic about using taxes to persuade consumers to turn green. In particular, it is extending its carrot-and-stick "bonus-malus" system from cars to a range of consumer products including electronic goods.
The idea is to reward consumers for making sound environmental choices while punishing those who do not. So, for example, drivers who buy a Toyota Prius 1.5 litre hybrid car with low CO 2 emissions will benefit from a €2,000 ($3,140) bonus. Those who buy a petrol-guzzling sports utility vehicle will have to pay an initial "malus" of €2,600 - and, according to government plans announced this week, an additional tax every year amounting to about 10 per cent of this original charge. Since its introduction at the start of the year, the scheme has had a striking impact on new car sales - although surging petrol prices have also been a big factor. Small car sales have risen 50 per cent in the first half of the year in France, while those of the most heavily polluting have fallen by 40 per cent.
The "bonus-malus" scheme is widely viewed as a good thing, but it has its critics. Environmentalists argue it is not grand enough to meet the scale of the challenge. Car associations say it unfairly penalises those who can only afford second-hand cars. Liberal economists fear it could lead to backdoor protectionism. Finance officials worry the scheme is proving too popular. The new tax regime was supposed to be revenue neutral. Instead, it is costing the government money.
Car manufacturers are ambivalent about its effects. The announcement of the government's expanded scheme initially knocked the share prices of French car manufacturers. But Renault and PSA Peugeot-Citroën both argue they are well placed to benefit from the scheme thanks to their range of low-emission cars.
What is more worrying is that a patchwork of different environmental tax regimes is emerging around Europe as more than a dozen countries have introduced CO 2 -based car taxes. It would certainly help business if EU partners could agree a common set of rules to apply across the single market. That's one more priority for President Nicolas Sarkozy now that France has taken up the EU's rotating presidency.
Austria awaits verdict
Whatever the verdicts, today's conclusion of the mammoth Bawag trial in Vienna will leave someone fuming. If the judge convicts the defendants and proposes tough sentences for the nine former executives of the Austrian trade union-owned bank and their key investment adviser, the accused will immediately claim they never received a fair trial because of adverse publicity. If they are exonerated, however, there will be popular outcry that no one has been pinpointed for the bank's travails.
Ironically, the verdicts look set to coincide with a separate investigation in New York into Refco, the failed securities broker with which Bawag was once associated. Recapitulating the complex affair in less than three volumes is not easy. In essence, Bawag's problems emerged in October 2005, when a trio of senior managers made an emergency €350m loan to Phillip Bennett, Refco's founder and chief executive, one day before the latter's arrest.
Investigations under new management unearthed an astonishing trail of losses on other transactions that had been hidden for years to prevent a run of confidence in Austria's fourth-biggest bank. The unorthodox procedure had been approved by Bawag's auditors because the unions were prepared to stand as lender of last resort. The scandal prompted top level arrests, including a nail-biting extradition fight by Helmut Elsner, Bawag's autocratic former chief executive. At one stage, Mr Elsner's luxury retirement villa in the south of France was virtually surrounded by Austrian journalists. His affairs remain highly controversial: his wife is still titular owner of the lavish flat, with swimming pool, built for him above Bawag's central Vienna headquarters and now subject of a bitter ownership battle with the bank's new bosses. Bawag's sale early last year to Cerberus, the US private equity group, helped to restore stability. Modest central and eastern European operations - arguably the jewels in Bawag's crown - and non-core assets have been sold, and efforts made to improve earnings in the core Austrian retail business under David Roberts, a former top Barclays manager.
But the trial, which began last July and was initially expected to close within weeks, has dragged on. Periodic twists and occasional dramas have still not adequately explained how the bank managed to lose more than €1.4bn ($2.2bn). But the main actors have been identified. Now all Austria wants is the verdict.
european.view@ft.com
Copyright The Financial Times Limited 2008
Published: July 4 2008 03:00
The French love tinkering with their tax regime for the purposes of social engineering. The state provides fiscal incentives to buy property, hire home help and have babies. But the government is now becoming increasingly enthusiastic about using taxes to persuade consumers to turn green. In particular, it is extending its carrot-and-stick "bonus-malus" system from cars to a range of consumer products including electronic goods.
The idea is to reward consumers for making sound environmental choices while punishing those who do not. So, for example, drivers who buy a Toyota Prius 1.5 litre hybrid car with low CO 2 emissions will benefit from a €2,000 ($3,140) bonus. Those who buy a petrol-guzzling sports utility vehicle will have to pay an initial "malus" of €2,600 - and, according to government plans announced this week, an additional tax every year amounting to about 10 per cent of this original charge. Since its introduction at the start of the year, the scheme has had a striking impact on new car sales - although surging petrol prices have also been a big factor. Small car sales have risen 50 per cent in the first half of the year in France, while those of the most heavily polluting have fallen by 40 per cent.
The "bonus-malus" scheme is widely viewed as a good thing, but it has its critics. Environmentalists argue it is not grand enough to meet the scale of the challenge. Car associations say it unfairly penalises those who can only afford second-hand cars. Liberal economists fear it could lead to backdoor protectionism. Finance officials worry the scheme is proving too popular. The new tax regime was supposed to be revenue neutral. Instead, it is costing the government money.
Car manufacturers are ambivalent about its effects. The announcement of the government's expanded scheme initially knocked the share prices of French car manufacturers. But Renault and PSA Peugeot-Citroën both argue they are well placed to benefit from the scheme thanks to their range of low-emission cars.
What is more worrying is that a patchwork of different environmental tax regimes is emerging around Europe as more than a dozen countries have introduced CO 2 -based car taxes. It would certainly help business if EU partners could agree a common set of rules to apply across the single market. That's one more priority for President Nicolas Sarkozy now that France has taken up the EU's rotating presidency.
Austria awaits verdict
Whatever the verdicts, today's conclusion of the mammoth Bawag trial in Vienna will leave someone fuming. If the judge convicts the defendants and proposes tough sentences for the nine former executives of the Austrian trade union-owned bank and their key investment adviser, the accused will immediately claim they never received a fair trial because of adverse publicity. If they are exonerated, however, there will be popular outcry that no one has been pinpointed for the bank's travails.
Ironically, the verdicts look set to coincide with a separate investigation in New York into Refco, the failed securities broker with which Bawag was once associated. Recapitulating the complex affair in less than three volumes is not easy. In essence, Bawag's problems emerged in October 2005, when a trio of senior managers made an emergency €350m loan to Phillip Bennett, Refco's founder and chief executive, one day before the latter's arrest.
Investigations under new management unearthed an astonishing trail of losses on other transactions that had been hidden for years to prevent a run of confidence in Austria's fourth-biggest bank. The unorthodox procedure had been approved by Bawag's auditors because the unions were prepared to stand as lender of last resort. The scandal prompted top level arrests, including a nail-biting extradition fight by Helmut Elsner, Bawag's autocratic former chief executive. At one stage, Mr Elsner's luxury retirement villa in the south of France was virtually surrounded by Austrian journalists. His affairs remain highly controversial: his wife is still titular owner of the lavish flat, with swimming pool, built for him above Bawag's central Vienna headquarters and now subject of a bitter ownership battle with the bank's new bosses. Bawag's sale early last year to Cerberus, the US private equity group, helped to restore stability. Modest central and eastern European operations - arguably the jewels in Bawag's crown - and non-core assets have been sold, and efforts made to improve earnings in the core Austrian retail business under David Roberts, a former top Barclays manager.
But the trial, which began last July and was initially expected to close within weeks, has dragged on. Periodic twists and occasional dramas have still not adequately explained how the bank managed to lose more than €1.4bn ($2.2bn). But the main actors have been identified. Now all Austria wants is the verdict.
european.view@ft.com
Copyright The Financial Times Limited 2008
UK's CO2 emissions higher than official figures, government admits
David Adam
guardian.co.uk,
Thursday July 3, 2008
Britain's greenhouse gas emissions are higher than official figures suggest, the government has admitted.
The environment department Defra says UK emissions are higher than previously stated if carbon pollution linked to imported goods is included. Official figures only count direct emissions within national boundaries, so miss out the carbon cost of goods manufactured elsewhere.
A report this week from several international groups says carbon dioxide emissions associated with UK consumption grew 18% between 1992 and 2004, once these imports are accounted for. Official figures show UK CO2 pollution falling 5% over that period
The environment secretary, Hilary Benn, said: "Under international climate change agreements, we only have direct influence over our domestic emissions – and they are, and will remain, the basis for these commitments. But as we move to a low carbon economy, we must help businesses and individuals to understand and reduce the environmental impacts of the products and services they produce, sell or consume, wherever in the world they are made."
The report was commissioned by Defra and prepared by experts at the Stockholm Environment Institute and the University of Sydney.
It follows a series of analyses over the last year that have pointed out that official government figures underestimate the UK's contribution to global warming.
In December, a team of economists led by Dieter Helm at Oxford University, said UK progress on cutting greenhouse gases was an "illusion". Counting pollution from aviation, shipping, overseas trade and tourism, which are not measured in the official figures, meant that emissions of UK greenhouse gases – not just CO2 – have risen 19% since 1990.
Officially, Britain's output is 15% lower over that period – placing it on track to meet its 12.5% target under the Kyoto Protocol.
guardian.co.uk,
Thursday July 3, 2008
Britain's greenhouse gas emissions are higher than official figures suggest, the government has admitted.
The environment department Defra says UK emissions are higher than previously stated if carbon pollution linked to imported goods is included. Official figures only count direct emissions within national boundaries, so miss out the carbon cost of goods manufactured elsewhere.
A report this week from several international groups says carbon dioxide emissions associated with UK consumption grew 18% between 1992 and 2004, once these imports are accounted for. Official figures show UK CO2 pollution falling 5% over that period
The environment secretary, Hilary Benn, said: "Under international climate change agreements, we only have direct influence over our domestic emissions – and they are, and will remain, the basis for these commitments. But as we move to a low carbon economy, we must help businesses and individuals to understand and reduce the environmental impacts of the products and services they produce, sell or consume, wherever in the world they are made."
The report was commissioned by Defra and prepared by experts at the Stockholm Environment Institute and the University of Sydney.
It follows a series of analyses over the last year that have pointed out that official government figures underestimate the UK's contribution to global warming.
In December, a team of economists led by Dieter Helm at Oxford University, said UK progress on cutting greenhouse gases was an "illusion". Counting pollution from aviation, shipping, overseas trade and tourism, which are not measured in the official figures, meant that emissions of UK greenhouse gases – not just CO2 – have risen 19% since 1990.
Officially, Britain's output is 15% lower over that period – placing it on track to meet its 12.5% target under the Kyoto Protocol.
G8 to agree tariff steps to drive CO2 cuts - paper
Reuters
Friday July 4 2008
TOKYO, July 4 (Reuters) - G8 leaders will agree to take their own initiatives to reduce or abolish import tariffs on industrial goods that aid efforts to curb greenhouse gas emissions and thus help fight global warming, Japan's Asahi newspaper said on Friday.
Climate change is high on the agenda for the G8's July 7-9 summit in Hokkaido, northern Japan. But views differ on how much the world's emissions should be cut in the mid or long term as well as the responsibility of developed nations for such reductions.
A G8 agreement will not identify individual goods to which low or zero tariffs would be applied, but is aimed at helping to drive the World Trade Organisations' Doha round, the Asahi said without quoting sources.
Among G8 members, the European Union imposes 22 percent tariffs on small cars to protect domestic industry and Russia imposes a 10 percent tax on solar panel imports, the Asahi said.
The Doha round, launched in November 2001, has missed deadline after deadline partly because of a rift on cutting tariffs on industrial goods such as cars, shoes, fuel and timber.
WTO Director-General Pascal Lamy has called for a select group of ministers to meet on July 21 to push the Doha round toward conclusions, diplomats said.
G8 leaders will also confirm cooperation on research and development to help find breakthroughs in emission-reduction innovative technologies in such areas as fuel cell vehicles, solar power and carbon dioxide capture and storage (CCS), the Asahi said.
Japan will separately announce a rise in its spending on R&D to encourage innovation in the fields of the environment and energy of about 20 percent to $10 billion a year, the Asahi said.
That compares with a pledge by Prime Minister Yasuo Fukuda in January to set such investment at $30 billion over the next five years to help meet his proposed target for global emissions cuts of 50 percent by 2050. (Reporting by Risa Maeda; Editing by Mike Watson)
Friday July 4 2008
TOKYO, July 4 (Reuters) - G8 leaders will agree to take their own initiatives to reduce or abolish import tariffs on industrial goods that aid efforts to curb greenhouse gas emissions and thus help fight global warming, Japan's Asahi newspaper said on Friday.
Climate change is high on the agenda for the G8's July 7-9 summit in Hokkaido, northern Japan. But views differ on how much the world's emissions should be cut in the mid or long term as well as the responsibility of developed nations for such reductions.
A G8 agreement will not identify individual goods to which low or zero tariffs would be applied, but is aimed at helping to drive the World Trade Organisations' Doha round, the Asahi said without quoting sources.
Among G8 members, the European Union imposes 22 percent tariffs on small cars to protect domestic industry and Russia imposes a 10 percent tax on solar panel imports, the Asahi said.
The Doha round, launched in November 2001, has missed deadline after deadline partly because of a rift on cutting tariffs on industrial goods such as cars, shoes, fuel and timber.
WTO Director-General Pascal Lamy has called for a select group of ministers to meet on July 21 to push the Doha round toward conclusions, diplomats said.
G8 leaders will also confirm cooperation on research and development to help find breakthroughs in emission-reduction innovative technologies in such areas as fuel cell vehicles, solar power and carbon dioxide capture and storage (CCS), the Asahi said.
Japan will separately announce a rise in its spending on R&D to encourage innovation in the fields of the environment and energy of about 20 percent to $10 billion a year, the Asahi said.
That compares with a pledge by Prime Minister Yasuo Fukuda in January to set such investment at $30 billion over the next five years to help meet his proposed target for global emissions cuts of 50 percent by 2050. (Reporting by Risa Maeda; Editing by Mike Watson)
EU likely to lift target for greenhouse gas cuts by 2020 to 30 percent
The Associated Press
Published: July 3, 2008
PARIS: European Union leaders are likely to raise their target to cut emissions of greenhouse gases to 30 percent by 2020, up from the current target of 20 percent, Czech Environment Minister Martin Bursik said Thursday.
"The 20 percent target on greenhouse gas cuts will very probably change into 30 percent," Bursik told reporters at a briefing during an informal summit of EU environment and energy ministers taking place near Paris.
French Environment Minister Jean-Louis Borloo said that a 20 percent cut in comparison to 1990 levels remained the 27-nation bloc's goal, but that the environment ministers were "looking at ways of changing that to 30 percent."
EU leaders last year pledged to cut the bloc's overall greenhouse gas emissions by 20 percent below 1990 levels by 2020, or by 30 percent if the United States, Japan and others join Europe in a global international emissions trading scheme.
The emissions cuts, together with energy savings and the promotion of clean energies, are part of a package of measures that EU wants to see adopted by year's end.
Published: July 3, 2008
PARIS: European Union leaders are likely to raise their target to cut emissions of greenhouse gases to 30 percent by 2020, up from the current target of 20 percent, Czech Environment Minister Martin Bursik said Thursday.
"The 20 percent target on greenhouse gas cuts will very probably change into 30 percent," Bursik told reporters at a briefing during an informal summit of EU environment and energy ministers taking place near Paris.
French Environment Minister Jean-Louis Borloo said that a 20 percent cut in comparison to 1990 levels remained the 27-nation bloc's goal, but that the environment ministers were "looking at ways of changing that to 30 percent."
EU leaders last year pledged to cut the bloc's overall greenhouse gas emissions by 20 percent below 1990 levels by 2020, or by 30 percent if the United States, Japan and others join Europe in a global international emissions trading scheme.
The emissions cuts, together with energy savings and the promotion of clean energies, are part of a package of measures that EU wants to see adopted by year's end.
Thursday, 3 July 2008
Growth in renewables bucks global slowdown
By Fiona Harvey in London
Published: July 2 2008 03:01
Investment in renewable energy increased at a quickening pace last year in spite of the cooling in key economies.
Renewables and other forms of low-carbon energy bucked the economic slowdown, with nearly $150bn (€95bn, £75bn) invested in the technologies worldwide, according to a report from the United Nations Environment Programme.
Achim Steiner, executive director of UNEP, said: “[This] is a true cause for hope that rising concerns over climate change and energy prices are leading to a fundamental change in the way we produce and use energy.”
He said: “These figures show the finance sector’s forward view may be better at seeing the disruptive change of new technology.”
Last year’s total was an increase of 60 per cent on the previous year’s $93bn. The pace of growth was slightly higher than the 57 per cent increase in investment from $59bn in 2005.
Investment in low-carbon energy has risen more than fivefold since 2004, when it stood at $33.4bn globally.
The impact of the cooling economy was felt in early 2008, with fewer new public listings and the stock prices of sustainable energy companies down by about 18 per cent, according to the report, Global Trends in Sustainable Energy Investment 2008.
However, investors quickly recovered their nerve, probably under the influence of rising oil prices. Investment in low-carbon energy for the first half of 2008 was greater than in the first half of last year.
The report’s authors said this showed the sector was resilient to the slowdown elsewhere in the economy.
Europe took the lion’s share of renewables investment last year, followed by the US. But China, India and Brazil also saw an increasing share of investment.
Copyright The Financial Times Limited 2008
Published: July 2 2008 03:01
Investment in renewable energy increased at a quickening pace last year in spite of the cooling in key economies.
Renewables and other forms of low-carbon energy bucked the economic slowdown, with nearly $150bn (€95bn, £75bn) invested in the technologies worldwide, according to a report from the United Nations Environment Programme.
Achim Steiner, executive director of UNEP, said: “[This] is a true cause for hope that rising concerns over climate change and energy prices are leading to a fundamental change in the way we produce and use energy.”
He said: “These figures show the finance sector’s forward view may be better at seeing the disruptive change of new technology.”
Last year’s total was an increase of 60 per cent on the previous year’s $93bn. The pace of growth was slightly higher than the 57 per cent increase in investment from $59bn in 2005.
Investment in low-carbon energy has risen more than fivefold since 2004, when it stood at $33.4bn globally.
The impact of the cooling economy was felt in early 2008, with fewer new public listings and the stock prices of sustainable energy companies down by about 18 per cent, according to the report, Global Trends in Sustainable Energy Investment 2008.
However, investors quickly recovered their nerve, probably under the influence of rising oil prices. Investment in low-carbon energy for the first half of 2008 was greater than in the first half of last year.
The report’s authors said this showed the sector was resilient to the slowdown elsewhere in the economy.
Europe took the lion’s share of renewables investment last year, followed by the US. But China, India and Brazil also saw an increasing share of investment.
Copyright The Financial Times Limited 2008
Solar industry's pain in Spain
By Bryce Elder and Neil Hume
Published: July 2 2008 03:00
Solar industry operators fell after the Spanish secretary of energy proposed a lower than expected cap on annual solar installations.
Spain is estimated to buy between a fifth and a quarter of solar panels produced this year as sun farm operators have rushed to exploit a loophole in green legislation.
If the new tariffs stick, Spanish demand could drop to 4 per cent of supply, analysts at Jeffries said. "The solar industry [may have] slain the Spanish golden goose," said the broker.
Renesola fell 7.3 per cent to 415p. PV Crystalox Solar was down 0.1 per cent from 198¾p, having hit a record high in the previous session.
Aero Inventory gained 1.2 per cent to 574p amid rumours that Bridgepoint had formally tabled an indicative cash offer. The aerospace parts supplier said last month it had received a preliminary bid proposal.
Tanfield , the electric vehicle maker, warned that sales had deteriorated and that cash reserves were down to £11m after a £17m outflow in six months.
The company, whose shares had halved inside a week, dropped a further 82.7 per cent to 5½p. "The fear in the market will be that the company will run out of cash fairly soon," Daniel Stewart analyst Mike Stoddart said.
Melorio , a vocational training business, was up 1.9 per cent to 82½p after five directors bought stock.
Magazine publisher Future was marked higher by 7.8 per cent to 27¾p after several large trades were recorded. Dealers dismissed the significance, saying a market-maker had been rearranging its holding.
Eros International gained 2.7 per cent to 290p after Citigroup added the Bollywood film maker to its "buy" list.
Richard Taylor, analyst, envisaged some "serious risks" in Eros stock, including a small free float, opaque reporting methods and a possible capital raising in India. But these worries were outweighed by the potential for 27 per cent compound annual earnings growth to 2011, he said.
Copyright The Financial Times Limited 2008
Published: July 2 2008 03:00
Solar industry operators fell after the Spanish secretary of energy proposed a lower than expected cap on annual solar installations.
Spain is estimated to buy between a fifth and a quarter of solar panels produced this year as sun farm operators have rushed to exploit a loophole in green legislation.
If the new tariffs stick, Spanish demand could drop to 4 per cent of supply, analysts at Jeffries said. "The solar industry [may have] slain the Spanish golden goose," said the broker.
Renesola fell 7.3 per cent to 415p. PV Crystalox Solar was down 0.1 per cent from 198¾p, having hit a record high in the previous session.
Aero Inventory gained 1.2 per cent to 574p amid rumours that Bridgepoint had formally tabled an indicative cash offer. The aerospace parts supplier said last month it had received a preliminary bid proposal.
Tanfield , the electric vehicle maker, warned that sales had deteriorated and that cash reserves were down to £11m after a £17m outflow in six months.
The company, whose shares had halved inside a week, dropped a further 82.7 per cent to 5½p. "The fear in the market will be that the company will run out of cash fairly soon," Daniel Stewart analyst Mike Stoddart said.
Melorio , a vocational training business, was up 1.9 per cent to 82½p after five directors bought stock.
Magazine publisher Future was marked higher by 7.8 per cent to 27¾p after several large trades were recorded. Dealers dismissed the significance, saying a market-maker had been rearranging its holding.
Eros International gained 2.7 per cent to 290p after Citigroup added the Bollywood film maker to its "buy" list.
Richard Taylor, analyst, envisaged some "serious risks" in Eros stock, including a small free float, opaque reporting methods and a possible capital raising in India. But these worries were outweighed by the potential for 27 per cent compound annual earnings growth to 2011, he said.
Copyright The Financial Times Limited 2008
Rebel MPs are promised changes to road tax reforms
Philip Webster and Siobhan Kennedy
The Government is expected to climb down on its controversial plans to impose retrospective charges as part of its road tax shake-up.
It is understood that promises of changes to the scheme, which is designed to penalise drivers of high-polluting vehicles, persuaded Labour MPs to back away from a revolt.
In the end only six Labour rebels voted with the Conservatives to end retrospective charge, which will affect people who bought cars after 2002, although at least 50 had voiced their concerns. But MPs have warned ministers that if Alistair Darling, in his PreBudget Report in the autumn, failed to make the changes, the plans would almost certainly be defeated later in the year.
Angela Eagle, Exchequer Secretary to the Treasury, who had denied that the plans were retrospective, told worried MPs that she had been listening closely to their views. There were no “easy solutions”, she said.
Behind the scenes, MPs had received far stronger private assurances from the whips that the matter would be “sorted”.
The Government is expected to climb down on its controversial plans to impose retrospective charges as part of its road tax shake-up.
It is understood that promises of changes to the scheme, which is designed to penalise drivers of high-polluting vehicles, persuaded Labour MPs to back away from a revolt.
In the end only six Labour rebels voted with the Conservatives to end retrospective charge, which will affect people who bought cars after 2002, although at least 50 had voiced their concerns. But MPs have warned ministers that if Alistair Darling, in his PreBudget Report in the autumn, failed to make the changes, the plans would almost certainly be defeated later in the year.
Angela Eagle, Exchequer Secretary to the Treasury, who had denied that the plans were retrospective, told worried MPs that she had been listening closely to their views. There were no “easy solutions”, she said.
Behind the scenes, MPs had received far stronger private assurances from the whips that the matter would be “sorted”.
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