Reuters, Thursday October 22 2009
* SunPower disappoints with lowered outlook
* Akeena takes advantage of lower panel costs
* MEMC to acquire commercial solar financier SunEdison
(Adds executive comments)
By Poornima Gupta and Laura Isensee
SAN FRANCISCO, Oct 22 (Reuters) - U.S. solar companies SunPower Corp and Akeena Solar Inc on Thursday posted results that topped Wall Street estimates, but offered little hope the market for the renewable energy source would rebound this year.
The two companies said the solar sector was seeing a slow improvement, but also admitted the industry has yet to overcome the oversupply problems that have driven prices for panels down by about 50 percent in the past 12 months.
"The industry is seeing a much more balanced picture in demand and supply," said SunPower's chief executive, Tom Werner, in an interview.
SunPower, which posted lower net income and trimmed its full-year earnings forecast to the low end of its previous range, said the financing environment for solar projects was improving, and the average selling price fell less than 10 percent during the third quarter.
The company's forecast narrowed in part because some of its large-scale projects have moved into the early part of 2010, Werner said in an interview.
"The good news there is that we're still sold out and we go in with a very strong pipeline into 2010," Werner said, adding that the company is "better positioned" for the first quarter of 2010 than it was for the first quarter in 2009.
Werner also told reporters during a conference call he saw residential demand strengthening in all markets, but still expected average selling prices of panels to weaken in the fourth quarter.
SunPower shares tumbled 13 percent to $29.05 following the results in extended trade after closing at $33.30 on the Nasdaq. ID:nN19401993
Demand for systems that turn sunlight into electricity has taken a hit because of the global financial crisis and an oversupply of cells and modules caused by a cutback in Spanish subsidies.
Investors are also now fretting over how much and when Germany's government will cut aid to its solar industry, the world's top market.
Werner said SunPower has always prepared for a decline in solar aid in Germany but noted that Germany is a "great market" even with a change in the country's subsidy.
MEMC Electronic Materials Inc, which produces silicon wafers that are a key component in solar cells, swung to a larger-than-expected quarterly loss but said it saw sequential increase in demand.
MEMC said it expected nearly flat revenues during the fourth quarter as compared to the third -- an outlook executives at the company said was conservative given the uncertainty over pricing.
The company's shares fell nearly 2 percent in after-market trading on the New York Stock Exchange.
MEMC also announced it plans to acquire privately held SunEdison, which designs, installs and finances solar systems for commercial customers. ID:nN2251354
Smaller solar power systems maker Akeena Solar Inc posted a narrower-than-expected third-quarter loss as it took advantage of lower panel prices and cheaper installation costs.
But shares of the company closed down nearly 2 percent after it said that installation results in the fourth quarter would likely be similar to those in the third quarter.
Akeena said net sales for the quarter fell 27 percent to $7.7 million, reflecting decline in commercial revenue due to the tight credit market and overall economic conditions. ID:nBNG480161
(Reporting by Poornima Gupta, Laura Isensee in Los Angeles, Matt Daily in New York and Arundhati Ramanathan in Bangalore; Editing by Bernard Orr, Phil Berlowitz)
Friday, 23 October 2009
Two nuclear power stations and five wind farms to be considered by controversial new planning body
Campaigners fear two new nuclear power stations and five wind farms will go ahead after applications were submitted to a powerful new Government body set up to push through controversial projects.
By Louise Gray, Environment CorrespondentPublished: 7:30AM BST 22 Oct 2009
The Infrastructure Planning Commission (IPC) was formed to speed up the planning process amid fears major developments were getting bogged down in local protests.
Today (Thurs) the IPC announced its first projects including applications from French firm EDF for two new nuclear power stations at Hinkley Point C and Sizewell C as well as five wind farms and a major biomass plant.
However the Campaign to Protect Rural England (CPRE) fear the projects will be railroaded through by the new body without considering local fears.
The IPC was set up earlier this month to look at planning applications for developments "of national importance" such as power stations and roads. Although councils will give evidence and there will be local consultation, the IPC will make the ultimate decision based on plans set out by the Government in National Policy Statements.
Fiona Howie, Head of Planning and Regions at the CPRE, said the Government has already made clear it favours nuclear.
"A huge amount will depend on the [forthcoming] National Policy Statement. If they say yes to nuclear then it will be very very difficult for the IPC to refuse them," she said.
She said the CPRE remain concerned that the IPC will override the opinion of the local community.
"Whilst we recognise national good versus local concerns, our worry is will anyone be able to influence anything once the NPS is set out?" she asked.
But Sir Michael Pitt, Chair of the IPC, emphasised that the public will be able to take part in the process.
"The projects we are highlighting today raise important issues for the nation and for local communities and we want the public to have confidence that their views will be heard. In every case there will be an opportunity for an open floor hearing as part of the IPC examination process."
By Louise Gray, Environment CorrespondentPublished: 7:30AM BST 22 Oct 2009
The Infrastructure Planning Commission (IPC) was formed to speed up the planning process amid fears major developments were getting bogged down in local protests.
Today (Thurs) the IPC announced its first projects including applications from French firm EDF for two new nuclear power stations at Hinkley Point C and Sizewell C as well as five wind farms and a major biomass plant.
However the Campaign to Protect Rural England (CPRE) fear the projects will be railroaded through by the new body without considering local fears.
The IPC was set up earlier this month to look at planning applications for developments "of national importance" such as power stations and roads. Although councils will give evidence and there will be local consultation, the IPC will make the ultimate decision based on plans set out by the Government in National Policy Statements.
Fiona Howie, Head of Planning and Regions at the CPRE, said the Government has already made clear it favours nuclear.
"A huge amount will depend on the [forthcoming] National Policy Statement. If they say yes to nuclear then it will be very very difficult for the IPC to refuse them," she said.
She said the CPRE remain concerned that the IPC will override the opinion of the local community.
"Whilst we recognise national good versus local concerns, our worry is will anyone be able to influence anything once the NPS is set out?" she asked.
But Sir Michael Pitt, Chair of the IPC, emphasised that the public will be able to take part in the process.
"The projects we are highlighting today raise important issues for the nation and for local communities and we want the public to have confidence that their views will be heard. In every case there will be an opportunity for an open floor hearing as part of the IPC examination process."
Multinationals plan to invest in British wind energy
Robin Pagnamenta: Energy Editor
Ikea, the Swedish home goods retailer, and Google, the American internet giant, are among a growing list of multinationals that are considering investing in Britain’s offshore wind industry, according to one of Europe’s most senior energy dealmakers.
John Lynch, head of power and utilities at Bank of America Merrill Lynch, told a CBI energy conference yesterday that the sector was attracting strong interest from a variety of companies keen to invest in renewable power to help meet commitments to cut their carbon emissions.
He also named Microsoft and Wal-Mart as businesses that had been examining opportunities. “We are seeing a lot of interest in UK offshore wind,” Mr Lynch said. “This is a technology that the UK is leading in and these companies are looking at ways to get involved because it meets their own corporate social responsibility objectives ... It’s anecdotal at the moment but there is certainly a lot of interest.”
Ikea has a long-term plan to supply all of its stores, warehouses and offices worldwide with 100 per cent renewable energy generated from wind, solar, biofuel and geothermal power.
The company is exploring ways to achieve this goal, with one option being the acquisition of minority stakes in wind parks or in solar farms operated by utility companies.
A spokeswoman for Google declined to comment on specific investment opportunities in which the company might be interested, but she pointed out that it has a long-standing commitment to renewable energy.
Computer data centres require large amounts of electricity for power and cooling, and consume about 2 per cent of all US energy generation.
Just one facility can draw approximately 40 megawatts of electricity — enough to supply a town of 40,000 people.
The Google spokeswoman said the company was “working to develop electricity from renewable energy sources that is cheaper than electricity produced from coal, with a goal of producing one gigawatt of renewable energy capacity — enough to power a city the size of San Francisco — in years, not decades”.
As part of this effort, she said that Google was making a series of strategic investments and grants.
Mr Lynch said the projects that were attracting the greatest interest were the giant “Round Three” offshore wind farm projects that are being offered by the Crown Estate, which owns Britain’s seabed.
To meet its target of cutting carbon emissions by 80 per cent by 2050 compared with 1990, Britain has launched a programme to expand its offshore wind farms, already the world’s biggest at about one gigawatt, to between 33 and 40 gigawatts by 2020.
To achieve this, about £100 billion of investment will be required by 2020, the Crown Estate reported this month.
The figures include up to £70 billion for wind turbines, £10 billion to £20 billion for power transmission systems and a further £10 billion to £20 billion for other items.
The total generating capacity of all Britain’s power stations and wind farms stands at about 75 gigawatts.
The Round 3 offshore wind projects are divided into nine zones with the first turbine expected to be in the water in 2014.
Dermot Grimson, head of external affairs for the Crown Estate, said the group had been briefing a very wide range of groups about the projects.
Ikea, the Swedish home goods retailer, and Google, the American internet giant, are among a growing list of multinationals that are considering investing in Britain’s offshore wind industry, according to one of Europe’s most senior energy dealmakers.
John Lynch, head of power and utilities at Bank of America Merrill Lynch, told a CBI energy conference yesterday that the sector was attracting strong interest from a variety of companies keen to invest in renewable power to help meet commitments to cut their carbon emissions.
He also named Microsoft and Wal-Mart as businesses that had been examining opportunities. “We are seeing a lot of interest in UK offshore wind,” Mr Lynch said. “This is a technology that the UK is leading in and these companies are looking at ways to get involved because it meets their own corporate social responsibility objectives ... It’s anecdotal at the moment but there is certainly a lot of interest.”
Ikea has a long-term plan to supply all of its stores, warehouses and offices worldwide with 100 per cent renewable energy generated from wind, solar, biofuel and geothermal power.
The company is exploring ways to achieve this goal, with one option being the acquisition of minority stakes in wind parks or in solar farms operated by utility companies.
A spokeswoman for Google declined to comment on specific investment opportunities in which the company might be interested, but she pointed out that it has a long-standing commitment to renewable energy.
Computer data centres require large amounts of electricity for power and cooling, and consume about 2 per cent of all US energy generation.
Just one facility can draw approximately 40 megawatts of electricity — enough to supply a town of 40,000 people.
The Google spokeswoman said the company was “working to develop electricity from renewable energy sources that is cheaper than electricity produced from coal, with a goal of producing one gigawatt of renewable energy capacity — enough to power a city the size of San Francisco — in years, not decades”.
As part of this effort, she said that Google was making a series of strategic investments and grants.
Mr Lynch said the projects that were attracting the greatest interest were the giant “Round Three” offshore wind farm projects that are being offered by the Crown Estate, which owns Britain’s seabed.
To meet its target of cutting carbon emissions by 80 per cent by 2050 compared with 1990, Britain has launched a programme to expand its offshore wind farms, already the world’s biggest at about one gigawatt, to between 33 and 40 gigawatts by 2020.
To achieve this, about £100 billion of investment will be required by 2020, the Crown Estate reported this month.
The figures include up to £70 billion for wind turbines, £10 billion to £20 billion for power transmission systems and a further £10 billion to £20 billion for other items.
The total generating capacity of all Britain’s power stations and wind farms stands at about 75 gigawatts.
The Round 3 offshore wind projects are divided into nine zones with the first turbine expected to be in the water in 2014.
Dermot Grimson, head of external affairs for the Crown Estate, said the group had been briefing a very wide range of groups about the projects.
Windows 7: Why Microsoft's energy-saving claims don't add up
Microsoft's low-light mode doesn't earn it the right to claim its new operating system is eco-friendly
Fred Pearce
guardian.co.uk, Thursday 22 October 2009 10.04 BST
You will have spotted the ballyhoo by now - Microsoft's new Windows 7 operating system is out today. And, rather as when Microsoft launched Vista three years ago, the company is trumpeting its energy-saving credentials. Windows 7 offers "more than just lip service" on eco-friendly features.
Microsoft is not making any specific claims about how much power Windows 7 can save, though in a demo for journalists in California recently, a laptop playing a DVD achieved 20% more battery life with Windows 7 than with Vista.
Microsoft's coyness is fair enough. The energy gains depend too much on the interface between hardware and software.
Instead, it claims to offer green-minded consumers more options. When running Windows 7, individual users can more easily decide how bright they want their screens, for instance. And corporate IT departments will be able to run power-efficiency diagnostics (pdf) to optimise the operation of PCs within their networks.
That is all to the good. Choice is important. But you have to wonder how many IT departments will take the trouble to explore the energy-saving possibilities of the new Windows when, according to Francois Ajenstat, director for environmental sustainability at Microsoft, "probably 70% of business users leave PCs on at night."
First things first, you might say. Arguably Microsoft should be giving its users rather fewer choices and rather more shoves in the direction of using their machines more efficiently.
Take the screen. The biggest energy user for most PCs and laptops, it typically consumes 40-50% of the power. As one of Microsoft's engineering blogs puts it: "The easiest way to save power on a desktop PC is to reduce the display idle timeout to something very aggressive, such as two or five minutes". So the best way for Microsoft to use its software to improve power efficiency would be to set an "aggressive" timeout as the default setting.
But no. Instead, the company has introduced a new low-light mode as an alternative way to save energy without plunging the machine into sleep mode. If this, as seems likely, ends up persuading users that they don't need to bother with sleep mode, or the inconvenience of waking the machine up again, then it sounds like a retrogressive step.
A lot of people say that Microsoft operating systems are much less energy-efficient that the Mac OS X preloaded on Apple machines. I don't want to join the long-running war between Microsoft and Apple over whose universe is best, but there is plenty of analysis out there suggesting that, for many tasks, Apple machines running with Apple operating systems use little more than half as much power as either Apples or PCs that are running Vista.
That may not be the full story, but I have yet to see anyone claiming Vista is better than Apple on the energy front.
But actually none of this is the big issue. The big issue is hardware.
Most commentators say the power savings claimed for Windows 7 won't amount to much until the new system is run on new hardware configured to take advantage. We can be fairly sure that big manufacturers like Hewlett-Packard, Acer and Dell will be bringing out new models to encourage the switchover – just in time for Christmas.
Microsoft certainly hopes so. "For the vast majority of people that get Windows 7, most will move to new hardware," according to Parri Munsell, its director for consumer product management.
Critics say this is hardly surprising. Microsoft makes it so hard to install "7" on an existing machine that most people will adopt it by going out to buy new kit. Could this be a good thing? After all, surely the quicker customers switch to Windows 7 the less their energy demands and the lower their carbon footprint.
I think not.
Eric Williams of the United Nations University calculated five years ago that most of the carbon footprint for a typical desktop computer comes not from running it but from making it. Manufacturing made up a staggering 81% of the footprint, a much greater proportion than for other household electric goods like fridges and TVs.
So if introducing Windows 7 involves buying a new computer that is bad news. By my calculation, almost any likely energy saving from running Windows 7 would be wiped out by bringing forward the purchase of your next computer by more than a few weeks.
That's the story Microsoft won't tell you, and Dell, Acer and Hewlett-Packard certainly won't tell you. If you want to cut the carbon emissions from your computing, the best way is to stick with your old machine – even if you stick with the old operating system.
Fred Pearce
guardian.co.uk, Thursday 22 October 2009 10.04 BST
You will have spotted the ballyhoo by now - Microsoft's new Windows 7 operating system is out today. And, rather as when Microsoft launched Vista three years ago, the company is trumpeting its energy-saving credentials. Windows 7 offers "more than just lip service" on eco-friendly features.
Microsoft is not making any specific claims about how much power Windows 7 can save, though in a demo for journalists in California recently, a laptop playing a DVD achieved 20% more battery life with Windows 7 than with Vista.
Microsoft's coyness is fair enough. The energy gains depend too much on the interface between hardware and software.
Instead, it claims to offer green-minded consumers more options. When running Windows 7, individual users can more easily decide how bright they want their screens, for instance. And corporate IT departments will be able to run power-efficiency diagnostics (pdf) to optimise the operation of PCs within their networks.
That is all to the good. Choice is important. But you have to wonder how many IT departments will take the trouble to explore the energy-saving possibilities of the new Windows when, according to Francois Ajenstat, director for environmental sustainability at Microsoft, "probably 70% of business users leave PCs on at night."
First things first, you might say. Arguably Microsoft should be giving its users rather fewer choices and rather more shoves in the direction of using their machines more efficiently.
Take the screen. The biggest energy user for most PCs and laptops, it typically consumes 40-50% of the power. As one of Microsoft's engineering blogs puts it: "The easiest way to save power on a desktop PC is to reduce the display idle timeout to something very aggressive, such as two or five minutes". So the best way for Microsoft to use its software to improve power efficiency would be to set an "aggressive" timeout as the default setting.
But no. Instead, the company has introduced a new low-light mode as an alternative way to save energy without plunging the machine into sleep mode. If this, as seems likely, ends up persuading users that they don't need to bother with sleep mode, or the inconvenience of waking the machine up again, then it sounds like a retrogressive step.
A lot of people say that Microsoft operating systems are much less energy-efficient that the Mac OS X preloaded on Apple machines. I don't want to join the long-running war between Microsoft and Apple over whose universe is best, but there is plenty of analysis out there suggesting that, for many tasks, Apple machines running with Apple operating systems use little more than half as much power as either Apples or PCs that are running Vista.
That may not be the full story, but I have yet to see anyone claiming Vista is better than Apple on the energy front.
But actually none of this is the big issue. The big issue is hardware.
Most commentators say the power savings claimed for Windows 7 won't amount to much until the new system is run on new hardware configured to take advantage. We can be fairly sure that big manufacturers like Hewlett-Packard, Acer and Dell will be bringing out new models to encourage the switchover – just in time for Christmas.
Microsoft certainly hopes so. "For the vast majority of people that get Windows 7, most will move to new hardware," according to Parri Munsell, its director for consumer product management.
Critics say this is hardly surprising. Microsoft makes it so hard to install "7" on an existing machine that most people will adopt it by going out to buy new kit. Could this be a good thing? After all, surely the quicker customers switch to Windows 7 the less their energy demands and the lower their carbon footprint.
I think not.
Eric Williams of the United Nations University calculated five years ago that most of the carbon footprint for a typical desktop computer comes not from running it but from making it. Manufacturing made up a staggering 81% of the footprint, a much greater proportion than for other household electric goods like fridges and TVs.
So if introducing Windows 7 involves buying a new computer that is bad news. By my calculation, almost any likely energy saving from running Windows 7 would be wiped out by bringing forward the purchase of your next computer by more than a few weeks.
That's the story Microsoft won't tell you, and Dell, Acer and Hewlett-Packard certainly won't tell you. If you want to cut the carbon emissions from your computing, the best way is to stick with your old machine – even if you stick with the old operating system.
Aggreko's Rupert Soames: Churchill's grandson brings light to Africa
Chief executive of Scottish generator-hire company Aggreko provides power – from Kenya to Glastonbury
Tim Webb
guardian.co.uk, Friday 23 October 2009
For the only time during the interview, Rupert Soames, chief executive of heavy-duty generator rental firm Aggreko, seems genuinely lost for words.
It's a bit like one of those awkward Desert Island Discs moments on Radio 4, when the interviewee becomes uncomfortable if the questions get too personal, that passes only when the next disc is introduced.
Soames has veered off from talking about Aggreko to try to explain his obvious and genuine fascination with Africa, where hundreds of millions of people – and their governments – rely on his company to keep the lights on.
After a long pause, he finds the phrase he's looking for: "It's the potential of the place. The size … People have to struggle with really difficult issues – many of their own making, many of other people's making."
A quick look at his family tree provides an obvious explanation for his passion. His father was Lord Soames, the last governor of what was then Rhodesia and the man responsible for the British-run elections that brought Robert Mugabe to power in 1980. This is how his "romantic attachment" to the continent began, he suggests, but you could say it was already in his blood: 45 years ago, his maternal grandfather, Winston Churchill, was a staunch but ultimately failed defender of Britain's vast African colonies.
Meeting the convivial Soames, who has a Churchillian turn of phrase to match his ancestry, it is impossible to escape the spectre of history or politics. On his office walls are framed loan notes issued after the Great Crash of 1929. Even some of his expressions seem to belong to a different era, and he is fond of quoting Evelyn Waugh's 1938 novel, Scoop, about a foreign correspondent covering a war in Africa.
Like his grandfather, who, appropriately, first came to public attention with his exploits as a reporter covering colonial wars, he does not beat around the bush. In Africa, Soames declares, "solar is about as much use as an ashtray on a motorbike".
His argument was that peak demand for electricity in Africa occurs after the sun has gone down, between 9pm and midnight. Solar can only help meet this in conjunction with hydro-electricty, which provides much of Africa's power.
But when the rains fail – as they are doing more and more often – the dams dry up and cannot generate electricity. Because most developing countries have limited back-up power generation, governments have to get the likes of Aggreko to ship in large mobile generators to provide temporary power. When renewables like solar or hydro aren't working, Soames comes calling – often literally.
Blackouts
Kenya is a good example. After the rains failed this summer and its hydro plants ground to a halt, the government paid Aggreko to rent 290MW of generating capacity for a year to help limit the waves of power cuts. If the rains come next year, Aggreko will pack up its kit and leave. If they fail again, the generators will probably stay, he says.
In Africa, where Aggreko does most of its business, the number of blackouts is rising as countries' crumbling energy infrastructure fails to keep pace with economic growth.
Soames quotes a World Bank report that estimates African businesses lose 56 days of production each year owing to power shortages, or more than one in five working days. This is good for Aggreko and its business is booming, with shares hitting an all-time high this week. But its diesel- and gas-powered generators operate at higher costs than hydro power and many larger conventional fossil fuel plants, pushing up the price of electricity for the utilities.
Nevertheless, keeping the lights on is a political imperative. "In developing countries, power is right up the hierarchy. In most developing countries, people take whether the lights are on or not as an indicator of good or bad government. The politicians know this and we would hardly do a contract where the energy minister or prime minister is not involved in some way."
This can make Aggreko's business unpredictable and often the company has to respond swiftly. "They say rush rush, hurry hurry, rush. Often we are dealing with customers who have absolutely horrific political issues to deal with," he says.
Sometimes the state-owned utilities miss their payments, which calls for some shuttle diplomacy. "You don't get a payment for two or three months and we go down and protest and beg and sit outside the minister's office, and say please, pretty please, pay us," he says. "Then a wodge of money will come."
In six years of running the international operation of Aggreko, no one has refused to pay outright or seized Aggreko's equipment, although Soames expects something of the sort to happen sooner or later.
The nature of Aggreko's business often brings it into conflict zones or countries still trying to rebuild their infrastructure after a war. One of Aggreko's generators took a direct hit in Iraq recently. "We have been shelled before, but to actually get one through the front of the generator was a little closer than we would have liked. We often deal in places which are very dangerous."
Aggreko, based in Dumbarton in Scotland, has a fleet of power generators that, combined, could provide almost a tenth of Britain's peak electricity demand. Not all of its equipment is deployed in developing countries: it shipped generators out to the US last year after hurricanes Gustav and Ike wrecked existing plants.
Problems
While the international business is growing, the company makes two-thirds of its revenue from renting equipment to supply electricity for organised events, such as the Glastonbury music festival or the Olympic Games in Beijing.
While Soames knows a thing or two about power cuts in Africa, he worries that Britain could suffer from similar problems in a few years unless the government makes investing in new power plants viable for companies. He also believes low-carbon generation such as clean coal are not yet ready to replace the existing clapped-out gas and coal power plants built in the 1960s.
"We have to be realistic: the technologies that people would love to imagine are going to lead to a very high proportion of energy generation coming from renewables are not at a stage where they can be deployed at a large scale globally," he warns. "We have to understand what is the art of the possible."
Does that mean that Soames – in the footsteps of his brother Nicholas, the former Tory minister of state for the armed forces – is itching to get into politics, to knock a few heads together? "One Soames is enough," he growls.
Tim Webb
guardian.co.uk, Friday 23 October 2009
For the only time during the interview, Rupert Soames, chief executive of heavy-duty generator rental firm Aggreko, seems genuinely lost for words.
It's a bit like one of those awkward Desert Island Discs moments on Radio 4, when the interviewee becomes uncomfortable if the questions get too personal, that passes only when the next disc is introduced.
Soames has veered off from talking about Aggreko to try to explain his obvious and genuine fascination with Africa, where hundreds of millions of people – and their governments – rely on his company to keep the lights on.
After a long pause, he finds the phrase he's looking for: "It's the potential of the place. The size … People have to struggle with really difficult issues – many of their own making, many of other people's making."
A quick look at his family tree provides an obvious explanation for his passion. His father was Lord Soames, the last governor of what was then Rhodesia and the man responsible for the British-run elections that brought Robert Mugabe to power in 1980. This is how his "romantic attachment" to the continent began, he suggests, but you could say it was already in his blood: 45 years ago, his maternal grandfather, Winston Churchill, was a staunch but ultimately failed defender of Britain's vast African colonies.
Meeting the convivial Soames, who has a Churchillian turn of phrase to match his ancestry, it is impossible to escape the spectre of history or politics. On his office walls are framed loan notes issued after the Great Crash of 1929. Even some of his expressions seem to belong to a different era, and he is fond of quoting Evelyn Waugh's 1938 novel, Scoop, about a foreign correspondent covering a war in Africa.
Like his grandfather, who, appropriately, first came to public attention with his exploits as a reporter covering colonial wars, he does not beat around the bush. In Africa, Soames declares, "solar is about as much use as an ashtray on a motorbike".
His argument was that peak demand for electricity in Africa occurs after the sun has gone down, between 9pm and midnight. Solar can only help meet this in conjunction with hydro-electricty, which provides much of Africa's power.
But when the rains fail – as they are doing more and more often – the dams dry up and cannot generate electricity. Because most developing countries have limited back-up power generation, governments have to get the likes of Aggreko to ship in large mobile generators to provide temporary power. When renewables like solar or hydro aren't working, Soames comes calling – often literally.
Blackouts
Kenya is a good example. After the rains failed this summer and its hydro plants ground to a halt, the government paid Aggreko to rent 290MW of generating capacity for a year to help limit the waves of power cuts. If the rains come next year, Aggreko will pack up its kit and leave. If they fail again, the generators will probably stay, he says.
In Africa, where Aggreko does most of its business, the number of blackouts is rising as countries' crumbling energy infrastructure fails to keep pace with economic growth.
Soames quotes a World Bank report that estimates African businesses lose 56 days of production each year owing to power shortages, or more than one in five working days. This is good for Aggreko and its business is booming, with shares hitting an all-time high this week. But its diesel- and gas-powered generators operate at higher costs than hydro power and many larger conventional fossil fuel plants, pushing up the price of electricity for the utilities.
Nevertheless, keeping the lights on is a political imperative. "In developing countries, power is right up the hierarchy. In most developing countries, people take whether the lights are on or not as an indicator of good or bad government. The politicians know this and we would hardly do a contract where the energy minister or prime minister is not involved in some way."
This can make Aggreko's business unpredictable and often the company has to respond swiftly. "They say rush rush, hurry hurry, rush. Often we are dealing with customers who have absolutely horrific political issues to deal with," he says.
Sometimes the state-owned utilities miss their payments, which calls for some shuttle diplomacy. "You don't get a payment for two or three months and we go down and protest and beg and sit outside the minister's office, and say please, pretty please, pay us," he says. "Then a wodge of money will come."
In six years of running the international operation of Aggreko, no one has refused to pay outright or seized Aggreko's equipment, although Soames expects something of the sort to happen sooner or later.
The nature of Aggreko's business often brings it into conflict zones or countries still trying to rebuild their infrastructure after a war. One of Aggreko's generators took a direct hit in Iraq recently. "We have been shelled before, but to actually get one through the front of the generator was a little closer than we would have liked. We often deal in places which are very dangerous."
Aggreko, based in Dumbarton in Scotland, has a fleet of power generators that, combined, could provide almost a tenth of Britain's peak electricity demand. Not all of its equipment is deployed in developing countries: it shipped generators out to the US last year after hurricanes Gustav and Ike wrecked existing plants.
Problems
While the international business is growing, the company makes two-thirds of its revenue from renting equipment to supply electricity for organised events, such as the Glastonbury music festival or the Olympic Games in Beijing.
While Soames knows a thing or two about power cuts in Africa, he worries that Britain could suffer from similar problems in a few years unless the government makes investing in new power plants viable for companies. He also believes low-carbon generation such as clean coal are not yet ready to replace the existing clapped-out gas and coal power plants built in the 1960s.
"We have to be realistic: the technologies that people would love to imagine are going to lead to a very high proportion of energy generation coming from renewables are not at a stage where they can be deployed at a large scale globally," he warns. "We have to understand what is the art of the possible."
Does that mean that Soames – in the footsteps of his brother Nicholas, the former Tory minister of state for the armed forces – is itching to get into politics, to knock a few heads together? "One Soames is enough," he growls.
Toshiba eyes rare metals venture with Kazatomprom
Reuters, Friday October 23 2009
* Venture to be set up by the end of the year
* Partnership to include dysprosium, neodynmium, rhenium (Adds details, background)
TOKYO, Oct 23 (Reuters) - Toshiba Corp said on Friday it aims to set up a rare metals joint venture by the year's end with Kazakhstan state-owned firm Kazatomprom, as growing sales of electric and hybrid cars spurs demand for the materials.
Toshiba, which has teamed up with Kazatomprom on uranium mine development, plans to expand their partnership to include rare metals, such as dysprosium, neodymium and rhenium -- byproducts of uranium production.
Neodymium, for instance is a key component used to make high-power magnets in electric motors of hybrid cars, such as Toyota Motor Corp's Prius and Honda's Insight.
Rare earth metals are used in a wide range of products, from cellphones and laptops to generators for wind turbines, and Japanese firms and the government are hurrying to secure reserves as China's appetite for the metals grows.
Toshiba and Kazatomprom, which holds 10 percent of Toshiba's U.S. nuclear unit Westinghouse, last year said they would consider possible ways to work together on rare metals such as beryllium and tantalum for use in nuclear power plants. (Reporting by Mayumi Negishi; Editing by Edwina Gibbs)
* Venture to be set up by the end of the year
* Partnership to include dysprosium, neodynmium, rhenium (Adds details, background)
TOKYO, Oct 23 (Reuters) - Toshiba Corp said on Friday it aims to set up a rare metals joint venture by the year's end with Kazakhstan state-owned firm Kazatomprom, as growing sales of electric and hybrid cars spurs demand for the materials.
Toshiba, which has teamed up with Kazatomprom on uranium mine development, plans to expand their partnership to include rare metals, such as dysprosium, neodymium and rhenium -- byproducts of uranium production.
Neodymium, for instance is a key component used to make high-power magnets in electric motors of hybrid cars, such as Toyota Motor Corp's Prius and Honda's Insight.
Rare earth metals are used in a wide range of products, from cellphones and laptops to generators for wind turbines, and Japanese firms and the government are hurrying to secure reserves as China's appetite for the metals grows.
Toshiba and Kazatomprom, which holds 10 percent of Toshiba's U.S. nuclear unit Westinghouse, last year said they would consider possible ways to work together on rare metals such as beryllium and tantalum for use in nuclear power plants. (Reporting by Mayumi Negishi; Editing by Edwina Gibbs)
Car scrappage scheme sparks switch to greener vehicles
Manfacturers see rise in demand for smaller, fuel-efficient cars
Adam Vaughan
guardian.co.uk, Thursday 22 October 2009 13.32 BST
The government's car scrappage scheme has had a surprisingly positive environmental effect. Motorists buying new cars through the scheme, that was introduced at this year's budget, are opting for greener and smaller models than the average new car buyer, industry figures reveal.
When the UK scrappage scheme began in May it was roundly criticised by environmental campaigners and commentators for not enforcing fuel efficiency standards for new cars bought through the scheme. But figures released by the car manufacturers' trade association SMMT this week show the scheme has had a surprising green halo, with new cars bought through it emitting 10.9% less (16g/km CO2) than the average new car.
Scrappage buyers were also three times more likely than average to buy the smallest class of car - "minis" such as the Smart Fortwo - and a third more cars bought through the scheme were larger "superminis" such as the Hyundai i10. New cars bought through the scheme had average CO2 emissions of 131.1g/km CO2, 27.4% below the average CO2 (181.9g/km CO2) of the scrapped cars.
By 2015, average emissions across European fleets will have to emit less than 130g/km CO2 under EU law. The UK was recently criticised by transport campaigners for lagging behind other European countries such as Portugal, Italy and Spain on average CO2 levels from new cars.
The SMMT figures cover 80% of the 178,253 cars registered between May and September through the scheme, which has been warmly welcomed by the industry. Paul Everitt, SMMT's chief executive, said, "Since launching, the scrappage incentive scheme has provided a welcome boost to new car registrations. Not only is it helping to reduce average CO2 emissions, but it is putting safer vehicles on our roads."
But environmental campaigners warned the emissions cuts were simply incidental. Tony Bosworth, Friends of the Earth's transport campaigner, said: "We're pleased that people are buying less polluting new cars, but we mustn't be fooled into thinking that this was a deliberate aim of the scrappage scheme. Ministers must do far more to encourage low-carbon development and take tough action to ensure that greener cars are bought and driven. And the motor industry, which has consistently opposed tough measures to tackle climate change, must be forced to get serious about cutting emissions."
The switch to greener cars as a result of the UK scrappage scheme echoes the pattern set by the US "cash-for-clunkers" scheme, which saw SUVs and pick-up trucks account for 83% of the most-traded cars. The US administration claimed new cars bought through the programme were 63% less polluting than the old ones, though campaigners criticised it as an costly method of reducing carbon emissions.
The SMMT data follows preliminary analysis by experts earlier this year that suggested scrappage buyers were switching to smaller and more efficient cars
Adam Vaughan
guardian.co.uk, Thursday 22 October 2009 13.32 BST
The government's car scrappage scheme has had a surprisingly positive environmental effect. Motorists buying new cars through the scheme, that was introduced at this year's budget, are opting for greener and smaller models than the average new car buyer, industry figures reveal.
When the UK scrappage scheme began in May it was roundly criticised by environmental campaigners and commentators for not enforcing fuel efficiency standards for new cars bought through the scheme. But figures released by the car manufacturers' trade association SMMT this week show the scheme has had a surprising green halo, with new cars bought through it emitting 10.9% less (16g/km CO2) than the average new car.
Scrappage buyers were also three times more likely than average to buy the smallest class of car - "minis" such as the Smart Fortwo - and a third more cars bought through the scheme were larger "superminis" such as the Hyundai i10. New cars bought through the scheme had average CO2 emissions of 131.1g/km CO2, 27.4% below the average CO2 (181.9g/km CO2) of the scrapped cars.
By 2015, average emissions across European fleets will have to emit less than 130g/km CO2 under EU law. The UK was recently criticised by transport campaigners for lagging behind other European countries such as Portugal, Italy and Spain on average CO2 levels from new cars.
The SMMT figures cover 80% of the 178,253 cars registered between May and September through the scheme, which has been warmly welcomed by the industry. Paul Everitt, SMMT's chief executive, said, "Since launching, the scrappage incentive scheme has provided a welcome boost to new car registrations. Not only is it helping to reduce average CO2 emissions, but it is putting safer vehicles on our roads."
But environmental campaigners warned the emissions cuts were simply incidental. Tony Bosworth, Friends of the Earth's transport campaigner, said: "We're pleased that people are buying less polluting new cars, but we mustn't be fooled into thinking that this was a deliberate aim of the scrappage scheme. Ministers must do far more to encourage low-carbon development and take tough action to ensure that greener cars are bought and driven. And the motor industry, which has consistently opposed tough measures to tackle climate change, must be forced to get serious about cutting emissions."
The switch to greener cars as a result of the UK scrappage scheme echoes the pattern set by the US "cash-for-clunkers" scheme, which saw SUVs and pick-up trucks account for 83% of the most-traded cars. The US administration claimed new cars bought through the programme were 63% less polluting than the old ones, though campaigners criticised it as an costly method of reducing carbon emissions.
The SMMT data follows preliminary analysis by experts earlier this year that suggested scrappage buyers were switching to smaller and more efficient cars
Decline in Burmese timber smuggling across Chinese border, figures show
Imports into China have dropped by 70% but continue to pose a threat to one of the world's last virgin forests, according to Global Witness阅读中文 Read this in Chinese
Jonathan Watts, Asia environment correspondent
guardian.co.uk, Thursday 22 October 2009 08.42 BST
Improved Chinese border controls have dramatically slowed imports of illegally logged wood from Burma, but smuggling continues to pose a threat to one of the world's last virgin forests, according to a new report by Global Witness.
The environmental group noted the cross-border trade of logs and planks fell by more than 70% between 2005 and 2008. Field investigators also noted that many saw mills have closed, warehouses are empty and the traffic of timber on the roads visibly declined.
"These numbers are so fantastic, I'm surprised," said the group's forest policy expert, Jon Buckrell. "Clearly action taken by authorities in China and Burma to combat illegal logging in Kachin state has had a significant positive impact."
But he cautioned that the problem of illegal logging in Burma and imports in China was far from solved.
Although Burma has much of the world's last virgin forest – including 60% of the globe's teak trees – it has recently suffered one of the fastest rates of deforestation in the world as the cash-strapped military regime in Rangoon and rebel groups on the border felled teak, mandrake and Chinese coffin trees at an unsustainable rate.
Most of the wood is sold to Chinese furniture and flooring firms, which make products for consumers in Europe and the United States.
Despite the slow-down, the trade continues. In the new report, A Disharmonious Trade, Global Witness investigators found that 13 of the 14 firms they visited were able to obtain timber from Myanmar despite the restrictions.
According to the customs figures in the neighbouring Chinese province of Yunnan, 270,000 m3 of logs, and 170,000 m3 of sawn timber were imported in 2008. Global Witness estimates that 90% of this amount was illegally felled.
The group said smugglers use "bribery, false papers, transportation at night and avoiding checkpoints" to get around the restrictions on sending the wood across the border.
China also continues to import large quantities of timber from Russia, Indonesia, Africa and South America, much of it illegally logged, for reprocessing into goods for the domestic and overseas markets.
Conservationists warn that the trade is unlikely to be halted until consumers are better informed about where wood originates and importing nations take tougher actions. They want China and Europe to enact laws similar to the US Lacey Act, which prohibits the trade of illegal logged wood.
"Burma accounts for just a small fraction of China's wood. Stopping trade on this border won't stop the problem of illegal imports," said Buckrell. The problem is worldwide. Global Witness estimate China accounts for about a quarter of the global trade in illegal timber.
The end users also share responsibility. The group says the UK imports more illegal timber than any other EU country because it buys so much from China. Despite the Lacey Act, US companies still advertise Burmese wood flooring on their websites, it said.
China's Foreign Ministry and Myanmar's Forestry Department did not immediately respond to requests for comment.
• This article was amended on 22 October 2009. It was published while still awaiting clarification from the reporter about information on timber imports to Yunnan. This information has now been added.
Jonathan Watts, Asia environment correspondent
guardian.co.uk, Thursday 22 October 2009 08.42 BST
Improved Chinese border controls have dramatically slowed imports of illegally logged wood from Burma, but smuggling continues to pose a threat to one of the world's last virgin forests, according to a new report by Global Witness.
The environmental group noted the cross-border trade of logs and planks fell by more than 70% between 2005 and 2008. Field investigators also noted that many saw mills have closed, warehouses are empty and the traffic of timber on the roads visibly declined.
"These numbers are so fantastic, I'm surprised," said the group's forest policy expert, Jon Buckrell. "Clearly action taken by authorities in China and Burma to combat illegal logging in Kachin state has had a significant positive impact."
But he cautioned that the problem of illegal logging in Burma and imports in China was far from solved.
Although Burma has much of the world's last virgin forest – including 60% of the globe's teak trees – it has recently suffered one of the fastest rates of deforestation in the world as the cash-strapped military regime in Rangoon and rebel groups on the border felled teak, mandrake and Chinese coffin trees at an unsustainable rate.
Most of the wood is sold to Chinese furniture and flooring firms, which make products for consumers in Europe and the United States.
Despite the slow-down, the trade continues. In the new report, A Disharmonious Trade, Global Witness investigators found that 13 of the 14 firms they visited were able to obtain timber from Myanmar despite the restrictions.
According to the customs figures in the neighbouring Chinese province of Yunnan, 270,000 m3 of logs, and 170,000 m3 of sawn timber were imported in 2008. Global Witness estimates that 90% of this amount was illegally felled.
The group said smugglers use "bribery, false papers, transportation at night and avoiding checkpoints" to get around the restrictions on sending the wood across the border.
China also continues to import large quantities of timber from Russia, Indonesia, Africa and South America, much of it illegally logged, for reprocessing into goods for the domestic and overseas markets.
Conservationists warn that the trade is unlikely to be halted until consumers are better informed about where wood originates and importing nations take tougher actions. They want China and Europe to enact laws similar to the US Lacey Act, which prohibits the trade of illegal logged wood.
"Burma accounts for just a small fraction of China's wood. Stopping trade on this border won't stop the problem of illegal imports," said Buckrell. The problem is worldwide. Global Witness estimate China accounts for about a quarter of the global trade in illegal timber.
The end users also share responsibility. The group says the UK imports more illegal timber than any other EU country because it buys so much from China. Despite the Lacey Act, US companies still advertise Burmese wood flooring on their websites, it said.
China's Foreign Ministry and Myanmar's Forestry Department did not immediately respond to requests for comment.
• This article was amended on 22 October 2009. It was published while still awaiting clarification from the reporter about information on timber imports to Yunnan. This information has now been added.
Thursday, 22 October 2009
Discussions on Climate Could Fail, Beijing Says
By WAN XU and JING YANG
BEIJING -- A senior Chinese climate-talks negotiator said efforts to broker a global climate-change deal may fail unless developed countries change their demands before a planned December summit in Copenhagen.
The comments by Lu Xuedu, deputy director of China's National Climate Center, added to fears that a growing divide between richer and poorer nations -- laid bare in preliminary talks in Bangkok several weeks ago -- is hurting prospects for an agreement.
"If the trend can't be turned around in the next round of meetings, I estimate the Copenhagen meeting can only fail," Mr. Lu said.
Mr. Lu pointed to the push by developed countries to discard the Kyoto Protocol and to set binding emission cut targets for developing countries as the most distressing message that emerged in the Bangkok round of talks. Under the Kyoto Protocol, whose mandated cuts expire in 2012, developed countries agreed to legally binding cuts, but the U.S. declined to ratify the treaty, and the limits didn't apply to developing countries.
"The developed countries sent out this message" that they are seeking binding cuts, Mr. Lu said. He called the message "shocking" and said it had angered developing countries.
Meanwhile, the state-run Xinhua news agency reported that Chinese President Hu Jintao told U.S. President Barack Obama in a phone call that a climate deal had to include the terms covered by the Kyoto Protocol.
Negotiators from more than 180 countries have been struggling since last year to hammer out a framework for a new climate-control deal to be signed at the United Nations Copenhagen conference to be held Dec. 7-18.
BEIJING -- A senior Chinese climate-talks negotiator said efforts to broker a global climate-change deal may fail unless developed countries change their demands before a planned December summit in Copenhagen.
The comments by Lu Xuedu, deputy director of China's National Climate Center, added to fears that a growing divide between richer and poorer nations -- laid bare in preliminary talks in Bangkok several weeks ago -- is hurting prospects for an agreement.
"If the trend can't be turned around in the next round of meetings, I estimate the Copenhagen meeting can only fail," Mr. Lu said.
Mr. Lu pointed to the push by developed countries to discard the Kyoto Protocol and to set binding emission cut targets for developing countries as the most distressing message that emerged in the Bangkok round of talks. Under the Kyoto Protocol, whose mandated cuts expire in 2012, developed countries agreed to legally binding cuts, but the U.S. declined to ratify the treaty, and the limits didn't apply to developing countries.
"The developed countries sent out this message" that they are seeking binding cuts, Mr. Lu said. He called the message "shocking" and said it had angered developing countries.
Meanwhile, the state-run Xinhua news agency reported that Chinese President Hu Jintao told U.S. President Barack Obama in a phone call that a climate deal had to include the terms covered by the Kyoto Protocol.
Negotiators from more than 180 countries have been struggling since last year to hammer out a framework for a new climate-control deal to be signed at the United Nations Copenhagen conference to be held Dec. 7-18.
Europe offers to cut emissions 95% by 2050 if deal reached at Copenhagen
EU sends 'clear message' to the world with ambitious target
Ian Traynor in Brussels
guardian.co.uk, Wednesday 21 October 2009 17.31 BST
Europe attempted to reassert its international leadership in the fight against global warming today, offering to slash its greenhouse gas emissions by up to 95% by 2050 and by 30% by 2020 if a climate change pact is sealed in Copenhagen in six weeks' time.
"This should be seen as a clear message to the world," said Andreas Carlgren, the Swedish environment minister who chaired the Luxembourg meeting. "We expect to reach an agreement in Copenhagen," he added, after environment ministers from 27 countries finalised a common EU negotiating position.
But his optimism contrasted with the increasing doubts around the world enough time remains to deliver a binding agreement in Copenhagen. The EU also still has to settle disputes over the EU's carbon trading scheme and how the developing world will be paid to cope with the impacts of global warming.
Yesterday, European finance ministers failed to agree on a funding package for developing countries, with Poland and other poorer eastern European countries unhappy at being asked to subsidise action in countries such as China and India whose economies are growing strongly. Poland is also leading the dissent on the EU emissions trading scheme (ETS).
The EU negotiating position offers to slash greenhouse gas emissions by between 80-95% by 2050 and to deepen cuts from 20 to 30% by 2020 if other world powers sign up for similar action. The ministers said they also reached accord on tough action on deforestation and agreed that aviation would have to cut its emissions by 10% by 2020 compared with 2005 levels and shipping by 20%.
However, reluctance from the big players – the US, China, and India – to unveil targets or specific figures for a climate change pact, the EU was divided over tactics ahead of the UN conference in Copenhagen in December.
Germany and Italy were reluctant to name a figure publicly so early, believing this could weaken the European bargaining position.
"I've heard arguments about tactics," said Stavros Dimas, the European commissioner for the environment. "But by telling the decision now, we encourage other countries to come with their proposals. We don't gain anything by not reaching a decision."
Britain, Denmark, Sweden, and the Netherlands supported this view, believing that Europe had more to gain from playing pioneer and seizing the leadership in the run-up to Copenhagen.
"Environment ministers are determined that the EU maintains its leadership position on climate change in order to promote an ambitious deal at Copenhagen," said Ed Miliband, the UK energy and climate change secretary.
Carlgren said Warsaw's proposal for changes to the ETS, which Poland thinks unfairly penalises its coal-dependent economy, was "unacceptable" to many members. Dimas added that without a breakthrough, there could be a "collapse" of the ETS, which the Europeans see as the vanguard of a potential worldwide carbon cap-and-trade system.
Leaders will meet at a summit in Brussels next week to hammer out the finances package for the developing countries, expected to total €15bn a year from the EU.
Despite today's agreement, environmental campaigners denounced the EU accord as inadequate.
"The level of ambition demonstrated by environment ministers will not deliver a fair and just global climate agreement in Copenhagen," said Sonja Meister, climate campaign coordinator for Friends of the Earth. "Europe must go much further than this and live up to its historical responsibilities by committing to cut emissions by 40% domestically by 2020."
The EU's position is not strong enough to unlock the stalled negotiations," said Greenpeace
Ian Traynor in Brussels
guardian.co.uk, Wednesday 21 October 2009 17.31 BST
Europe attempted to reassert its international leadership in the fight against global warming today, offering to slash its greenhouse gas emissions by up to 95% by 2050 and by 30% by 2020 if a climate change pact is sealed in Copenhagen in six weeks' time.
"This should be seen as a clear message to the world," said Andreas Carlgren, the Swedish environment minister who chaired the Luxembourg meeting. "We expect to reach an agreement in Copenhagen," he added, after environment ministers from 27 countries finalised a common EU negotiating position.
But his optimism contrasted with the increasing doubts around the world enough time remains to deliver a binding agreement in Copenhagen. The EU also still has to settle disputes over the EU's carbon trading scheme and how the developing world will be paid to cope with the impacts of global warming.
Yesterday, European finance ministers failed to agree on a funding package for developing countries, with Poland and other poorer eastern European countries unhappy at being asked to subsidise action in countries such as China and India whose economies are growing strongly. Poland is also leading the dissent on the EU emissions trading scheme (ETS).
The EU negotiating position offers to slash greenhouse gas emissions by between 80-95% by 2050 and to deepen cuts from 20 to 30% by 2020 if other world powers sign up for similar action. The ministers said they also reached accord on tough action on deforestation and agreed that aviation would have to cut its emissions by 10% by 2020 compared with 2005 levels and shipping by 20%.
However, reluctance from the big players – the US, China, and India – to unveil targets or specific figures for a climate change pact, the EU was divided over tactics ahead of the UN conference in Copenhagen in December.
Germany and Italy were reluctant to name a figure publicly so early, believing this could weaken the European bargaining position.
"I've heard arguments about tactics," said Stavros Dimas, the European commissioner for the environment. "But by telling the decision now, we encourage other countries to come with their proposals. We don't gain anything by not reaching a decision."
Britain, Denmark, Sweden, and the Netherlands supported this view, believing that Europe had more to gain from playing pioneer and seizing the leadership in the run-up to Copenhagen.
"Environment ministers are determined that the EU maintains its leadership position on climate change in order to promote an ambitious deal at Copenhagen," said Ed Miliband, the UK energy and climate change secretary.
Carlgren said Warsaw's proposal for changes to the ETS, which Poland thinks unfairly penalises its coal-dependent economy, was "unacceptable" to many members. Dimas added that without a breakthrough, there could be a "collapse" of the ETS, which the Europeans see as the vanguard of a potential worldwide carbon cap-and-trade system.
Leaders will meet at a summit in Brussels next week to hammer out the finances package for the developing countries, expected to total €15bn a year from the EU.
Despite today's agreement, environmental campaigners denounced the EU accord as inadequate.
"The level of ambition demonstrated by environment ministers will not deliver a fair and just global climate agreement in Copenhagen," said Sonja Meister, climate campaign coordinator for Friends of the Earth. "Europe must go much further than this and live up to its historical responsibilities by committing to cut emissions by 40% domestically by 2020."
The EU's position is not strong enough to unlock the stalled negotiations," said Greenpeace
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