LONDON, Oct 21 (Reuters) – A U.N. committee has completed
the draft design of a fund to help developing countries tackle
climate change, paving the way for its launch in 2013, the
U.N.’s climate chief said on Friday.
Last year, countries agreed to create the ‘Green Climate
Fund’ to channel up to $100 billion a year by 2020 to developing
countries to help fight climate change.
LONDON (Reuters) – Britain proposed to more than double financial support for its nascent marine energy industry on Thursday as well as provide additional subsidies for biomass generation, while cutting rates for more mature technologies such as wind and hydro power.
The policy changes lifted share prices at biomass developer Drax as high as nearly 16 percent, while prompting utility Centrica to say it would put two offshore wind projects under review.
LONDON, Oct 20 (Reuters) – Britain gave a boost to its
nascent marine energy industry on Thursday by proposing to more
than double support levels for the technology, while more mature
onshore wind and hydro power technologies received a rate cut,
the government said.
“Where new technologies desperately need help to reach the
market, such as wave and tidal, we’re increasing support. But
where market costs have come down or will come down, we’re
reducing the subsidy,” said Energy and Climate Change Secretary
BRUSSELS/LONDON (Reuters) – European Union spot carbon permits face regulation alongside other financial instruments under proposed laws published on Thursday as the EU Commission seeks to bolster a market shaken by fraud and oversupply.
The EU Commission has proposed that spot carbon permits should be classified as financial instruments, adding to futures, forwards and options which are already covered by financial market rules (MiFID).
BRUSSELS/LONDON, Oct 20 (Reuters) – European Union spot
carbon permits face regulation alongside other financial
instruments under proposed laws published on Thursday as the EU
Commission seeks to bolster a market shaken by fraud and
The EU Commission has proposed that spot carbon permits
should be classified as financial instruments, adding to
futures, forwards and options which are already covered by
financial market rules (MiFID).
LONDON (Reuters) – The challenges of human migration due to climate change have been underestimated as millions of people will either move into or be trapped in areas of risk by 2060, rather than migrating away, a British government report showed on Thursday.
The report, by the government-backed Foresight Program, examined the likely movement of people both within and between countries to 2060. It found the greatest risks will be borne by people who are unable or unwilling to relocate.
LONDON (Reuters) – Biofuels for use in transport are becoming more competitive compared with oil but the pace of growth has slowed due to a lack of regulation and sustainability standards in Europe, the chief executive of BP’s biofuels division said.
“In the UK, biofuels get no tax breaks whatsoever. The biggest obstacle (to biofuel growth) is uncertainty around the future of mandates and clear (European Union) sustainability standards,” Philip New of BP Biofuels told Reuters in an interview on Tuesday.
LONDON (Reuters) – The Earth’s natural resources like food, water and forests are being depleted at an alarming speed, causing hunger, conflict, social unrest and species extinction, experts at a climate and health conference in London warned Monday.
Increased hunger due to food yield changes will lead to malnutrition; water scarcity will deteriorate hygiene; pollution will weaken immune systems; and displacement and social disorder due to conflicts over water and land will increase the spread of infectious diseases, they said.
LONDON (Reuters) – The price for U.N.-backed carbon credits is set to fall further, after hitting a record low early on Friday, as an over-supply of offsets looks unlikely to lessen and as poor economic growth dents confidence in the market.
The benchmark contract for certified emissions reductions (CERs) hit an all-time low of 7.13 euros ($9.77) early on Friday, before recovering slightly to 7.28 euros.
LONDON (Reuters) – The benchmark contract for U.N. carbon credits hit a new record low of 7.13 euros ($9.77) a tonne on Friday, as the euro zone’s worsening debt crisis and prospects of slowing economic growth hit the heavily-supplied offset market.
A deteriorating global economic outlook has put pressure on emissions permits which depend on robust industrial production to belch out greenhouse gases.