Sustainable energy budgets must increase, says report

Sustainable energy budgets must increase, says report on Environmental Expert
Global investments in sustainable energy must increase by US$500 million a year to limit global warming to two degrees Celsius above pre-industrial levels, according to a report launched in Rio this week.  The report, 'Global Energy Assessment – Towards a Sustainable Future', was formally launched on 19 June on the sidelines of the UN Conference on Sustainable Development (Rio+20).  Published by the International Institute for Applied Systems Analysis (IIASA) in Austria, it is the culmination of six years of research by 500 contributors, a third of whom come from developing countries, and has been heralded as the most comprehensive assessment of the global energy system to date.  The report is intended to provide policymakers, academics and the private sector with strategic advice on delivering of sustainable energy services.  The report covers four major themes: major global challenges and their energy linkages; technologies and resources available for providing adequate, modern and affordable energy; energy systems best suited to addressing future challenges; and the policies, measures, institutions and capacity required to realise a sustainable energy future.

U.S. Grants for Clean Energy Will Create Jobs in Africa

U.S. Grants for Clean Energy Will Create Jobs in Africa - Bloomberg
The U.S. will provide $20 million in grants for clean-energy projects in Africa, an industry that will create new jobs in the region, Secretary of State Hillary Clinton said.  The continent has abundant sunlight as well as geothermal and hydropower reserves that can be used to produce electricity, Clinton said today during a press briefing at the UN Conference on Sustainable Development in Rio de Janeiro.  Building and operating renewable-power plants will create jobs and benefit Africa, she said. The funds add to $2 billion the U.S. set aside last year to support clean-energy projects in developing countries.

Gazprom Biggest Loser as Shale Gas Upends World Markets

Gazprom Biggest Loser as Shale Gas Upends World Markets - Bloomberg
The natural-gas boom reshaping America is rocking Russia, where state producer OAO Gazprom (GAZP) is slow to react and at risk of becoming the world’s biggest loser from the new technology to drill shale rock.  The U.S. no longer needs Russia’s gas, leaving President Vladimir Putin fighting to salvage Gazprom’s $20 billion Shtokman project in the Arctic. China, the biggest energy consumer, is exploring its own shale reserves and hesitating to accept a pipeline from Russia. Gazprom’s shipments fell about 14 percent so far in 2012, and the stock has lost 9.6 percent.

Climate change envoy warns against cutting investment in green energy

Climate change envoy warns against cutting investment in green energy | Environment | guardian.co.uk
The government's climate change envoy has warned that failure to take more action to invest in a low carbon economy is a threat to the future "prosperity and security" of the British people.  John Ashton, who has just stepped down from his post at the Foreign Office, told MPs that the UK was still considered an influential global player on climate change, but signalled that position was at risk as the country was falling behind on investment in energy efficiency and clean energy.

Community investment schemes for returns – and a clear conscience

Community investment schemes for returns – and a clear conscience | Money | The Guardian
The country's first "wood fuel co-operative" is offering green-minded small investors the chance to watch their money go up in smoke and still earn a decent return.  Woolhope Woodheat is a "groundbreaking" project that aims to bring green heat to Herefordshire by installing woodchip boilers in larger buildings that are expensive to run, and sourcing the fuel from local, sustainable woodlands. It is inviting members of the public to join the co-op by investing a minimum of £250, and says the projected return on your investment averages out at 6.1% or more, provided you are happy to sign up for the long term.  If that doesn't appeal, how about helping to finance a scheme to re-establish an iconic Yorkshire building as a major music venue, or supporting ventures that aim to install solar panels on buildings in Brighton and Bristol?  These are among a number of community initiatives open to small investors who sympathise with the cause, but are also looking for a return on their money. Others include a pub in York and a shop on Shetland.  Community owned and run local businesses are becoming increasingly common...

Rio+20 Earth Summit: campaigners decry final document

Rio+20 Earth Summit: campaigners decry final document | Environment | guardian.co.uk
Amid doubt, disappointment and division, the world's governments came together in Rio on Friday to declare "a pathway for a sustainable century".  At the close of the Rio+20 Earth Summit, heads of state and ministers from more than 190 nations signed off on a plan to set global sustainable development goals and other measures to strengthen global environmental management, tighten protection the oceans, improve food security and promote a "green economy".  After more than a year of negotiations and a 10-day mega-conference involving 45,000 people, the wide-ranging outcome document – The Future We Want – was lambasted by environmentalists and anti-poverty campaigners for lacking the detail and ambition needed to address the challenges posed by a deteriorating environment, worsening inequality and a global population expected to rise from 7bn to 9bn by 2050.  But the UN secretary general, Ban Ki-moon said the document would guide the world on to a more sustainable path: "Our job now is to create a critical mass. The road ahead is long and hard."

Uncertainty ahead for US renewables tax equity market

Environmental Finance | News | Uncertainty ahead for US renewables tax equity market
Tax equity financing of wind and solar projects is off to a strong start in 2012, but the future for the market remains unclear amid uncertainty about potential changes to the US tax code, according to a JP Morgan banker.  About $2 billion in tax equity financing has already been awarded to these types of projects, with another $2.8 billion in financings currently in the market not yet completed, said Chicago-based John Eber, managing director of energy investments for JP Morgan. In comparison, about $5.9 billion in tax equity funding was directed to these projects in all of 2011, partly due to strong growth on the solar side.  “We’re off to a very strong start in 2012,” he said at the Renewable Energy Finance Forum-Wall Street in New York on Wednesday. “I’m sure there will be additional volume materialising before the end of the year.”

Centerra's Kyrgyz gold mine caught in green tangle; shares plunge

Centerra's Kyrgyz gold mine caught in green tangle; shares plunge | Reuters

Canadian miner Centerra Gold Inc said allegations of environmental violations at its flagship Kumtor mine in Kyrgyzstan, made by a commission set up by the country's parliament, were without merit.  The Kyrgyz Parliament is discussing a report by the commission, formed to review Kumtor's compliance with environmental, health and safety standards, the company said.  Shares of Centerra, in which the Kyrgyz state owns a 33 percent stake, fell as much as 35 percent to a more than two-and-half-year low of C$7.66 on Friday on the Toronto Stock Exchange.  Centerra, which also produces gold in Mongolia, said it is not able to comment on the likely outcome of the discussions in parliament at this time.   The report said the company is polluting the site around the mine, Centerra CFO Jeffrey Parr told Reuters. He said he did not expect the report to interrupt the mine's production...

Maldives Shuns CO2 Tax Seeking Tourist Cash to Make Cuts

Maldives Shuns CO2 Tax Seeking Tourist Cash to Make Cuts - Bloomberg
The Maldives will seek to fund its plan to become carbon-neutral with voluntary donations from visitors, shunning a proposal for an emissions tax on tourists, President Mohamed Waheed said.  The low-lying Maldives, a chain of islands in the Indian Ocean, is one of the nations most threatened by the rising sea levels predicted from global warming. The previous president, Mohamed Nasheed, pledged to make his country carbon-neutral by 2020, and a report in 2010 that he commissioned suggested a carbon tax on tourism.

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UN Reaps Pledges Worth Billions for Sustainability Drive

UN Reaps Pledges Worth Billions for Sustainability Drive - Bloomberg
United Nations officials will detail today pledges worth billions of dollars to curb the use of fossil fuels, conserve water and encourage wider use of renewable energy, part of a global effort to promote economic growth that doesn’t strain the planet’s resources. The pledges include at least $2 billion from the U.S. and projects from PepsiCo Inc. (PEP) and billionaire Richard Branson’s Carbon War Room group. The UN counts at least 517 commitments from companies, organizations and nations, and will put a value on them at a briefing today in Rio de Janeiro, according to Pragati Pascale, a spokeswoman for the UN Conference on Sustainable Development.  With UN Secretary General Ban Ki-moon and world leaders including French President Francois Hollande disappointed that the 49-page official, non-binding agreement produced at the Rio+20 summit doesn’t do more to protect the Earth, the voluntary pledges indicate that individual commitments may go further toward achieving sustainable development.  “I don’t see business people demanding a stronger UN text,” Bank of America Corp. Chairman Chad Holliday said in an interview in Rio. “We won’t save the world alone, but we’ll get half of it done, and we’ll get some momentum.”

U.S. natgas futures choppy in early trading

U.S. natgas futures choppy in early trading | Reuters

U.S. natural gas futures seesawed in volatile trading early Friday, with most traders expecting some profit-taking after nearby futures rose to their highest level in about a month this week. Weekly storage data came in below average on Thursday for an eighth straight week, raising expectations that record-high inventories can be trimmed to more manageable levels in the 21 weeks left before winter withdrawals begin. A stir in tropical activity and hot weather this week has also kept traders cautious, but many noted if prices rise much further, toward the $3 area, they will reach levels that will slow or reverse fuel switching by electric utilities.