In this edition of EMN, Reuters reports Goldman’s growing interest in clean energy finance. This bit of private-sector news hits at the time that public efforts for emission reduction consensus appear to be “floundering,” say EU officials.

Quote of the Day:

“If this slow pace of negotiations continues…it poses the risk of unraveling the Durban package.”

-Danish chief negotiator Christian Pilgaard Zinglersen in AFP’s EU warns climate talks at risk of floundering

Lead Stories

Goldman sets $40 billion clean energy investment plan
Goldman Sachs Group Inc plans to channel investments totaling $40 billion over the next decade into renewable energy projects, an area the investment bank called one of the biggest profit opportunities since its economists got excited about emerging markets in 2001.
**RKB — Applies to investment and financing for solar, wind, hydro, biofuels, biomass conversion, energy efficiency, energy storage, green transportation, efficient materials, LED lighting and transmission.

ICE’s EUA open interest hits fresh record early
Reuters Point Carbon
Open interest on ICE Futures Europe’s EU Allowance futures rose to a record 735.5 million units on Tuesday, exceeding the previous high months earlier than expected.

EU warns climate talks at risk of floundering
Europe warned at climate talks in Bonn on Wednesday that efforts to forge a new global pact to avert environmental disaster were in danger of floundering, and some pointed fingers at China. 

G8 pledges climate action as Bonn talks stall
Business Green
In a widely under-reported development, world leaders gathered at last weekend’s G8 Summit signed up to a major new commitment to tackle climate change through targeted action to reduce emissions of so-called “short-lived climate pollutants.”

EU appeals to China to join global emissions talks
A European envoy held out a possible compromise in a fight with China over carbon emissions charges on airlines, saying Wednesday that Europe might alter its system if Beijing helps negotiate global regulations.

European Fracking Bans Open Market for U.S. Gas Exports
Opposition to a drilling technique known as hydraulic fracturing has slowed the development of natural gas in Europe, creating export opportunities for U.S. producers hurt by low prices and a glut of gas at home.

Merkel aims for solar tariff deal by summer break
Chancellor Angela Merkel is aiming for a breakthrough on stalled government plans to slash subsidies to the solar power industry before parliament’s summer recess, she said after a meeting on energy policy with the heads of Germany’s 16 federal states.

Egypt says no plans to raise industry energy prices this year
Egypt is not planning to raise industrial natural gas and electricity prices again this year after cutting subsidies for heavy industry in early 2012, its industry minister said on Wednesday.
**repeats in Africa/Middle East

India, Pakistan Sign Gas Pipeline Pact
The Wall Street Journal
India and Pakistan Wednesday signed agreements with Turkmenistan for a project to pipe natural gas from the central Asian country through Afghanistan, marking a milestone in regional relations.


Obama to push clean energy technologies in Iowa
Anxious to show voters he’s working to create jobs, President Barack Obama is putting tax credits to boost clean energy in the spotlight this week as he heads to the political battleground state of Iowa. 

Chesapeake Raises Big Bet in Ohio
The Wall Street Journal
Aubrey McClendon, CEO of Chesapeake Energy Corp., CHK +1.14% once described oil buried in a layer of rock that stretches from the outskirts of Cleveland to West Virginia as “the biggest thing to hit Ohio since the plow.”

Public Wary of Sequestration, Not Clean Energy
National Journal
A large majority of Americans support a pair of congressional efforts to create an economy based on cleaner-energy sources, according to the latest United Technologies/National Journal Congressional Connection Poll.


BP to process Canadian oil sands crude
Globe and Mail
BP PLC on Wednesday said it will spend $400-million (U.S.) to install pollution controls at its giant Whiting, Indiana refinery to allow it to process heavy crude oil from Canada, in a deal with U.S. and state regulators.

Foreign investment in the oilsands a win-win
QMI Agency
According to a recent report by the environmentalist group ForestEthics Advocacy, 71% of oilsands production is owned by non-Canadian shareholders, with foreign-headquartered companies controlling 24% of the sector’s production. The group concludes that Canadians benefit very little from the industry’s production on account of this high degree of foreign ownership.


Gamesa CEO Calvet Steps Down After 89% Decline in Value
Gamesa Corp. Tecnologica SA (GAM), Spain’s biggest maker of wind turbines, replaced Chief Executive Officer Jorge Calvet after the company’s market value plunged 89 percent during his tenure.

Scottish Carbon-Capture Drive to Help Unlock $299 Billion of Oil
Scotland is targeting a 3 billion- barrel increase in North Sea oil output by using carbon dioxide to push out hard-to-reach energy resources valued at 190 billion pounds ($299 billion).

Russia approves record number of CO2 reduction projects
Reuters Point Carbon
In the biggest round of approvals yet, Russia has given the go-ahead to U.N. emission reduction projects that could increase the country’s supply of carbon credits by 70 percent, potentially taking the total number generated beyond Moscow’s self-imposed 300-million limit and adding pressure to EU carbon prices.

Hungary may seek buyers for 13 mln phase two EUAs
Reuters Point Carbon
Hungary is to sell up to 13 million EU carbon permits on the over-the-counter market this year after abandoning plans to hold an open auction, according to government documents, as the cash-strapped nation seeks to speed up sales to generate much-needed revenue.

Trash-to-Power Company Advanced Plasma to Hire Financial Adviser
Advanced Plasma Power Ltd., a U.K. waste-to-energy technology maker, plans to hire a financial adviser to help raise money for 400 million pounds ($629 million) of planned projects to turn trash into power.


Japan Gas Binge Ties Third-Biggest Economy to One Fuel: Energy
Japanese companies are buying natural gas assets and fields around the world, setting the nation on course to be the first of the 10 largest energy users to bet its future on a less-polluting fuel than oil or coal.

Australian key MP seeks business support to amend CO2 market
Point Carbon
One of several key MPs that control the swing vote in Australia’s parliament is drumming up support among big business to get the government to alter the rules governing the nation’s emissions trading scheme.

Carbon tax is blamed as axe falls on smelter
The Age
AS MANY as 500 jobs are expected to be lost with the closure of one of the state’s two aluminium smelters as a result of the strong dollar, weak metal prices and the prospect of higher power prices.

Africa/Middle East

Egypt says no plans to raise industry energy prices this year
Egypt is not planning to raise industrial natural gas and electricity prices again this year after cutting subsidies for heavy industry in early 2012, its industry minister said on Wednesday.
**repeats in Leads

Latin America

Latin America Clean Power Generation to Grow, BNEF Says
Latin America’s renewable-energy boom will drive up the use of solar and wind-power equipment, adding the equivalent of Germany’s annual demand by 2015, according to consulting firm Climate Strategy.

Brazilian president likely to veto parts of new forest bill
Point Carbon
Brazilian President Dilma Rousseff is likely to veto some controversial aspects of a forest bill passed by the Congress last month as pressure mounts against the text days before the country hosts a large UN conference on sustainable development.

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