Today’s Stories

In this edition of EMN, Reuters and others news outlets cite a watchdog report that warns Canada looks to miss its 2020 target for greenhouse gas emissions cuts. EU’s Rehn says carbon investments won’t risk financial crisis, Bloomberg reports. EU’s Oettinger said he’s willing to support measures aimed at boosting carbon prices in the bloc’s market to 10 euros.


Quote of the Day

“With 6 to 8 euros there’s no relevant signal to investors in the market. Nobody knows at this moment whether we’ll get growth in our European economy, what the development will be in 10 years, so we need the best level of flexibility to follow market developments.”

European Union Energy Commissioner Guenther Oettinger in Bloomberg’s Oettinger Willing to Back Measures to Boost EU CO2 Price

Lead Stories


Canada set to miss modest emissions goals:watchdog
Reuters
Canada is acting too slowly to combat climate change and has little chance of achieving its modest 2020 target for cuts in greenhouse gas emissions, Parliament’s environmental watchdog said on Tuesday.
http://jlne.ws/JeAbBR
**coverage continues in Canada

THE REPORT:
Meeting Canada’s 2020 Climate Change Commitments
Office of Auditor General
http://jlne.ws/K9Lxvd

EU’s Rehn Says Carbon Investments Won’t Risk Financial Crisis
Bloomberg
Companies with high-carbon emissions are unlikely to fall suddenly in value and threaten the financial stability of the European Union, Commissioner for Economic and Monetary Affairs Olli Rehn said.
http://jlne.ws/IWKHmC

Oettinger Willing to Back Measures to Boost EU CO2 Price
Bloomberg
European Union Energy Commissioner Guenther Oettinger said he’s willing to support measures aimed at boosting carbon prices in the bloc’s market to 10 euros ($13) or more to encourage investment in clean technologies.
http://jlne.ws/JSdP7S

U.N. to rule on carbon offsets from coal plants
Reuters
The main U.N.-appointed panel that regulates supply of global carbon offsets could this week decide whether to approve rules that would lead to the award of millions of CO2 credits to coal-fired power stations in developing countries, according to meeting agenda notes on the UNFCCC website.
http://jlne.ws/L6ftGu 

When the Wind Whispers, Whose Name Does it Call?
The New York Times
Acciona, a big renewable energy company based in Spain, says it is naming its new 32-megawatt wind farm in Oklahoma “Big Smile.” The name is an oblique reference to an Acciona employee who died last year, the company says.
http://jlne.ws/IP6oCZ

US

Tenaska pitches plant that will run on natural gas
Crain’s Chicago Business
In a surprise eleventh-hour move, Tenaska Inc., the Omaha, Neb.-based power plant operator that has struggled to win final legislative approval of a controversial new-generation coal-fired plant, is offering instead to construct a similarly sized plant downstate that would run on far cheaper natural gas.
http://jlne.ws/IYvICa

U.S. Approves Utah Gas-Drilling Plan
Wall Street Journal
U.S. officials on Tuesday approved a plan by Anadarko Petroleum Corp. APC +0.19% to drill 3,700 natural-gas wells in eastern Utah, capping a years-long review of a project that will be one of the largest in the region.
http://jlne.ws/L6kWwX

California not backing down on resource shuffling rules
Point Carbon
California air regulators said they will not change a controversial rule in the state’s cap-and-trade program aimed at ensuring that greenhouse gas emissions will be reduced rather than displaced, and stood by a ban on covered utilities from simply changing the location where “dirty” energy is delivered.
http://jlne.ws/KE1oDx 

Obama presses Congress to extend energy tax incentives
The Hill’s E2 Wire
President Obama is urging Congress to extend tax breaks for wind power projects that are slated to expire at year’s end and expand stimulus-law tax incentives for manufacturing green energy components.
http://jlne.ws/IP6XMV

Canada

Canada Is Slow to Act on Emissions, Audit Warns
The New York Times
Canada will probably not meet its already-diminished greenhouse gas reduction targets, the country’s environment commissioner warned on Tuesday. The commissioner, Scott Vaughan, blamed a lack of government oversight, particularly for the oil and gas industry, which is Canada’s fastest growing source of greenhouse gas related emissions.
http://jlne.ws/JeBa4Z

Scott Vaughan, Environment Watchdog, Says There’s No Federal Plan To Cut Greenhouse Gas
Canadian Press
The federal government still has no solid plan to reduce greenhouse gas emissions and it’s almost certainly too late for it to recover in time to reach its 2020 goals, says a new environmental audit.
http://jlne.ws/KkcOJH

This Climate’s Not Changing Fast Enough for Us to Care
Huff Post Canada
It’s clear that national leadership in GHG regulation, harmonizing the patchwork of provincial efforts, is required.
http://jlne.ws/LJJfU4 


Europe

Solar Becomes Europe’s Most-Installed Power Source, Lobby Says
Bloomberg
Solar power became the most-installed energy source in Europe last year for the first time as subsidies drove investment to records, the European Photovoltaic Industry Association said. Installations of photovoltaic panels in the region surged 63 percent to 21.9 gigawatts, surpassing all new wind and gas- fired power capacity combined, a report set to be presented tomorrow by the trade group shows. Wind and gas plants connected in 2011 amounted to about 9.5 gigawatts each, it said.
http://jlne.ws/IWKQGC

Italy’s solar growth seen slowing sharply in 2012
Reuters
Growth of solar power capacity in Italy, the world’s second-biggest market, is expected to slow to 1,500-2,500 megawatts in 2012 after a 9,300 MW leap in 2011, due to a planned cut in incentives, a senior industry official said.
http://jlne.ws/JXDgcw

U.K. Approves 299-Megawatt Vattenfall Wind Farm in Wales
Bloomberg
Vattenfall AB, Sweden’s biggest utility, won permission to build a 299-megawatt wind farm in Wales, the U.K. Department of Energy and Climate Change said today in an e-mailed statement.
http://jlne.ws/JXCrR8

Asia

RPT-ANALYSIS-Petro-dollar windfall could help China’s rebalancing
Reuters
A $1 trillion oil-fired trade windfall couldn’t be better timed to help Chinese companies climb the value chain and rebalance the economy of the world’s biggest exporter.
http://jlne.ws/KkageE 

The Municipal Revenue Problem Behind China’s Smoggy Cities
The Atlantic
As China continues its rapid urbanization, the government has set a goal of sharply reducing the carbon intensity of its economy. By 2020, China wants to cut its carbon emissions by 40 to 45 percent, compared to 2005 levels. Its cities represent 70 percent of greenhouse gas emissions, and are in the sights of officials as they try to update policies and regulations to reduce the carbon impact of an industrializing and urbanizing economy. A more environmentally sustainable future depends on more environmentally conscious cities. A new report from the World Bank hopes to help China’s cities get there.
http://jlne.ws/JXJc5l

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