The action is taking place in Europe in today’s edition: Electricité de France SA plans to raise as much as $27 billion) of bonds for Britain’s first nuclear project; Poland leads the opposition to an EU energy deal and – last but not least – Zurich Insurance’s investment chief  warns that the fast-growing “green bond” market can be at risk if there is no clear definition of what is “green”. 

Quote of the day

“In capital markets, trust is key. If there is going to be a lot of ‘green washing’, this market will die.”

Cecilia Reyes, Chief Investment Officer of Zurich Insurance Group AG, in the Reuters’ story Green bond boom at risk without rules: Zurich Insurance

Lead stories

Can Europe wean itself off Russian gas?
Christian Oliver and Henry Foy, Financial Times
The night shift at Agropolychim, Bulgaria’s biggest fertiliser plant, received a fax at 4.30am on January 6 2009 warning that their gas supply was going to be cut off immediately.

European firms in Russia say they fear being ‘sacrificed’ in Ukraine standoff
Timothy Heritage, Reuters
European companies in Russia warned on Tuesday they were being hurt by a Russian embargo on food imports as well as EU sanctions and risked being “sacrificed” in the standoff over Ukraine.

Poland leads opposition to EU energy deal
Henry Foy, Christian Oliver and Pilita Clark, Financial Times
Poland and other eastern European countries are prepared to scupper the EU’s landmark climate change deal next week if they do not receive greater guarantees about their future energy costs.

EU Nations Mull Funds to Aid Clean Energy in 2030 Climate Deal
Ewa Krukowska, Bloomberg News
European Union governments are considering the use of carbon-permit funds to help finance clean technologies and spur poorer nations toward a low-carbon economy under a planned deal on 2030 climate and energy policies. 
***LB: Also in this story “The bloc’s 28 countries may renew a special carbon-permit reserve — which yielded 2.2 billion euros ($2.8 billion) for renewable energy and carbon-capture projects over the past four years — and extend its scope, according to draft guidelines prepared for an Oct. 23-24 summit of EU leaders in Brussels.” 

EDF $27 Billion Bond Plan Offers Nuclear Blueprint
Sally Bakewell, Bloomberg News
Electricité de France SA’s plan to raise as much as 17 billion pounds ($27 billion) of bonds for Britain’s first nuclear project in two decades is being seen as a template for financing expansion in the industry.

Green bond boom at risk without rules: Zurich Insurance
Alice Baghdjian and Paul Arnold, Reuters
The integrity of the fast-growing “green bond” market is at risk unless a clear definition of what passes for green can be agreed, Zurich Insurance’s  investment chief told the Reuters Global Climate Change Summit. 
***LB: Also in this story “The supply of green bonds, a fixed-income security designed to raise capital for low-carbon, or green, investments, is expected to reach $40 billion this year by some estimates, four times higher than 2013.”

Report: Global clean energy investment jumps 11 per cent
James Murray, BusinessGreen
Global clean energy investment cleared $64bn in the third quarter of the year, marking an 11 per cent improvement on the same period last year and fuelling hopes that the recent recovery in clean tech funding is continuing.

Activist TCI drops Coal India campaign and sells stake
James Crabtree, Financial Times
The Children’s Investment Fund, the UK-based hedge fund known for high-profile shareholder interventions, has abandoned its campaign against Coal India by selling its stake in the state-backed miner, according to people familiar with the matter.

Japan utilities repel renewables; UK solar feels pinch
Bloomberg News  
In Japan, the flood of approved feed-in tariff applications has prompted half the electricity utilities to implement broad measures to slow down renewable energy project development. 
***LB: Also in this story “On October 1, four more regional utilities said they would stop signing contracts to buy renewable energy from mega solar power plants, citing grid access limitations. The move follows a similar announcement from Kyushu Electric Power the preceding week.”


EMA’s 18th Annual Meeting 
Join the Environmental Markets Association and environmental industry professional for two days of dynamic sessions, two nights of networking receptions, and countless opportunities to increase your business contacts. 
October 22 – 24, 2014
Santa Monica, CA

FT European Gas Summit 
The FT European Gas Summit brings together leading and aspiring gas suppliers from around the globe, as well as energy industry experts, commentators and government decision makers to review the potential barriers to new gas supplies for Europe, and the impact on the region’s economic competitiveness. The summit will be chaired by Guy Chazan, Energy Editor, Financial Times. 
23 October 2014 
London, UK 


Vista Establishes Carbon Credit Portfolio 
Vista International Technologies, Inc., a pioneer in efficient Waste-to-Energy technology, is pleased to announce the recent completion of its Carbon Credit Project Design Documentation (PDD), thereby establishing a portfolio of carbon credits for the Company.

Natural gas / coal

Study: Marcellus shale created 45,000 construction jobs
Timothy Cama, The Hill
Natural gas exploration in the Marcellus shale formation has created just over 45,000 construction jobs, a new study has concluded.

Fall in crude prices to hurt RIL’s returns from US shale assets
Dev Chatterjee, Financial Times
Falling crude oil prices will make it more difficult for Reliance Industries to get enough returns on its $7.4-billion investment in three US joint ventures, say analysts.

Singapore to supply LNG to ships by 2020
The Malaysian
Singapore, the world’s largest bunkering port, plans to supply liquefied natural gas (LNG) to fuel ships by 2020, a government official said on Wednesday, as part of a global trend to move away from oil to gas to reduce emissions.


Desertec solar power project shareholders jump ship
An ambitious project to harness and export solar power generated in Middle East and African deserts has all but folded after the withdrawal of most of the Desertec Industrial Initiative’s shareholders.

Clean tech

Giant Battery Unit Aims at Wind Storage Holy Grail
Whitney McFerron, Bloomberg News
At a windy mountain pass on the edge of the Mojave Desert, North America’s most potent collection of batteries used for storing unused power is humming its way toward an electricity revolution.


The Risks of Cheap Water
Eduardo Porter, The New York Times
This summer, California’s water authority declared that wasting water — hosing a sidewalk, for example — was a crime. Next door, in Nevada, Las Vegas has paid out $200 million over the last decade for homes and businesses to pull out their lawns.

Saudis to Build Biggest Water Storage Project in Riyadh
Deema Almashabi, Bloomberg
National Water Co., the biggest water supplier in oil-rich Saudi Arabia, plans to build a 1.8 billion-riyal ($480 million) storage facility in its desert capital Riyadh.


NextGen challenges climate skeptics in final midterm push
Laura Barron-Lopez, The Hill
Billionaire Tom Steyer’s political group NextGen Climate is going to try to shame climate skeptics into changing their stance on global warming in a final midterm push before November. 

Activists use GPS to track illegal loggers in Brazil’s Amazon rainforest
Damian Carrington,The Guardian
Covert GPS surveillance of timber trucks by Amazon campaigners has revealed how loggers are defeating attempts to halt deforestation in the world’s greatest rainforest.

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