Big banks weigh risks,
rewards of California's new CO2 market
Major banks are
weighing whether to wade into the California carbon market, which experts
believe could grow into a $40 billion a year market by 2020, but one that is
also loaded with risk and uncertainty. Following last week's successful test of
the state's auction platform, the reality is starting to settle in: California
carbon trading has overcome legal and political challenges to position itself a
mere 10 weeks away from its first official CO2 permit sale. The carbon market's
success or failure will sway U.S. environmental policy for years to come, and
early-moving Canadian banks like Bank of Nova Scotia (Scotiabank) and the Royal
Bank of Canada, as well European banks like Deutsche Bank and Barclays, could
play a critical role in that outcome. Banks facilitate the purchases and sales
of carbon credits for their clients, advise company executives on how to keep
their costs down, and ultimately help them meet their environmental goals. To
read this article in full click
here
NatWest and Met Office unite to promote onsite wind power
Bank's £50m renewable energy fund to encourage
prospective customers to make use of Met Office wind modelling service. NatWest
and the Met Office have today announced they are teaming up to help accelerate
the deployment of wind turbines by farmers and other landowners.
The bank, which last year launched a dedicated
£50m renewable energy fund designed to provide landowners with access to
finance to pay for green energy installations such as wind turbines and
anaerobic digestion systems, said it would work with the Met Office to promote
virtual wind modelling tools to farmers, landowners and businesses considering
wind turbine installations. NatWest has agreed to encourage customers to
commission a report from the Met Office's Virtual Met Mast system before making
a decision, providing them with computer modelled data on whether a location is
suitable for a wind turbine. To read this article in full click
here
Green bank ready to commit £3bn to environmental firms
The Government's £3bn flagship scheme to encourage private sector money
into low carbon technology and green initiatives is on the hunt for projects
with which to formally launch in October.
Officials preparing the launch of the Green Investment Bank are understood
to have met with a number of businesses about committing cash to a number of
environmentally friendly schemes, such as recycling plants. On of the first such projects, a £21m organic
waste facility in Dagenham Dock run by the TEG Group, will confirm its funding
today. It has received £2m from the Green Investment Bank and further support
from the Mayor of London. The UK Green
Investments team, a precursor to the bank, has set up four funds to invest cash
in £180m of projects, though each one would typically be worth less than £30m
and involve co-investing with the company involved. To read this article in
full click
here
Toshiba, Hitachi among the Japanese firms investing $1.5 billion in wind
power
The Nikkei business
news has reported that a group of large Japanese companies, including Toshiba,
Hitachi, JFE Steel, and three others, have agreed to investment 120 billion yen
(approx. $1.53 billion) over the next decade in the renewable energy from
offshore wind turbines. The project is being planned with an expected output
capacity of 300,000 kilowatts. While final construction sites have yet to be
decided, among those considered are the areas off the coast of Japan’s
southwestern Kyushu region. Many in Japan with high hopes for renewable energy
through wind power are looking to Europe for examples, especially the world
leader Britain. The other companies participating in the project are Toyo
Construction, Sumitomo Electric Industries, and Toa Corp. The group is expected
to be cooperating on the creation of a special-purpose company which will serve
to raise funds and finance the energy project. To read this article in full click
here
EDF Trading and EDF Renewable Energy join forces to optimize wind assets
EDF Trading and EDF Renewable Energy have
signed an Energy Management Agreement to optimize management of the Bobcat
Bluff wind project in Texas. EDF Trading will act as the qualified scheduling
entity and will provide energy management services for EDF Renewable Energy’s
150 MW wind project currently under construction in the Electric Reliability
Council of Texas (ERCOT). The plant is expected to become operational in
December 2012. The services provided by EDF Trading will include scheduling,
short term energy management, assistance with long term hedging, marketing of
renewable energy credits, IT and platform support, settlement services and
compliance and audit support. To read this article in full click
here
Taiwan to invest billions in smart grid plan
The ROC government will invest NT$130 billion (US$4.36 billion) over the
next 20 years to construct a nationwide smart grid, according to the Bureau of
Energy under the Ministry of Economic Affairs Sept. 6. The establishment of a comprehensive smart
grid has been listed as part of the national energy conservation and carbon
reduction project, the BOE said, adding that the plan has received approval
from the Cabinet and an interagency task force will soon be formed. Completion
of the project will see an overhaul of infrastructure for the generation,
transmission and distribution of electricity, as well as installation of smart
appliances by end users, the bureau said. The initial plan focuses on setting up
national standards and certification for smart grid applications. State-run
Taiwan Power Co. will be in charge of finalizing details for implementation and
getting private industries on board. To read this article in full click here
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