Daily Archives: December 11, 2009

FT Energy Source

By Kate Mackenzie and Fiona Harvey

How to find $100bn

Thursday’s main event was a proposal from billionaire financier George Soros that would give poor countries access to a $100bn loan to tackle the effects of climate change, writes Fiona Harvey in the FT. On the face of it, this proposal could break the impasse between rich adn poor countries on financing. Poor countries want rich countries to guarantee $100bn per year in financing by 2020. But rich countries have not agreed anything like that sum, and the talks are stalled on this issue. Soros’ idea is to use an obscure financial instrument known as special drawing rights (SDRs) – a type of basket currency used as an accounting unit as the IMF, and generally held by countries as part of their reserves. Some poor countries and green groups welcomed the idea enthusiastically, but the EU’s lead negotiator was sceptical. The idea will not be decided on at Copenhagen, but may form part of future discussions.  Read more

Kate Mackenzie

Bombs fail to deter bidders at Iraqi oil auction beginning today (FT)

Asia’s largest wind power generator rises 9.4% on stockmarket debut (FT)

GE wins $1.4bn Oregon wind farm order which may be world’s biggest (FT)

Anadarko hits paydirt in ultra-deepwater GoM (Rigzone)

Cantarell output to drop least in five years (Bloomberg)

Currencies buoy Ocean Power Technologies (FT)

Repsol-YPF and Galp join Petrobras-BG joint venture floating LNG project in Brazil (Argus)

Ecuador unveils new 20-year E&P contract model (Argus)

US farms would benefit from climate bill (Reuters) Read more