With the Cancun climate conference entering its final hours, delegates and observers conceded that although progress had been made on several important issues – forestry, clean technology cooperation, a green fund for poor countries – there were still many areas yet to be resolved, including the legal form of any agreement, private sector financing, and the future of the Kyoto protocol.
Ambassador Shin of South Korea told the FT: “We are going to have to leave many things as homework for the next year.”
Powerfuel’s move into administration is grim news for supporters of carbon capture and storage, not least those companies thinking of investing in the sector.
Powerfuel was developing one of the UK’s first commercial scale clean coal power plants, but ended up unable to foot the hefty bill.
One of the administrators, Richard Fleming of KPMG, said:
Developing low carbon energy generation requires a large amount of capital upfront and the CCS development falls £635m short of the investment needed to progress the project beyond the preliminary stage. It needs moving on to a new owner with deeper pockets.
In this week’s readers’ Q&A session, Yvo de Boer, the man who led the UN into the Copenhagen climate talks and is now an advisor to KPMG, answers your questions.
On the final day of the Cancun climate talks, Yvo discusses the progress made towards a comprehensive global climate treaty, the (lack of) future for a global carbon tax, and how crucial emissions trading schemes are.
Next in the hotseat is Peter Voser, the chief executive of Shell, who will be answering your questions on this site next Friday, December 17th. Send in your questions for consideration by the end of today – Friday, December 10th – to firstname.lastname@example.org.
But for now, over to Yvo:
Yvo de Boer, the former head of the UN’s climate change department and the man who led the UN’s efforts at Copenhagen, has said he doesn’t think a global carbon tax will ever be agreed.
Answering questions from Energy Source readers, de Boer said:
Personally, I don’t see a global carbon tax ever being agreed.