The UK has decided to put forward 12 projects for consideration by the European Investment Bank for its New Entrants Reserve, the €4.5bn pot to spend on CCS and “innovative renewable projects”.
There are seven CCS projects and five renewable ones.
The so-called “fourth carbon budget” (the other three have already been made policy) sets out that the UK should cut its greenhouse gas emissions by 60 per cent on 1990 levels by 2030.
Chris Huhne (pictured on the left), the energy secretary, is broadly in favour, having put tackling climate change at the heart of his department’s agenda. But he is facing resistance from an unexpected source: his Lib Dem cabinet colleague Vince Cable (on the right).
The rise in US crude oil prices has been pushing petrol up toward $4 a gallon – a level analysts note has historically led to a drop in consumer demand. The current national average price of petrol is just under there, according to the Daily Fuel Gauge Report by AAA, America’s largest motoring and leisure travel membership organization.
John Felmy, economist at the American Petroleum Institute, the national industry trade association, said the last time crude oil prices were hitting these levels – in 2008 – consumer demand for petrol began dropping around the $2.80 per gallon level. The bigger declines were when gasoline rose above $3.75 a gallon, he said.
- Methane contamination of water rises close to shale gas sites – The Guardian
- Exxon in talks on Angola sale – WSJ
- Fukushima boosts green case for nuclear – Breakthrough Institute, FT
- Japan’s nuclear future in the balance – NY Times
- ‘Investment hiatus’ for green enterprise – The Times
- Friends of the Earth boss demands climate target becomes policy – The Guardian
- Co-Op launches new energy company – The Telegraph
- Lack of clarity turns off energy investors – The Telegraph
- Former BP boss to advise New York’s super-rich – The Times