This is actually quite an interesting story. What I want to know is if there is enough room for his ego in Citi. heh heh
Citigroup Hires Edward From Shell for Emissions Trade (Update1)
By Mathew Carr and Lars Paulsson
Dec. 4 (Bloomberg) -- Citigroup Inc. hired Garth Edward
from Royal Dutch Shell Plc to trade carbon dioxide permits and
United Nations-approved emission credits as the bank expands its
energy and commodities business.
Edward will be head of emissions markets, reporting to Paul
Mead, managing director of power, gas and emissions, spokesman
Jeffrey French said today by telephone from London. Edward
headed environmental products trading at Shell for six years,
Citi said today in an e-mailed statement.
Citi, based in New York, earlier this year hired Alan
Bannister and Heidi Forbes to trade carbon dioxide, the
statement said. It hired Paul Dawson from Barclays Capital to
handle policy and regulatory affairs.
Citi, the largest U.S. bank by assets, said in May it plans
to make loans and investments of $31 billion in alternative
energy sources linked to climate change, bringing its target for
``green'' projects in the next decade to $50 billion.
--Editor: Stephen Cunningham, Will Kennedy.
sox
Citigroup Hires Edward From Shell
Carbon Funds Triple in Size: Caisse des Despots
These Despots say that carbon funds will get to 9 billion Euro of investment soon.
But then, Caisse des Depots (despots is funnier), is who exactly? Why do they think they can write research? How much are they influenced by the stoopid and foolish Powernext EUA trading system. I mean, why would we listen to them making a "research" statement that was probably expected by everyone anyway.
They are fools! And they are French!
Sorry, I don't mean to mean to the French particularly, but having good fun at their expense. On the other hand, the Caisse people are ridiculous caricatures!! and French!!)
Carbon Funds Will Triple in Size by Next Year, Caisse Says
2007-11-30 12:14 (New York)
By Mathew Carr
Nov. 30 (Bloomberg) -- Money in funds investing in emission
credits may reach 9.4 billion euros ($13.9 billion) by ``early''
next year, almost triple the level of two years ago, according to
a report by Caisse des Depots Group, the Paris-based bank.
There were 34 funds with 3.4 billion euros of capital in
2005, said the report published on the bank's Web site. If those
announced reach their capitalization goals, there will be 67
funds next year, it said.
As of October, there were 58 funds with 7 billion euros to
spend, the report said.
--Editors: Kristen Hallam
Australia's Labor Government Ratifies Kyoto Treaty
Its funny in a way, because suddenly Australia looks like the humbled prodigal son, tail between the leg, (and a plethora of other overused metaphors).
But Johnny Howard was not all that bad, and i would like you to remember that.
Australia's Labor Government Ratifies Kyoto Treaty
By Angela Macdonald-Smith
Dec. 3 (Bloomberg) -- The Australian government ratified
the Kyoto Protocol, leaving the U.S. as the only major developed
nation that hasn't joined the accord aimed at reducing emissions
of greenhouse gases blamed for global warming.
The endorsement was approved by the first executive council
meeting of Australia's new Labor government this morning, Prime
Minister Kevin Rudd said in a statement on the Labor Party's Web
site. Australia will become a full member of the Kyoto Protocol
by the end of March, he said.
Rudd reversed the policy of former Liberal Prime Minister
John Howard, ousted in the Nov. 24 election, who argued that
ratifying the accord would cut economic growth and cost jobs.
United Nations-sponsored talks on a new emissions treaty started
today in Bali, where the U.S. is set to continue President
George W. Bush's opposition to mandatory emissions curbs.
``Australia's change makes the U.S. all the more isolated,
we've already seen a change in position in U.S. policy in the
last six months,'' said Martijn Wilder, a partner specializing
in climate change at law firm Baker & McKenzie in Sydney. The
U.S. still won't join Kyoto, yet is appearing increasingly
``prepared to do something'' within an international accord to
address climate change, he said.
Decision Applauded
News of Australia joining Kyoto was met with enthusiastic
applause at today's opening session of the UN climate change
meeting in Bali.
The ``emotional and spontaneous'' reaction of the Bali
delegates reflected ``appreciation of the courage of Australia
to take this dramatically different position,'' Yvo de Boer,
executive secretary of the United Nations Framework Convention
on Climate Change, told reporters today.
The number of industrialized nations who have refused to
ratify Kyoto ``is now reduced in half by size,'' de Boer said,
referring to the U.S.'s sole position as the only developed
country not participating in the climate pact.
Australia's decision will put pressure on Bush to ``become
serious'' about negotiating a new agreement to replace Kyoto
after the climate accord expires in 2012, said Arthur Runge-
Metzger, a senior European Commission official, who oversees
climate policy.
Australia's target under the Kyoto accord is to limit
growth in greenhouse gas emissions to an 8 percent increase
above 1990 levels over the 2008-2012 period. The country is
``tracking within 1 percentage point'' of meeting that target,
then-environment minister Malcolm Turnbull said in May.
Australia is one of only three industrialized nations signed up
to the accord that are allowed to increase emissions from 1990
levels by 2008-2012.
Emissions Trading
The Labor government will do ``everything in its power'' to
help the nation meet its Kyoto obligations, Rudd said. This will
include setting a target to cut emissions by 60 percent on 2000
levels by 2050, starting a national emissions trading system by
2020 and setting a target for 20 percent of electricity to come
from renewable sources such as the sun and wind by 2020, he said.
Australia's total greenhouse gas emissions were 559.1
million metric tons in 2005, unchanged from the previous year,
the government said May 2. Emissions from power generation and
transport rose by 1.3 percent from a year earlier.
Ratifying the Kyoto Protocol, which entered into force on
Feb. 16, 2005, will allow Australian companies to participate in
the international trading regime set up under the accord and to
invest in two types of project-based emissions reductions
systems, in developed and developing countries, Freehills, a law
firm, said Nov. 27.
Forestry, Waste
Investment opportunities will immediately open up for
companies in industries including forestry, waste management and
coal-seam gas production, said Andrew Richards, manager,
corporate and government, at Pacific Hydro Ltd., the Australian
renewable energy producer owned by pension funds manager
Industry Funds Management.
``We'll be able to partner with other ratifying countries
to develop different types of abatement activity in Australia
and overseas,'' Melbourne-based Richards said in a telephone
interview. ``That's the new significant area of business that
will immediately open up to us.''
It's important for Australia to look beyond its Kyoto
target, which is an increase from 1990 levels, and start cutting
emissions, said John Connor, chief executive of the Sydney-based
Climate Institute, an independent advisory group on climate
change.
``We do need to get cracking now, our pollution from our
energy sector has been spiraling,'' Connor told reporters.
``Certainly the Kyoto target can be reached. But more
importantly, that's an increase in greenhouse pollution: When
will Australia be reversing our rise in greenhouse pollution?
That's the timeline we're looking for and that should be by
2012.''
Bali Team
Prime Minister Rudd, Minister for Climate Change and Water
Penny Wong and Environment Minister Peter Garrett will represent
Australia at Bali.
Australia's ratification of the Kyoto Protocol takes effect
90 days after the so-called instrument of ratification is
received by the UN.
--With reporting by Kim Chipman in Bali. Editor: Clyde Russell,
Jane Lee.
To contact the reporter on this story:
Angela Macdonald-Smith in Sydney at +61-2-9777-1268 or
amacdonaldsm@bloomberg.net
To contact the editor responsible for this story:
Amit Prakash at +65-6212-1167 or aprakash1@bloomberg.net
Basic stuff on kyoto
From Reuters. (they are doing a good job; and.. the service is basically free) look for ReutersInteractive
FACTBOX - What is the Kyoto Protocol?
Dec 2 (Reuters) - Delegates from about 190 nations will meet in Bali, Indonesia, from Dec. 3-14 aiming to launch negotiations on a new U.N. pact to succeed the Kyoto Protocol beyond 2012.
Here are some frequently asked questions about Kyoto:
* WHAT IS THE KYOTO PROTOCOL?
-- It is a pact agreed by governments at a 1997 U.N. conference in Kyoto, Japan, to reduce greenhouse gases emitted by developed countries to at least 5 percent below 1990 levels by 2008-12. A total of 174 nations have ratified the pact.
* IS IT THE FIRST AGREEMENT OF ITS KIND?
-- Governments agreed to tackle climate change at an "Earth Summit" in Rio de Janeiro in 1992 with non-binding targets. Kyoto is the follow-up.
* SO IT IS LEGALLY BINDING?
-- Kyoto has legal force from Feb. 16, 2005. It represents 61.6 percent of developed nations' total emissions. The United States, the world's biggest source of emissions, came out against the pact in 2001, reckoning it would be too expensive and wrongly omits developing nations from a first round of targets to 2012.
* HOW WILL IT BE ENFORCED?
-- Countries overshooting their targets in 2012 will have to make both the promised cuts and 30 percent more in a second period from 2013.
* DO ALL COUNTRIES HAVE TO CUT EMISSIONS BY 5 PERCENT?
-- No, only 36 relatively developed countries have agreed to targets for 2008-12 under a principle that richer countries are most to blame. They range from an 8 percent cut for the European Union from 1990 levels to a 10 percent rise for Iceland.
* WHAT ARE 'GREENHOUSE GASES?'
-- Greenhouse gases trap heat in the earth's atmosphere. The main culprit from human activities is carbon dioxide, produced largely from burning fossil fuel. The protocol also covers methane, much of which comes from agriculture, and nitrous oxide, mostly from fertiliser use. Three industrial gases are also included.
* HOW WILL COUNTRIES COMPLY?
-- The European Union set up a market in January 2005 under which about 12,000 factories and power stations are given carbon dioxide quotas. If they overshoot they can buy extra allowances in the market or pay a financial penalty; if they undershoot they can sell them.
* WHAT OTHER MECHANISMS ARE THERE?
-- Developed countries can earn credits to offset against their targets by funding clean technologies, such as solar power, in poorer countries. They can also have joint investments in former Soviet bloc nations.
(Editing by Jerry Norton)
((alister.doyle@reuters.com; +47 900 87 663; Reuters Messaging: rm://alister.doyle.reuters.com@reuters.net))
Keywords: BALI/KYOTO
