The United Nations Framework Convention on Climate Change (UNFCCC) and the board of the Clean Development Mechanism (CDM) have set up a high-level panel to review the CDM. A report will be published in September 2012, which is expected to make recommendations for the CDM’s future design and operations, including potential “new market-based instruments”. A call for inputs will run until January 16. Link
The Co-operative Bank has provided £25m (€29.9m) in project financing for three operational wind farms run by AIM-listed UK renewables group Renewable Energy Generation (REG). The projects are the 12MW Goonhilly Downs, 4MW High Haswell and 4.5MW Loscar (4.5MW) facilities. The Co-op also provided financing for five older REG wind farms earlier this year. Announcement
Brazil: a new environmental assets market is to be set up in Rio de Janeiro, according to a report in the Financial Times. The Bolsa Verde do Rio de Janeiro, backed by state and city governments, is the brainchild of former UK-based carbon trader Pedro Moura Costa, it said. The exchange will trade carbon credits as well as securities tied to Brazil’s controversial forest code.
Denmark, which takes over the presidency of the European Union next month, says the financial crisis is an opportunity to transform the EU into a much greener economy. “We think the answer is energy efficiency and also to ensure investment in green growth,” Danish climate and energy minister Martin Lidegaard was quoted as saying by Reuters.
South Africa: four renewable energy associations are to launch an umbrella body called the South African Renewable Energy Council. It will comprise the South African Solar Thermal Industry Association (SASTELA), the Sustainable Energy Society of Southern Africa (Sessa), the South African Photovoltaic Industry Association (Sapvia) and the South African Wind Energy Association (Sawea). It’s expected the group will be fully operational by mid-2012. Link*UniCredit, the Italian bank*, has put €1.5bn into wind and solar project financing, mainly in Italy and eastern Europe in 2011, according to a Bloomberg report. It quoted renewables head Martin Mayr as saying in an interview that funding may drop to about €1bn in 2012 because of lower feed-in tariffs.
January 20 is the deadline for becoming an investor signatory to the Carbon Disclosure Project’s Carbon and Water programs and Carbon Action Initiative. The CDP acts on behalf of 551 institutional investors, holding $71trn in assets under management and some 50 purchasing organizations. Link
Australia’s Carbon Farming Initiative, which allows farmers and land managers to earn tradeable carbon credits by storing carbon or reducing greenhouse gas emissions, has become operational. The scheme, which is voluntary, is part of the Australian government’s wider clean energy plans. Link
The FMO, the Dutch development institution, hosted a conference ‘Boosting Investments in Sustainable Forestry and Forest Carbon’ in Amsterdam last month. The conference was co-hosted with Nyenrode Business University and co-sponsored by the International Sustainable Trade Initiative (IDH) and the African Development Bank. “The interest in the conference was overwhelming,” FMO said.
Germany has committed an additional €30m to the Forest Carbon Partnership Facility (FCPF), the global partnership dedicated to reducing emissions from deforestation and forest degradation (REDD+). It makes Germany the biggest donor to the Facility, with total commitments of €84m. Announcement
The Chinese government has further revised up its solar power development target for 2015 by 50%, according to a Reuters report citing state media. It said China has set a target for installed solar power generating capacity to reach 15GW in four years and wind power capacity to hit 100GW.