Today's Climate: November 5, 2009

US Chamber Backs Parts of Kerry-Graham Climate Compromise (Dow Jones)

The U.S. Chamber of Commerce said it supports most of the principles outlined in a bipartisan climate change proposal offered by Sens. John Kerry (D-Mass.) and Lindsey Graham (R-N.C.) and is open to considering a federal cap on emissions.

Sen. Graham Rebukes Fellow Republicans on Climate Change (Huffington Post)

Sen. Lindsey Graham chastised his fellow Republicans for refusing to deal with climate change and said they needed to see green legislation as something that could help business. "If you can't participate in solving a hard problem, why are you up here?" he asked.

US Envoy: China Should Cut Emissions in Half (Reuters)

China should cut its emissions by about 50 percent by 2050 so it leaves space for poorer countries to grow their economies, U.S. climate envoy Jonathan Pershing says.

Sen. Schumer Urges No Federal Money for US-China Wind Project (AP)

Sen. Charles Schumer (D-N.Y.) is urging the Obama administration to refuse federal funding for a US-Chinese wind project in Texas whose developers are expected to request economic stimulus money.

Coal in Good Shape, Companies Tell Shareholders (Charleston Gazette)

Despite complaints from industry lobbyists and coalfield politicians about an impending permit crisis, most Appalachian coal producers are telling their shareholders that federal environmental reviews are not likely to disrupt production or cause layoffs anytime soon.

EU Approves Free Emissions Permits (AFP)

The European Parliament's environment committee approved a list of 164 industrial sectors that will receive free carbon emissions permits for the next five years if no global deal on climate change is negotiated next month.

IEA: Green Policies Will Hit Gas Demand (Financial Times)

Environmental policies would have a serious effect on gas demand, reducing it 17% by 2030, the IEA concludes. If demand were to fall, the U.S. would become largely self-sufficient and Europe would rely less on Russian gas.

Senators Call for Financial Reform Before Cap and Trade (ClimateWire)

Climate bill swing vote Sens. Blanche Lincoln (D-Ark.) and Lisa Murkowski (R-Alaska) are among lawmakers saying financial reform must come before a climate bill that includes cap and trade.

FOE Warns Carbon Markets Will Trigger Sub-Prime Crisis (Business Green)

Carbon markets have been hijacked by speculators could trigger the next sub-prime financial crisis, according to environmental campaigners and academics.

New Business Groups Form To Push for Energy Legislation (Wall Street Journal)

A group of utilities — including FPL, PSEG and PNM — announced the creation of American Businesses for Clean Energy, with most members poised to gain from new energy policies. That was matched by the creation of a group of clean-energy companies claiming 10,000 members.