Today's Climate: March 26, 2010

Senators Outline U.S. Utility Carbon Market for Climate Bill (Bloomberg)

Senators Lindsey Graham and Joseph Lieberman outlined U.S. climate legislation that would have power companies buy and sell pollution rights in a carbon market and force oil companies to pay fixed fees for emissions.

‘Cap and Trade’ Loses Its Standing as Energy Policy of Choice (New York Times)

Why did cap-and-trade, a Republican plan to unleash the market and spur innovation, die? The short answer is that it was done in by the weak economy, the Wall Street meltdown, determined industry opposition and its own complexity.

Big Oil Seeks Natural Gas Deal in U.S. Climate Bill (Reuters)

Major oil companies were calling on three U.S. senators struggling over a compromise climate bill to provide new breaks for natural gas drilling as the lawmakers said the legislation might not be unveiled until at least the end of April.

Ethiopia Calls for Common Stand from Developing Countries (Xinhua)

Ethiopian PM Meles Zenawi said on Thursday that developing countries should have a common stand at the climate negotiations to be held in Cancún, Mexico next December.

IMF Member Countries Reject Green Fund Plan (Reuters)

International Monetary Fund member countries have rejected an idea supported by IMF chief Dominique Strauss-Kahn to create a green fund to help developing nations pay for the impact of climate change.

Indonesia Insists on Bid to Chair UN Climate Body (Jakarta Post)

Indonesia will announce its candidate for the UNFCCC top post next week, but three of four names tipped for he position have refused to be nominated.

De Boer: UN Climate Deal 'Possible in 2011' (EurActiv)

The UN conference in Cancún needs to set the basis for a new climate treaty in 2011, Yvo de Boer, executive secretary of the UNFCCC, told EurActiv in an exclusive interview.

South Korea to Trade Carbon Emissions Rights (Wall Street Journal)

South Korea plans to begin trading carbon emissions rights in 2012 as part of the country's efforts to reduce greenhouse gas emissions, Environment Minister Lee Maanee said Thursday.

House Bill Extends U.S. Ethanol Tax Breaks to 2016 (Reuters)

The U.S. government would extend ethanol tax breaks and a hefty tariff on imports until 2016, under a bill unveiled by two dozen lawmakers on Thursday, reigniting the "food vs. fuel" debate.

GE Says European, UK Policy Drove Offshore Wind Investment (Bloomberg)

GE plans to invest $453 million in developing and expanding wind-turbine operations in the UK and three European countries because of the region's long-term support of renewable energy, the company's power and water division chief said.

California Grid Preparing for Greener Future (Reuters)