US, China Pledges Milestone Agreement Versus Climate Change
After several months of negotiations, the U.S. and China have acceded to fight carbon emissions in what could lead to a global pact next year. President Obama promised broader U.S. cuts in greenhouse gas emissions and China will for the first time set a target for capping its carbon emissions. Obama is setting a new target of greenhouse gas emission reduction to 26 to 28 percent below 2005 levels by 2025, up from the current target of 17 percent by 2020. Xi committed China to begin reducing carbon dioxide emissions by 2030, with the intention of trying to reach the goal sooner.
Sky Solar Stalls IPO for Second Time Amid Oversupply
Sky Solar Holdings Ltd., a Chinese green-energy company, has delayed its U.S. initial public offering for the second time and cut by more than two-thirds the amount it originally hoped to raise. Sky Solar, which would have been the first Chinese solar maker to list in the U.S. since 2010, postponed pricing this week after first failing to sell equity last Nov. 7. The company also reduced its target to $48 million from $150 million as well as lowering its price range by more than one-third to as little as $7 per share due to pressure attributed to the global supply glut..
$550 Billion Fossil Fuel Subsidies Hurt Renewables
Fossil fuels are reaping $550 billion a year in subsidies and holding back investments in renewable energy, says the International Energy Agency. Oil, gas and coal received more than four times the $120 billion subsidy for cleaner forms of energy. The IEA singled out the Middle East as a region where fosil fuel subsidies are hurting renewable. It said 2 million barrels per day of oil are burned to produce power that could otherwise come from cleaner and more sustainable sources, which would be competitive with unsubsidized oil.
Iran Inks Russia Reactor Deal as Nuclear Talks Falter
Iran signed a deal with Russia to acquire as many as eight new reactors, as world powers struggle to reach an agreement capping the Islamic Republic’s nuclear program. The accord was signed in Moscow this week by Ali Akbar Salehi, head of Iran’s Atomic Energy Organization, and Sergei Kiriyenko, the chief executive of Rosatom Corp. It calls for Russia to expand the existing Bushehr plant with two new reactors and an option for two more there and four elsewhere. The announcement came as the latest talks between U.S., European and Iranian diplomats regarding Iran’s plans for expanding its nuclear industry were not making progress. Negotiators have set a Nov. 24 target to reach a final accord.
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