January 29, 2009: EFP Online News

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News

EC proposes €1.75 bn CCS, renewables boost
29 January: European Union energy projects, including carbon capture and storage technology and offshore wind farms, could receive a €3.5 billion ($4.6 billion) cash injection under plans proposed by the European Commission on Wednesday.

Renewables lobby takes cheer from House stimulus vote
29 January: Voting along party lines, the US House of Representatives approved an economic stimulus package that includes substantial investments in the renewable energy sector and critical adjustments to its tax credit structure.

McKinsey puts price on avoiding climate catastrophe (from Carbon Finance)
29 January: Climate change could be kept in check at a cost of €200 billion ($265.3 billion) a year by 2030, according to a report by McKinsey & Co.

Wal-Mart promises to accelerate sustainability effort
29 January: The incoming CEO of US retail giant Wal-Mart has reiterated the firm’s commitment to sustainability, pledging to reduce packaging and environmentally-damaging detergents – but many of its critics remain to be convinced.

$250m environmental fund to chase ‘cheap’ assets
29 January: Geneva-based asset manager Unigestion is to launch an environmental private equity fund-of-funds that aims to take advantage of “the significant fall in the price of sustainability assets to levels not seen since 2004”.

International Renewable Energy Agency launches
29 January: An international body to promote renewable power was founded in Berlin this week.

Panda Ethanol subsidiary goes bankrupt (from Bioenergy Business)
29 January: A subsidiary of Panda Ethanol in the US has filed for protective Chapter 11 bankruptcy and is in negotiations to sell its troubled ethanol refinery project in Hereford, Texas, following a financial dispute with a major lender. More..