News

April 06, 2009

The Week In Alternative Power: The G20 Fails To Go Green

By Sally White

Leaders from the Group of 20 rich and emerging economies disappointed green lobbies by failing to give them star billing by coming up with firm policies to nail pollution or reduce energy use. Yet, buoyed by general optimism that a raft of measures and the huge proposed funding programme would pull the global economy out of its crisis, most alternative energy markets rose in line with equities and bonds last week. Environmental groups had hoped there would be a substantial commitment for a coordinated global Green New Deal that would see conversion to renewable energy and other clean technologies form the cornerstone of economic stimulus to lift the world out of recession.

Meanwhile, carbon prices continue to recover. Prices of Certified Emissions Reductions (CERs) are back above €10 with traders and project developers hoping the worst is behind them. The benchmark December 2009 futures contract closed at €10.90 per CER in secondary trading of the Kyoto offset credits on the European Climate Exchange on April 1. Prices for December 2012 futures prices topped €11.50. Prices are holding at 40 per cent above their February record low, although momentum has eased...