UAE to invest £1bn in UK green energy fund – report

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UAE/UK: The UAE is expected to sign an agreement to invest in the UK’s Green Investment Bank (GIB) during a state visit to London by the country’s President Sheikh Khalifa bin Zayed al Nahyan, the Financial Times has reported.

The GIB has £3bn of investment available for renewables, energy efficiency and waste management projects. It is thought that the oil and gas-rich country could top up that figure by as much as £1bn as part of a raft of trade announcements. (Financial Times)

The Burj Khalifa in Dubai, UAE (Source: Flickr/Fizaco)

EU: CDM Executive Board chief Peer Stiansen says it’s vital the EU emissions trading scheme is backed by governments or the consequences could reach beyond the borders of the EU. “The recent down-turn in the EU ETS highlights the urgency of identifying or developing additional sources of demand for CDM units,” he told RTCC. The CDM is the only global carbon market. (RTCC)

UNFCCC: The UN climate talks have lost a decade of progress because of the failings of rich nations, according to a group of developing countries. Speaking at the resumption of the UNFCCC process in Bonn on Monday, Naderev Sano, a representative of the Like Minded Developing Countries (LMDC) warned the entire process was now at stake. The talks continue all this week. (RTCC)

EU: Half of the 32 European countries assessed in a new study were found to have no plans for adaptating to climate change. The European Environment Agency’s Adaptation in Europe report uncovered a gap in countries’ progress with some already taking action and others entirely unprepared. (The Guardian)

UK: The split in the UK’s government coalition on environmental issues was highlighted yesterday. Deputy Prime Minister Nick Clegg, the leader of the junior coalition partner the Liberal Democrats, said the Conservatives had failed to rebrand themselves as environmentally friendly. “The blue team used to claim to have gone green, yet have now publicly denounced the importance of environmental protections,” wrote Clegg on a Liberal Democrat blog. (BusinessGreen)

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