Chillin' out till it needs to be funded
Everyone is in Oil these days and with Dubai coming back off the cliff, China bankrolling African dreams, Indian energy corps going global and Russia waiting to come back from a contraction and Gazprom thru Europe without Ukraine, that is the light at the end of the tunnel. Though a lot of people have talked about it, a market for carbon credits has just taken off this year, Copenhagen may likely have an agreement and time is ripe for the right people to get into energy funds. Who better than the Governments and the World Bank…Great news to hear. Maybe some will bankroll ethanol the right way too! It’s a great collection of baubles from the O’nomics back team to clear out the Christmas tree. Rassmussen reports will love Obama and the markets will love this new Sheikh out of Texas and the sands.
The United States pledged on Monday to contribute $85 million to a $350 million multinational fund aimed at speeding up renewable energy and energy efficiency technologies in poor countries. U.S. Energy Secretary Steven Chu also announced a high-level meeting will be held in Washington next year of major developed countries energy ministers to discuss global deployment of clean energy technology. Chu made the announcements on the sidelines of a Dec. 7-18 international climate conference in Copenhagen. The talks temporarily stalled on Monday when African countries walked out, accusing rich countries of trying to kill the U.N. Kyoto Protocol which set targets for emissions cuts by most industrialised countries. Projects which the fund will support include a plan to speed affordable solar-generated lighting systems and LED lanterns to those without access to electricity. Chu said the devices would eliminate air pollution from indoor kerosene lamps that he said contributes to 1.6 million deaths per year in poor countries. Other facets of the programme are the encouragement of more energy-efficient appliances in developing countries and rich country information-sharing of clean energy technologies. The White House said the financing would enhance a World Bank strategic climate fund that helps poor countries develop national renewable energy plans. Italy, Australia, Britain, the Netherlands, Norway and Switzerland also are participating and already have promised funds.