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EU: The European Union will announce a new emissions reduction target later today. The bloc is currently on track to hit its 20% cut by 2020 and has been widely expected to increase this to a 30% cut on 1990 levels by 2030. The European Commission has predicted that it is on track for a 27% cut by 2030 under current policies.
European Climate Commissioner Connie Hedegaard is likely to announce a 30% emissions reduction target for the EU by 2030 (Source: Flickr/foto43)
South Africa: The BRICS group of Brazil, Russia, India, China and South Africa will continue discussing establishment of a development bank later today after failing to reach a deal on Tuesday. They settled on an initial investment of $50bn but could not agree how to split up contributions to the fund. The bank would serve as a counter weight to the US-dominated World Bank. (Reuters)
India: Indian wind turbine manufacturer Suzlon has managed to restructure its debt, buying it some time to repay creditors. The company experienced a period of fast growth in recent years, funded in part by loans. A fall in demand for its products has made it harder for it to keep up with repayments under the old terms. (Financial Times)
EU: The European Commission has been urged to make more effort to fund Carbon Capture and Storage technology. Shell’s climate change advisor David Hone has called for a more “heavy-handed” approach to get the fledgling technology off the ground. (EurActiv)
Scotland: US property tycoon Donald Trump has lost his legal battle to halt the development of an offshore wind test facility off the coast of Aberdeen. He opposed the visual impact of the site’s 11 trubines on his luxury golf resort. (Financial Times)
UK: A debate on the impact of green policies on energy bills in the UK has re-emerged during the current cold snap. A story in the left leaning Guardian quotes Ed Davey, Secretary of State for Energy and Climate Change, claiming that energy efficiency measures and renewables can cut bills by £166. The Daily Mail, which usually opposes green measures, claims they cost consumers £286. (Daily Mail, Guardian)