Best Foot Forward

The battle rages on as the recession takes its bite, causing environmental projects to suffer, while others seek to change the footing of the world economy, away from its high consumption of fossil fuels to a low carbon basis:

• The massive injection of cash worldwide by governments to resolve the financial crisis is being compared to the 'New Deal', Franklin D Roosevelt's program in the 1930's to lift the US out of Depression.  In total the economic stimulus packages amount to more than $2,800bn.  Nick Robins, co-author of Sustainable Investing: The Art of Long Term Performance, and head of HSCB's Climate Change Centre for Excellence, says the world stands to devote $430bn for the 'Green New Deal', or about 15% of the $2,800bn stimulus to green measures. China is devoting about a third, US 10-12% and the UK only 7%, and Japan only 2.6%.   

• Ceres scored a huge victory yesterday, as after two years of intense advocacy, they have willed insurance regulators to approve a mandatory groundbreaking requirement ordering insurance companies to disclose to regulators and investors the financial risks they face from climate change, as well as actions the companies are taking to respond to those risks.It is the world’s first mandatory climate risk disclosure requirement — and it covers the largest global industry. Worldwide, insurers manage $16 trillion in assets...MORE

• European Union leaders meet tomorrow for their annual spring council meeting, and senior climate change official, Yvo de Boer has said he fears that the EU is backsliding on it promises an rewriting an agreement made in 2007 in Bali.  Poor countries will not commit to a new treaty at the UN meeting in Copenhagen this December, unless they have assurances from the developed countries that the necessary financing mechanisms will be detailed in the treaty to help fund the cuts in greenhouse gas emissions

• New Energy Finance, said investment in clean energy last year reached $155bn, about 4.4 per cent high than in 2007.  However, in the first half of last there was strong growth, but the second half this dropped off significantly, with asset finance for clean energy down 25 per cent on its peak level.  NEF forecast that this year will be flat, with about $150bn investment in the sector.