Posted by jumperhead on February 26th, 2008
Those crazy Tories. What will they think of next eh? The answer is a green trading market, much like the AIM. Sorry to disappoint you if you were hoping the answer was going to be a Conservative machine for time travel able to bring the cream of Tory PMs back from the grave, with Robert Peel ready to pitch in on the biofuels debate - he knew a lot about corn, after all. Although that would be rather good too.
Back to the green AIM. According to the venerable Financial Times, the Tories will be setting out plans for a green trading market called, not altogether snappily, The Green Environmental Network or GEM. The plan comes from shadow chancellor George Osbourne, with some help from his friend, LSE CEO Clara Furse.
From the FT:
He has asked Stanley Fink, former chairman of Man Group, and Marcus Stuttard, deputy chairman of Aim, to advise on the tax and regulatory regime needed to ensure the new exchange is internationally attractive.
Mr Osborne said he was “open” to the idea of giving capital gains tax breaks to companies that list on the GEM, similar to those that made Aim a success. He wanted to create “a buzz” around the new market.
Posted by jumperhead on February 26th, 2008
It looks like the US House of Representatives is going to be witness to an interesting bill this week, as the Democrats introduce the Renewable Energy and Energy Conservation Tax of 2008 (H.R. 5351).
Interesting not only for the pat on the head it will deliver to clean, renewable energy and energy efficiency companies but interesting because it will finance that tax break by repealing other tax breaks to big oil and energy companies, reportedly worth $18 billion.
I bet the Ewings are furious.
Speaker Nancy Pelosi, House Majority Leader Steny Hoyer, and Ways and Means Committee Chairman Charles B. Rangel have put out this statement on the matter:
“With the price of oil above $100 a barrel, this Congress is again taking action to reduce our dependence on foreign oil and support the domestic production of renewable energy. Next week, the House will vote on the Renewable Energy and Energy Conservation Tax Act to end unnecessary subsidies to Big Oil companies making record profits and invest in clean, renewable energy and energy efficiency.
“The bill extends and expands tax incentives for renewable electricity, energy and fuel, as well as for hybrid cars, and energy efficient homes, buildings, and appliances. It does not add to our deficit, but rather repeals $18 billion in tax subsidies for Big Oil companies. By strengthening our renewable energy sector, the bill will help create the next generation of good-paying, green collar jobs and bring down energy prices in the long term.
“Already pinched at the pump, American families are now feeling the effects of higher energy prices throughout the economy. This legislation is another critical step in a series of concrete actions this Congress is taking to address soaring energy costs, grow our economy and create new jobs, strengthen national security, and begin to reduce global warming.”
Posted by Greenbang on February 26th, 2008
Porsche is throwing its toys out of the pram again this week in response to Ken Livingstone’s plans to charge owners of heavy-polluting cars £25 a day to drive in London.
The company furiously slammed Ken’s plans last week and launched a petition to fight the move.
This week Porsche has published full tables of its own congestion charge polls - and now requests Mayor Ken Livingstone does the same.
We watch with interest to see if the London Mayor will react.
Here’s what Porsche says:
“Porsche Cars Great Britain has just published the full tables of its new poll on congestion charging by ICM and has written to Ken Livingstone requesting that he does the same for his December poll conducted by Ipsos-Mori or withdraws his original release. The Porsche poll showed the following:
By 74-23 per cent, Londoners believe the increase in the congestion charge to £25 is too high
By 62-30 per cent, Londoners believe the charge is being brought in because the Mayor is most interested in securing extra revenue rather than cutting congestion and helping the environment
By 81-11 per cent, Londoners believe the new charge will be bad for business in London
The British Polling Council, of which ICM and Ipsos-Mori are members, makes it clear that organisations must make public the full details of all polling once the poll has been referred to in public.
In his letter, Andy Goss, Managing Director of Porsche Cars GB, said, “I am requesting that you finally release the full tables of the Ipsos-Mori poll you announced in a news release on 18 December 2007. According to your release, the poll showed that the public supported your proposed plans. However, I understand that despite repeated requests to your pollsters over the last two months, the full tables have yet to be made public. I have enclosed a copy of the British Polling Council’s rules, which are also available on their website (www.britishpollingcouncil.org).”
He added. “If you are unwilling, for whatever reason, to authorise Ipsos-Mori to make these tables public, Porsche Cars requests that you remove the 18 December news release from your website and that you make no further references to the polling in your public comments.”
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Posted by Greenbang on February 26th, 2008
Posted by jumperhead on February 26th, 2008
Greenbang feels a bit like she’s had three cups of coffee and half a cup of sugar: there’s a maelstrom of information whirling about in her brains and she’s not sure how to get it out. That’s what happens if you read government consultation papers for fun. If you want to join in, read this. It’s the Welsh Assembly’s green route map - a document up for consultation which explains how Wales can be self-supporting in energy.
It’s a doozy of a paper, so Greenbang will sum it up for you in case you’re allergic to PDFs.
With sufficient innovation and investment, the right government framework and public support, Wales could produce some 33TWhr per hear or electricity (its current consumption is around 24 TWhr) from renewable sources. Half of this would come from marine, a third from wind and the rest mainly from sustainable biomass. And from the latter in its various forms, including waste, Wales could produce some 3TWHT of renewable heat each year.
The three pillars of the plan are: renewable energy technologies, including wave, wind, biomass, energy from waste and hydropower; energy efficiency including supporting microgeneration and distributed generation; and planning consents and grid infrastructure, which will mean greener buildings and a grid set up to deal with distributed energy generation.
Wow. Go Wales!
Posted by jumperhead on February 26th, 2008
Like bees on honey and flies on, you know, whatever flies go for, VCs have been going mad for electric cars of late. After Tesla got a cool $40 million funding boost last week, now it’s the turn of Miles Electric Vehicles.
The company has just been given a $15 million investment by Angeleno Group, a Los Angeles VC firm that specialises in the clean energy sector.
According to the company, the cash will be used for the development of the all-electric Miles XS500 sedan, and for more work in the low-speed electric vehicle market.
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Posted by jumperhead on February 25th, 2008
If you think you’ve lost the ability to be wowed by numbers in the green investing game, think again. How does $10 billion sound? To Greenbang, it sounds like the blast of a Dukes of Hazzard horn, as the General Lee shoots into view, wheels spinning, over the horizon. But that’s just Greenbang for you.
The $10 billion comes from a coalition of nearly 50 investors wit $1.75 trillion in assets and a climate change action plan between them, as they prepare to get involved in energy efficiency, clean tech and tougher scrutiny of carbon intensive investments.
The whacking great investment will be distributed over the next two years, and sits alongside a promise to put green building standards into their investment decisions and cut energy use in real estate by 20 percent over the next three years.
The coalition gives these details on the plan:
The action plan calls for a series of specific steps by investors to address the growing risks and opportunities from climate change. The nine goals include policy actions aimed at the Securities and Exchange Commission (SEC) and Congress, engagement with companies to improve their disclosure and responses to climate change, minimizing climate investment risks and maximizing climate-related investment opportunities. Among the investor commitments:
* Support clean technology, with a goal of deploying $10 billion collectively over the next two years.
* Aim for a 20 percent reduction in energy used in core real estate investment holdings over a three-year period, and consider green building standards in making investment decisions.
* Require and validate that investment managers, investment consultants and advisors report on how they are assessing climate risks in their portfolios, whether from new carbon-reducing regulations, physical impacts or competitive risks.
* Encourage Wall Street analysts, rating agencies and investment banks to analyze and report on the potential impacts of foreseeable long-term carbon costs, in the range of $20 to $40 per metric ton of CO2, particularly on carbon-intensive investments such as new coal-fired power plants, oil shale, tar sands and coal-to-liquid projects.
* Push the SEC to issue guidance leading to full corporate disclosure of climate risks and opportunities.
* Push Congress for a mandatory national policy to reduce national greenhouse gas emissions in accordance with the 60-90 percent reductions below 1990 levels by 2050 that scientists suggest is urgently needed to avoid the worst and most costly impacts from climate change.
Posted by jumperhead on February 25th, 2008
You know that feeling you get when you can see two people flirting but shying around actually taking the plunge - where you sigh and you think “Just get on with it!”? Well, Greenbang has been getting that feeling recently.
3i Infrastructure has announced, after some feverish whirling from the rumour mill, that it has approached the board of directors of Novera - a renewable energy firm - about a possible 90 pence a share offer.
Novera generates energy from renewable sources of power: wind, waste and water, and landfill gas.
So what’s the skinny on the 3i deal? There’s no guarantee that an offer will be made, and there’ll be a further announcement if and when appropriate, says 3i. Watch this space.
Posted by jumperhead on February 25th, 2008
Remember how Virgin Atlantic said was going to fly a biofuel plane in February? Well, it’s February and guess what? The flight has flown.
The biofuel-powered 747 flew from London to Amsterdam, using fuel made from a mix of babassu oil and coconut oil and no amendments to its engine. The demo flight was piloted by Captain Geoff Andreasen, with technical advisors on board to assess how things went.
Virgin, no doubt aware of biofuel’s detractors, said this about the plane:
These oils are environmentally and socially sustainable. They can both be found in everyday cosmetic products, such as lip balm and shaving cream, and do not compete with staple food sources. In addition, the babassu nuts and coconuts were harvested from existing, mature plantations.
There’s another demo flight coming up this year, says Virgin. Watch this space.
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Posted by jumperhead on February 25th, 2008
Do they put something in the water at SAP? Something green, like the Americans do with their beer on Saint Patrick’s Day? First there was Shai Agassi going into green energy, now co-founder Hasso Plattner has decided to kick off Hasso Plattner Ventures Africa, a tech VC fund, with industrial service provider MAN Ferrostaal.
The 350 million rand fund - that’s £23 million pounds to you and me - will concentrate on investing in clean technology investments such as renewable energy and energy-saving concepts as well as telecommunications, mobile applications, media and software in South Africa.
Andrea Böhmert will head the fund, and here’s what she said about it:
“In the past SA technology companies have found it almost impossible to get funding from international groups outside of South Africa. All start up businesses know, that it is extremely important not only to get investment funding but also assistance in accessing global markets. This is where our fund can score. Prof. Plattner and MAN Ferrostaal will be able to `open doors´ for start ups that would never be accessible otherwise across the IT industry as well as in the industrial solutions sector.”
