Bonn Climate Talks: India asks UN to take tough stand against protectionism

July 9, 2010

India has demanded that the United Nations must prevent any green protectionism by developed countries and include an explicit statement in the opening charter of any new deal to block carbon-based taxes being imposed on exports from developing countries such as India. The statement was made by the Indian delegation at the start of climate negotiations in Bonn. The UN talks on climate, in continuation of the last big meeting in Copenhagen, besides discussing the future of Kyoto Protocol will also look to hammer out a new long-term deal.

Chinese Wind Power Equipment Supplier plans Sale Offer in Hong Kong

July 9, 2010

Xinjiang Goldwind Science & Technology, a Chinese wind power equipment supplier, plans to raise as much as $1.2 billion by listing in Hong Kong, people close to the deal said. Goldwind, which is already listed on the Shenzhen stock exchange in mainland China, plans to sell 395 million shares in Hong Kong, with an indicative share price range between 19.80-23 Hong Kong dollars. There is an option to increase the offering by as much as 59 million shares.

Climate talks: EU proposes to pledge 2.4 bn euro per year

July 9, 2010

In a run-up to the next United Nations climate change talks in Bonn in June, the European Union (EU) has come forward with proposals on fast track financing and pledging 2.4 billion euro per year over two years. Finance is one of the key issues for an agreed outcome from the meeting in Mexico. At the Copenhagen meeting, rich countries sought to overcome this issue by pledging “fast-start funding”. They agreed on providing $30 billion by 2012 to help developing countries reduce carbon emissions and adapt to climate change impacts, with a commitment to increase it to $100 billion per year by 2020.

Bulgaria seeks investment in the renewable energy sector

July 9, 2010

Bulgaria, with the lowest corporate tax rate of 10 per cent in the European Union, wants Indian enterprises in the renewable energy sector – solar energy and wind energy – to invest in the country, said Mr HE Borislav Kostov, Ambassador of Bulgaria to India, during an interactive session organised by the Indian Chambers of Commerce.

Renewable energy constitutes a major part of the economy in Bulgaria and the country has plans to provide various incentives to investors in this sector.

Suzlon in talks with Caparo for $3-billion power deal

July 9, 2010

Suzlon Energy is in advanced talks with Lord Swaraj Paul’s Caparo Group to set up 3,000 MW capacity wind farms over six years, a deal which could bring in around $3 billion to the world’s third-largest wind turbine manufacturing company. The power plants will be developed for Caparo Energy, the London-based group’s joint venture with Finland’s Wartsila, and most of them are likely to be executed in India, according to a senior Suzlon executive. “Each mega watt of wind power set up by Suzlon for Caparo Energy could fetch the company over $1 million in revenue,” he said, adding that the two companies are likely to finalise the agreement this month.

According to the discussion between the two sides, Suzlon Energy will help Caparo identify wind farm sites in India and may also help in land acquisition efforts.

Caparo Energy India was set up in March this year with Wartsila, which specialises in manufacturing diesel and gas engines used for powering ships as well as for electricity generation.

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