World leaders tried to rescue a global climate agreement on Friday but the failure of leading greenhouse gas emitters China and the United States to come up with new proposals blocked chances of an ambitious deal.
President Barack Obama met other world leaders in a last push for a new global climate deal on Friday, after negotiators failed to reach a deal on carbon cuts in all-night talks.
China said on Thursday the US move to offer $100 billion in climate funds for poor countries was a good step”, seeking compromise with Washington on its demand for checks on Chinese emissions curbs.
World leaders worked through the early hours to try and beat a Friday deadline for a deal on cutting emissions and helping poor countries cope with the costly impact of global warming.
When it is about pushing climate policies, the debate often surrounds the costs of implementation. Nations debate with nations, while citizens debate with their leaders. Locally, proponents often stress that new policies will create new jobs, 'green jobs,' as they say in the US. What is often not mentioned is that there are also costs, both in increasing prices and old jobs which are vanishing in turn.IBT's full coverage of Copenhagen
U.S. President Barack Obama is scheduled to arrive in Copenhagen on Thursday night and will join the UN climate talks on Friday, bringing hopes to finish a complicated process of reaching a political agreement to reduce greenhouse gas emissions and fight global warming.
Prospects for a strong U.N. climate pact grew more remote on Thursday at the climax of two-year talks as ministers and leaders blamed leading emitters China and the United States for deadlock on carbon cuts.
Danish hosts revived climate talks on Thursday and Washington backed a $100 billion (62 billion pound) fund to aid poor countries as world leaders gathered on the eve of a U.N. deadline to reach a deal to slow global warming.
Dwindling prospects a strong climate deal at a U.N. summit in Copenhagen were likely to knock carbon permits under the European Union emissions trading scheme, traders said, and prices fell to a two-week low on Thursday.
Leaf Clean Energy Co, which invests in clean-energy companies mainly in North America, agreed to merge with closed-end investment company Trading Emissions Plc in an all-share deal, creating the largest carbon-focused company listed in London.
U.S. Senator John Kerry raised the possibility on Wednesday that a major energy and climate change bill he is trying to craft might not contain the cap and trade mechanism for reducing carbon dioxide emissions.
U.S. Senator John Kerry raised the possibility on Wednesday that a major energy and climate change bill he is trying to craft might not contain the cap and trade mechanism for reducing carbon dioxide emissions.
Canadian Prime Minister Stephen Harper is likely to ignore pressure to adopt tougher emissions targets this week, preferring instead to let the United States craft a North American climate change policy.
European Union carbon emissions futures fell on Wednesday as the market absorbed December 2009 contract deliveries and awaited an outcome from climate talks in Copenhagen.
Brazil is blocking proposals to increase carbon finance for emerging nations at U.N. talks, and a spat with Saudi Arabia over forestry and carbon-burying projects could impede a new climate deal, a source close to the talks said on Wednesday.
All nations should set tougher goals for combating global warming at a U.N. summit and the rich should spell out how much aid they will give the poor by 2020, U.N. Secretary-General Ban Ki-moon said on Wednesday.
The Kyoto Protocol which binds nearly 40 rich nations to limit carbon emissions is in intensive care and global negotiations to extend the pact have stalled, Environment Minister Jairam Rameshsaid on Wednesday.
World leaders took the stage at the largest ever climate talks on Wednesday as ministers scrambled to rescue troubled negotiations on a pact to avoid dangerous global warming.
Global talks on climate change still lack clarity and could even break down over serious outstanding issues with only three days to go before the world has to agree an outcome, Environment Minister Jairam Ramesh said.
Trade in controversial carbon rights under the Kyoto Protocol after 2012 could undermine emissions targets agreed under a new global climate pact, the European Union environment commissioner said on Tuesday.
Ministers strived to break a deadlock in global climate talks on Tuesday, three days before world leaders are meant to agree a new U.N. pact aimed at averting dangerous climate change.
Carbon offset aggregator Camco International expects a carbon structured transaction announced on Tuesday to have a positive impact on 2009 results.
