The European Union said the U.S. must do more to reduce greenhouse gas emissions than the proposal President Barack Obama’s government released today if it’s to keep talks on limiting global warming on track.
President Barack Obama proposed cuts in greenhouse-gas emissions from the nation’s power plants by an average of 30 percent from 2005 levels, a central part of his plan to fight climate change that also carries political risk.
The Green Climate fund set up as a result of United Nations climate-treaty talks to help finance projects that reduce emissions in poorer nations agreed on a set of rules, paving the way for initial capital to be raised.
Oil explorers like Exxon Mobil Corp. and OAO Rosneft risk wasting $1.1 trillion of investors’ cash through 2025 on expensive, uneconomic projects from the Arctic and deep seas to tar sands, according to a study.
In a world that has never produced so much oil and gas, the United Nations is seeking to persuade producers they need to leave three-quarters of their reserves in the ground and explore cleaner energy to combat climate change.
Success at climate-change talks in Mexico may depend on companies such as Siemens AG and Wal-Mart Stores Inc. prodding governments into action, said Christiana Figueres , the United Nations climate chief.
Countries participating in United Nations-sponsored carbon trading want to expand and improve the market rather than “kill” it, according to the executive secretary of the UN Framework Convention on Climate Change.