The European Union should scrap fossil fuel and renewable energy subsidies and set a target to cut oil imports to remain the leader in the fight against global warming, according to Poland’s environment minister.
Mitsui & Co., Mitsubishi Corp. and Nippon Yusen K.K. will jointly take a one-third stake in a U.S. liquefied natural gas export facility to be built for as much as $10 billion as Japan seeks to tap cheaper shale gas following the Fukushima nuclear disaster.
The plunge in the cost of wind and solar power that bankrupted more than two dozen manufacturers is forecast to spur a tripling of investment in renewables by 2030 and to reduce the grip fossil fuels have on world energy supply.
The European Parliament may ease a planned ban on fund-manager bonuses that top fixed pay if investors get to vote on the larger awards, bringing the rules closer into line with those approved yesterday by national ambassadors on how much bankers can be compensated.
New York would need about $382 billion and wind turbines covering an area equivalent to 13 percent of the state’s land mass if it followed a Cornell University plan to derive all of its power from renewables.
Brazil is seeking to boost prices at electricity auctions and spur demand for power from coal- and natural gas-fired plants, after developers agreed to sell wind energy at low prices that made fossil fuel less competitive.
The Inter-American Development Bank has agreed to loan Spain’s Solarpack Corp. Tecnologica $41.4 million to develop three photovoltaic-solar projects in Chile’s Atacama desert as the nation seeks to diversify its energy supply.