January 19, 2009
Bowen Capital Management, an Asia-focused asset manager, says the financial crisis may benefit alternative energy and waste management companies—the type of companies the investor is now targeting.
Jeremy Higgs, who manages the $30 million Green Dragon Fund for the Hong Kong-based Bowen, told Reuters news agency that government fiscal stimulus packages will drive spending on environmental technology. The Green Dragon Fund lost 53% in U.S. dollar terms in 2008 after a 44% gain in 2007.
Higgs is keen on companies in renewable energy and waste management, and says potential areas for investment include makers of high-storage capacity batteries and developers of technology for the capture and storage of carbon. 'Smart grids'—the use of intelligent meters to monitor electricity consumption—is another area of interest.
Bowen's green hedge fund, which invests mostly in pure energy plays, holds stakes in Japan Wind Development Co., the Singapore-based tech firm Hyflux Ltd. and the Philippines geothermal firm Energy Development Corp.
NEWS - Commodites, Agriculture, Green Investment - NEWS
1/27/2009
1/13/2009
Ex-Lahde Capital team running sustainability strategy
Andy Springer, the former chief operating officer at Los-Angeles-based Lahde Capital Management, and his operations team, have joined forces with portfolio manager Pamela Schwab to found Santa Monica-based Resolve Capital.
Resolve currently runs one hedge fund, the Resolve Eco Fund, a long/short fund targeting investments in businesses that provide solutions to environmental, social, health and economic problems, globally. It has a minimum investment of $250,000
and a 2/20 fee structure.
To coincide with the launch of the new firm, the fund, which has been running with proprietary capital since December 2005, is now open to outside investors. According to Springer, the fund is targeting capital of $100m.
Springer and Schwab both previously worked at Los-Angeles based hedge fund powerhouse Dalton Investments. Springer worked on operations and Schwab on the firm’s global hedged equity strategy.
Springer’s most recent employer, Andrew Lahde, is best known as the hedge fund manager who made 1,000% betting against the US subprime market in 2007
Resolve currently runs one hedge fund, the Resolve Eco Fund, a long/short fund targeting investments in businesses that provide solutions to environmental, social, health and economic problems, globally. It has a minimum investment of $250,000
and a 2/20 fee structure.
To coincide with the launch of the new firm, the fund, which has been running with proprietary capital since December 2005, is now open to outside investors. According to Springer, the fund is targeting capital of $100m.
Springer and Schwab both previously worked at Los-Angeles based hedge fund powerhouse Dalton Investments. Springer worked on operations and Schwab on the firm’s global hedged equity strategy.
Springer’s most recent employer, Andrew Lahde, is best known as the hedge fund manager who made 1,000% betting against the US subprime market in 2007
1/12/2009
GFX Alternatives Launches Renewable Energy Investment Portfolio
January 12, 2009 FinAlternatives
New York-based asset management firm GFX Alternatives has created a multi-manager portfolio to invest in the alternative energy investment sector. The new platform will allocate assets to investment managers who specialize in a broad spectrum of alternative energy opportunities.
The firm is led by veteran hedge fund executives Laura louise Duffy and Anric Blatt.
“Throughout the world there is an energy revolution occurring that is driving public and private investments into the alternative energy arena,” said Duffy, CEO of GFX Group. “Investments in alternative energy solutions are aimed at achieving energy independence while reducing environmental damages.”
“Increased spending in alternative energies and renewable resources will cause significant economic growth and prosperity for the companies embracing this change, yet very few asset management companies exist to explore, develop and profit from this phenomenon,” said Anric Blatt, chairman of GFX.
GFX Alternatives will being accepting outside investors at the end of the first quarter, and aims to cap assets in the new strategy at $1 billion.
GFX Alternatives is a member of the Global Fund Exchange Group, an alternative investment management business that is focused on the alternative energy and renewable resources sectors. The firm is headquartered in New York and has offices in Hong Kong and Singapore. The firm’s mission statement is “People, Planet, and Profit.”
New York-based asset management firm GFX Alternatives has created a multi-manager portfolio to invest in the alternative energy investment sector. The new platform will allocate assets to investment managers who specialize in a broad spectrum of alternative energy opportunities.
The firm is led by veteran hedge fund executives Laura louise Duffy and Anric Blatt.
“Throughout the world there is an energy revolution occurring that is driving public and private investments into the alternative energy arena,” said Duffy, CEO of GFX Group. “Investments in alternative energy solutions are aimed at achieving energy independence while reducing environmental damages.”
“Increased spending in alternative energies and renewable resources will cause significant economic growth and prosperity for the companies embracing this change, yet very few asset management companies exist to explore, develop and profit from this phenomenon,” said Anric Blatt, chairman of GFX.
GFX Alternatives will being accepting outside investors at the end of the first quarter, and aims to cap assets in the new strategy at $1 billion.
GFX Alternatives is a member of the Global Fund Exchange Group, an alternative investment management business that is focused on the alternative energy and renewable resources sectors. The firm is headquartered in New York and has offices in Hong Kong and Singapore. The firm’s mission statement is “People, Planet, and Profit.”
1/09/2009
Investments For An Obama Administration
December 15, 2008 - David Kurzman
By David Kurzman -- We have been inundated with questions from investors wanting to know how to position their portfolios to benefit from an Obama Presidency. The talking heads on CNBC, Fox Business, and MSNBC are throwing around words like “infrastructure” and “renewables” with little real discussion about how exposed or unexposed individual companies may be to the likely trends.
Investing in Regulatory-Driven Businesses
During economic downturns, such as the severe recession we are experiencing, corporate and consumer spending declines are the norm. But businesses that are driven by regulatory requirements, such as pollution control, safety equipment, and mandated purchases of renewable power, are likely to experience a muted downturn or even significant growth.
Following eight years of a relatively toothless Environmental Protection Agency (EPA), we expect renewed vigor in environmental legislation as the incoming director will likely be given nearly carte blanche to review the existing regulations. In particular, we hope to finally get resolution related to the Clean Air Interstate Rule (CAIR), which was thrown out by the appellate court late in our current president’s second term.
CAIR was originally issued by the EPA in March 2005, and it was designed to achieve the nation’s largest reduction in air pollution in more than 10 years by regulating the permissible pollution emissions allowed to cross state lines. The key to CAIR was that it would, “…provide health and environmental benefits valued at more than 25 times the cost of compliance” by creating permanent caps on the allowable emissions of sulfur dioxide (SO2) and nitrogen oxides (NOx) in the Eastern U.S. These gases are chief contributors to the production of acid rain and smog, respectively.
The Clean Air Mercury Rule (CAMR), which is closely related to CAIR, was the U.S.’s first federally mandated requirement for coal-fired electric utilities to reduce their emissions of mercury (which is released from coal when burned). But in July of 2008, a three-judge panel on the U.S. Court of Appeals for the District of Columbia Circuit ruled unanimously that the EPA overstepped its authority by instituting rules that would have established a cap-and-trade system for soot and smog. These are major components of the underlying rules. To add insult to injury, the court ruling came on the same day that the administration said it would take no steps under the Clean Air Act to regulate greenhouse-gas emissions that contribute to warming, even though the EPA formally announced that it would ask for public comment on the matter.
With the Supreme Court’s recent ruling that the EPA must regulate carbon dioxide emissions as a pollutant, we expect resolution for CAIR and CAMR soon. The Obama administration will very likely address the “fatal flaws” mentioned by the U.S. Court of Appeals and develop either by executive order or regulatory promulgation a stronger rule. In fact, a national cap and trade regime for carbon dioxide emissions (which was not covered by CAIR or CAMR) will set a precedent for revisions to CAIR and CAMR. That was a long way of saying that pollution abatement companies are positioned to benefit. Specifically, producers and suppliers of activated carbon, which is an inexpensive and market-tested way to reduce mercury and similar pollutants from coal-fired power plant emissions, are likely to benefit. There are few domestic suppliers of activated carbon (AC), and China, which until recently was a net exporter of AC (subject to a US importation tariff), has recently become a net importer of AC due that nation’s growth in new coal-fired power plants. Besides Calgon Carbon (CCC), the most promising micro-cap company we have reviewed is tiny and illiquid ADA-ES (ADES).
ADA-ES manufacturers and installs AC injection systems (the razor) and currently buys AC (the razor blade) for pollution abatement. This small-fry company has garnered nearly half of the market sales of AC injection systems, and has already broken ground on a new AC production facility at the mouth of a lignite mine in Louisiana. Interestingly, initial financing for this facility has been provided by former Goldman Sachs bankers that left to start their own fund.
We have met with ADA-ES’s management a few times and always came away feeling confident that they were the right management to execute a project of this magnitude. This is why we continue to hold a small position of ADA-ES in the KCR© Strategic Portfolio. We would like to increase the position materially, but the lack of liquidity in ADES shares and our own mandate that no position represent more than one trading day’s volume, limits our exposure at this time. We will revisit Calgon Carbon in the months to follow as there may be an opportunity there.
Renewable Portfolio Standards
There is another kind of regulatory-driven business that will likely grow and encompass the entire U.S. economy under an Obama Administration. Specifically, we are referring to the growing likelihood that a national Renewable Portfolio Standard (RPS) will be established.
Currently, about 27 states and the District of Columbia have each passed their own RPS, which mandates a specific level of electricity must be generated by renewable power sources in those states by a set date or dates. But no two state’s standards are the same. For instance, New York requires Investor-Owned Utilities to generate or acquire 25% of its delivered electricity from renewable sources by 2013. Renewable power sources, according to the New York standard, include: Photovoltaics, Landfill Gas, Wind, Biomass, Hydroelectric, Fuel Cells, Anaerobic Digestion, Tidal Energy, Wave Energy, Ocean Thermal, Ethanol, Methanol, and Biodiesel. Also, approximately 19.3% of the target will be derived from existing renewable energy facilities (namely existing hydropower from the likes of Niagara Falls!) and 1% of the target is expected to be met through voluntary green power sales. So New York State has allowed itself to start with about “19.3% achieved,” with another 5.7% to go.
By comparison, California’s RPS requires Investor-Owned Utility, Electric Service Providers, Small and Multi-Jurisdictional Utilities and Community Choice Aggregators to generate or acquire 33% of their electricity from renewable sources by 2020. According to the state of California, qualifying technologies include: Solar Thermal Electric, Photovoltaics, Landfill Gas, Wind, Biomass, Geothermal Electric, Municipal Solid Waste, Anaerobic Digestion, Small Hydroelectric, Tidal Energy, Wave Energy, Ocean Thermal, Biodiesel, Fuel Cells using Renewable Fuels.
A national mandate, set in a Goldilocks fashion (“not to high, not too low, just right”) will encompass all states (most southern states burn tons of coal, and they do not have RPS’s), and create a common standard
by which all must adhere.
We expect a national RPS to drive the already-strong solar, wind, geothermal, and other renewable businesses to new heights. We have selected two of the best positioned solar manufacturers, SunPower (SPWR) and First Solar (FSLR), and geothermal power producer Ormat (ORA) for inclusion in our portfolio.
David Kurzman is Managing Partner of Kurzman CleanTech Research and Kurzman Capital. Prior to launching his consulting firm, he served as Managing Partner of Kurzman CleanTech, a five-year-old hedge fund investing in clean technology companies and led the CleanTech Research Group for Panel Intelligence, a primary research firm
By David Kurzman -- We have been inundated with questions from investors wanting to know how to position their portfolios to benefit from an Obama Presidency. The talking heads on CNBC, Fox Business, and MSNBC are throwing around words like “infrastructure” and “renewables” with little real discussion about how exposed or unexposed individual companies may be to the likely trends.
Investing in Regulatory-Driven Businesses
During economic downturns, such as the severe recession we are experiencing, corporate and consumer spending declines are the norm. But businesses that are driven by regulatory requirements, such as pollution control, safety equipment, and mandated purchases of renewable power, are likely to experience a muted downturn or even significant growth.
Following eight years of a relatively toothless Environmental Protection Agency (EPA), we expect renewed vigor in environmental legislation as the incoming director will likely be given nearly carte blanche to review the existing regulations. In particular, we hope to finally get resolution related to the Clean Air Interstate Rule (CAIR), which was thrown out by the appellate court late in our current president’s second term.
CAIR was originally issued by the EPA in March 2005, and it was designed to achieve the nation’s largest reduction in air pollution in more than 10 years by regulating the permissible pollution emissions allowed to cross state lines. The key to CAIR was that it would, “…provide health and environmental benefits valued at more than 25 times the cost of compliance” by creating permanent caps on the allowable emissions of sulfur dioxide (SO2) and nitrogen oxides (NOx) in the Eastern U.S. These gases are chief contributors to the production of acid rain and smog, respectively.
The Clean Air Mercury Rule (CAMR), which is closely related to CAIR, was the U.S.’s first federally mandated requirement for coal-fired electric utilities to reduce their emissions of mercury (which is released from coal when burned). But in July of 2008, a three-judge panel on the U.S. Court of Appeals for the District of Columbia Circuit ruled unanimously that the EPA overstepped its authority by instituting rules that would have established a cap-and-trade system for soot and smog. These are major components of the underlying rules. To add insult to injury, the court ruling came on the same day that the administration said it would take no steps under the Clean Air Act to regulate greenhouse-gas emissions that contribute to warming, even though the EPA formally announced that it would ask for public comment on the matter.
With the Supreme Court’s recent ruling that the EPA must regulate carbon dioxide emissions as a pollutant, we expect resolution for CAIR and CAMR soon. The Obama administration will very likely address the “fatal flaws” mentioned by the U.S. Court of Appeals and develop either by executive order or regulatory promulgation a stronger rule. In fact, a national cap and trade regime for carbon dioxide emissions (which was not covered by CAIR or CAMR) will set a precedent for revisions to CAIR and CAMR. That was a long way of saying that pollution abatement companies are positioned to benefit. Specifically, producers and suppliers of activated carbon, which is an inexpensive and market-tested way to reduce mercury and similar pollutants from coal-fired power plant emissions, are likely to benefit. There are few domestic suppliers of activated carbon (AC), and China, which until recently was a net exporter of AC (subject to a US importation tariff), has recently become a net importer of AC due that nation’s growth in new coal-fired power plants. Besides Calgon Carbon (CCC), the most promising micro-cap company we have reviewed is tiny and illiquid ADA-ES (ADES).
ADA-ES manufacturers and installs AC injection systems (the razor) and currently buys AC (the razor blade) for pollution abatement. This small-fry company has garnered nearly half of the market sales of AC injection systems, and has already broken ground on a new AC production facility at the mouth of a lignite mine in Louisiana. Interestingly, initial financing for this facility has been provided by former Goldman Sachs bankers that left to start their own fund.
We have met with ADA-ES’s management a few times and always came away feeling confident that they were the right management to execute a project of this magnitude. This is why we continue to hold a small position of ADA-ES in the KCR© Strategic Portfolio. We would like to increase the position materially, but the lack of liquidity in ADES shares and our own mandate that no position represent more than one trading day’s volume, limits our exposure at this time. We will revisit Calgon Carbon in the months to follow as there may be an opportunity there.
Renewable Portfolio Standards
There is another kind of regulatory-driven business that will likely grow and encompass the entire U.S. economy under an Obama Administration. Specifically, we are referring to the growing likelihood that a national Renewable Portfolio Standard (RPS) will be established.
Currently, about 27 states and the District of Columbia have each passed their own RPS, which mandates a specific level of electricity must be generated by renewable power sources in those states by a set date or dates. But no two state’s standards are the same. For instance, New York requires Investor-Owned Utilities to generate or acquire 25% of its delivered electricity from renewable sources by 2013. Renewable power sources, according to the New York standard, include: Photovoltaics, Landfill Gas, Wind, Biomass, Hydroelectric, Fuel Cells, Anaerobic Digestion, Tidal Energy, Wave Energy, Ocean Thermal, Ethanol, Methanol, and Biodiesel. Also, approximately 19.3% of the target will be derived from existing renewable energy facilities (namely existing hydropower from the likes of Niagara Falls!) and 1% of the target is expected to be met through voluntary green power sales. So New York State has allowed itself to start with about “19.3% achieved,” with another 5.7% to go.
By comparison, California’s RPS requires Investor-Owned Utility, Electric Service Providers, Small and Multi-Jurisdictional Utilities and Community Choice Aggregators to generate or acquire 33% of their electricity from renewable sources by 2020. According to the state of California, qualifying technologies include: Solar Thermal Electric, Photovoltaics, Landfill Gas, Wind, Biomass, Geothermal Electric, Municipal Solid Waste, Anaerobic Digestion, Small Hydroelectric, Tidal Energy, Wave Energy, Ocean Thermal, Biodiesel, Fuel Cells using Renewable Fuels.
A national mandate, set in a Goldilocks fashion (“not to high, not too low, just right”) will encompass all states (most southern states burn tons of coal, and they do not have RPS’s), and create a common standard
by which all must adhere.
We expect a national RPS to drive the already-strong solar, wind, geothermal, and other renewable businesses to new heights. We have selected two of the best positioned solar manufacturers, SunPower (SPWR) and First Solar (FSLR), and geothermal power producer Ormat (ORA) for inclusion in our portfolio.
David Kurzman is Managing Partner of Kurzman CleanTech Research and Kurzman Capital. Prior to launching his consulting firm, he served as Managing Partner of Kurzman CleanTech, a five-year-old hedge fund investing in clean technology companies and led the CleanTech Research Group for Panel Intelligence, a primary research firm
Alternatives Manager Expands Environmental Investments TeamWendy Spires
Associate Editor
UK-based alternative asset manager Foresight has appointed Giovanni Terranova as an investment director in its Rome office, boosting the firm's European solar team.
In his new role Mr Terranova will undertake responsibility for identifying and executing transactions for the recently launched European Solar Fund, which invests in solar energy production projects in Italy and Greece and is intended to expand to other southern European markets in the future.
Jamie Richards, who heads Foresight’s Solar Fund said: “We are seeing increasing opportunities in the solar market both in Italy and across southern Europe. Through his knowledge of the renewable energy sector and experience in originating and executing renewable transactions, Giovanni will be a valuable addition to the team as we grow our portfolio of solar infrastructure projects.”
Mr Terranova joins Foresight from Fortis Bank in Milan, where he had been an associate director in the global energy and utilities team since 2005. During his tenure Mr Terranova worked on both conventional and renewable energy projects, latterly specialising in transactions in the wind and solar power sectors, and has arranged the debt financing on deals ranging in size from €20 million ($27.2 million) to €1.3 billion.
The Foresight Group specialises in funding growth companies and small management buyouts across the environmental, infrastructure and technology-led sectors, focusing primarily on investments in unquoted UK and European companies.
Foresight manages over €250 million across a number of funds which include its UK Sustainable Investment Fund, a fund focused on investments in environmental infrastructure.
UK-based alternative asset manager Foresight has appointed Giovanni Terranova as an investment director in its Rome office, boosting the firm's European solar team.
In his new role Mr Terranova will undertake responsibility for identifying and executing transactions for the recently launched European Solar Fund, which invests in solar energy production projects in Italy and Greece and is intended to expand to other southern European markets in the future.
Jamie Richards, who heads Foresight’s Solar Fund said: “We are seeing increasing opportunities in the solar market both in Italy and across southern Europe. Through his knowledge of the renewable energy sector and experience in originating and executing renewable transactions, Giovanni will be a valuable addition to the team as we grow our portfolio of solar infrastructure projects.”
Mr Terranova joins Foresight from Fortis Bank in Milan, where he had been an associate director in the global energy and utilities team since 2005. During his tenure Mr Terranova worked on both conventional and renewable energy projects, latterly specialising in transactions in the wind and solar power sectors, and has arranged the debt financing on deals ranging in size from €20 million ($27.2 million) to €1.3 billion.
The Foresight Group specialises in funding growth companies and small management buyouts across the environmental, infrastructure and technology-led sectors, focusing primarily on investments in unquoted UK and European companies.
Foresight manages over €250 million across a number of funds which include its UK Sustainable Investment Fund, a fund focused on investments in environmental infrastructure.
1/02/2009
WaterAid chosen for 2008 charity appeal
By Martin Dickson
Published: September 24 2008 16:13 | Last updated: September 24 2008 16:13
The Financial Times has selected WaterAid, which helps some of the world’s poorest people get access to safe water and sanitation, for its 2008 seasonal charity appeal to readers.
The seasonal appeal, which runs from November to mid-January, raised over £2.2m in the last two years for Camfed International, which supports the education of girls in Africa.
WaterAid was chosen for this year in a vote of FT staff around the world. The partnership was announced Wednesday by Barbara Frost, chief executive of WaterAid, at the United Nations High Level Event in New York. This brings together world leaders to assess progress towards the UN millennium development goals - targets for reducing poverty by 2015.
Ms Frost said that in New York she would be “addressing world leaders, calling on them to prioritise water and sanitation and recognise their essential role in reducing poverty. By choosing WaterAid for this year’s seasonal appeal the Financial Times’ staff have given recognition to the importance of our work.”
Lionel Barber, the FT’s editor, said: “We are delighted to be supporting WaterAid. Water issues are becoming an increasingly urgent issue globally - and we hope to use the campaign to help put this further up the global agenda.”
Founded in the UK in 1981, WaterAid works in 17 countries in Africa, Asia and the Pacific region and has fund-raising and policy offices in London, New York and Melbourne.
It estimates that over 1bn people do not have access to safe water while over 2.5bn lack adequate sanitation - many of them in urban slums. Diarrhoeal diseases caused by dirty water and poor sanitation, such as cholera, typhoid and dysentery, are common across the developing world. Water-related diseases are the second biggest killer of children, claiming 5,000 lives a day.
WaterAid helps communities set up and manage their own water and sanitation systems. The communities contribute their own labour and materials to help keep the cost of projects low and develop a sense of local responsibility for their management.
The charity also promotes hygiene education and campaigns for the adoption of a more integrated approach to development that recognises the importance of water and sanitation in reducing poverty.
Copyright The Financial Times Limited 2008
Published: September 24 2008 16:13 | Last updated: September 24 2008 16:13
The Financial Times has selected WaterAid, which helps some of the world’s poorest people get access to safe water and sanitation, for its 2008 seasonal charity appeal to readers.
The seasonal appeal, which runs from November to mid-January, raised over £2.2m in the last two years for Camfed International, which supports the education of girls in Africa.
WaterAid was chosen for this year in a vote of FT staff around the world. The partnership was announced Wednesday by Barbara Frost, chief executive of WaterAid, at the United Nations High Level Event in New York. This brings together world leaders to assess progress towards the UN millennium development goals - targets for reducing poverty by 2015.
Ms Frost said that in New York she would be “addressing world leaders, calling on them to prioritise water and sanitation and recognise their essential role in reducing poverty. By choosing WaterAid for this year’s seasonal appeal the Financial Times’ staff have given recognition to the importance of our work.”
Lionel Barber, the FT’s editor, said: “We are delighted to be supporting WaterAid. Water issues are becoming an increasingly urgent issue globally - and we hope to use the campaign to help put this further up the global agenda.”
Founded in the UK in 1981, WaterAid works in 17 countries in Africa, Asia and the Pacific region and has fund-raising and policy offices in London, New York and Melbourne.
It estimates that over 1bn people do not have access to safe water while over 2.5bn lack adequate sanitation - many of them in urban slums. Diarrhoeal diseases caused by dirty water and poor sanitation, such as cholera, typhoid and dysentery, are common across the developing world. Water-related diseases are the second biggest killer of children, claiming 5,000 lives a day.
WaterAid helps communities set up and manage their own water and sanitation systems. The communities contribute their own labour and materials to help keep the cost of projects low and develop a sense of local responsibility for their management.
The charity also promotes hygiene education and campaigns for the adoption of a more integrated approach to development that recognises the importance of water and sanitation in reducing poverty.
Copyright The Financial Times Limited 2008
TORTUOUS ROUTE TO COPENHAGEN
Financial Times
1988 Intergovernmental Panel on Climate Change set up for the world’s leading climate scientists to report on global warming.
1992 Earth Summit in Rio, at which nations including the US sign up to the United Nations Framework Convention on Climate Change, requiring them to take action to combat climate change.
1997 After tortuous negotiations, the Kyoto protocol to the UNFCCC is agreed, setting out the commitments to emissions cuts required to fulfil the parent treaty. Developed countries must cut their emissions by an average of
5 per cent compared with 1990 levels by 2012. The US signs the protocol but fails to ratify it.
2001 President George W. Bush explicitly rejects the Kyoto protocol and casts doubt on the scientific basis of climate change.
2005 The Kyoto treaty comes into force after Russia ratifies it. The UK’s Tony Blair makes climate change a priority for the summit he hosts of the Group of Eight industrialised nations.
2007 The US agrees at the G8 summit to start negotiations with the UN for a framework to replace the Kyoto protocol after 2012. At a UN meeting in Bali, Indonesia, governments set out the “Bali roadmap” for two years of talks on a new agreement.
2008 The European Union passes a package of measures to cut emissions by 20 per cent by 2020, compared with 1990 levels, and offers to raise the reductions to 30 per cent if other countries also agree to cuts. The UN meets at Poznan, Poland, to set out the timetable for a year of final negotiations on a successor to Kyoto.
2009 Representatives from 190 countries will meet in Bonn, headquarters of the UNFCCC, in April and June to hammer out the details of a deal, including publishing a draft text. In September, world leaders are due to meet at the UN General Assembly in New York to discuss the plans. December brings a UN conference in Copenhagen where a final agreement is intended to be forged on a Kyoto replacement.
2010-12 If an agreement is reached, countries submit it to their domestic legislatures for approval.
2012 Current provisions of the Kyoto protocol expire.
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