BERLIN (Reuters) - German Chancellor Angela Merkel's conservatives and the center-left Social Democrats have agreed to aim for a 40 percent cut in European carbon dioxide emissions by 2030 compared with 1990 levels, a draft paper from coalition talks showed. "We want to give climate protection a central role in energy policy," the paper read. Both camps wanted to reduce emissions in Germany by "at least 40 percent" by 2020, the paper read. The European Union is so far aiming to cut emissions by 20 percent by 2020 compared with 1990 levels. ...
By Barbara Lewis BRUSSELS (Reuters) - Hitting energy and environment targets for 2030 under discussion in the European Commission would save up to 35 billion euros ($47 billion) per year in health costs as air pollution declines, EU sources said. It would also add an estimated 0.5 percent to gross domestic product, due mainly to lower oil and gas imports, they said. The Commission, the EU executive, said it does not comment on unpublished documents. Policymakers are considering targeting a cut of around 40 percent in greenhouse gas emissions and raising the proportion of energy generated by renewables to 30 percent, EU sources have said on condition of anonymity.
By Joseph Ax NEW YORK (Reuters) - The former Ecuadorean judge who issued a $19 billion pollution judgment against Chevron Corp Chevron has accused U.S. lawyer Steven Donziger of bribing the judges to win the award for a group of villagers who lived in a contaminated area of northeastern Ecuador. On the surface, the statements from Nicolas Zambrano, the former judge who testified on Tuesday, appeared to go against Chevron's claim that the judgment was a result of fraud. But during several hours of tough questioning in a federal court in New York, a Chevron lawyer was able to zero in on several potential discrepancies in the judge's account.
, Canada's largest natural gas producer, said on Tuesday it will cut about 20 percent of its workforce, slash its dividend, and focus future spending on just five regions rich in oil and gas liquids as it looks to move away from low-value natural gas production. The new plan, which includes the spin off of its historic Alberta freehold lands into a separate company, is part of new Chief Executive Doug Suttles' push to boost earnings and raise cash flow as the company faces the prospect that natural gas prices will remain weak for years to come. The strategy comes on the heels of a series of failed attempts to boost profits under former chief executive Randy Eresman, who left last year. "But I think where they're going with things under Suttles is considerably better than where they were going under Eresman ... So far what I've heard from the new management has been encouraging." Encana shares closed 3.34 percent higher at C$19.21 on the Toronto Stock Exchange, despite the company's decision to cut its 21-Canadian-cent quarterly dividend to 7 Canadian cents.
Ukraine and US energy giant Chevron signed a $10-billion shale gas deal on Tuesday that the ex-Soviet nation hopes could end its energy dependence on Russia by 2020. The production-sharing agreement allows Chevron to explore the Olesky deposit in western Ukraine that Kiev estimates can hold 2.98 trillion cubic meters of gas. The deal, worth the equivalent of 7.4 billion euros, comes close on the heels of similar agreements which Ukraine has struck in the past year with the Anglo-Dutch group Shell and the US super-major ExxonMobil. "The implementation of large-scale projects with Shell and Chevron ... will enable Ukraine to fully meet its natural gas need by 2020," Ukrainian President Viktor Yanukovych said moments before Tuesday's signing ceremony.
By Pavel Polityuk and Richard Balmforth KIEV (Reuters) - Ukraine signed a $10 billion shale gas production-sharing agreement with U.S. Chevron The deal to develop its western Olesska field followed a similar shale gas agreement with Royal Dutch Shell in January and boosts Ukraine's leadership at a time of fraught relations with Moscow over gas supplies. "The agreements with Shell and Chevron ... will enable us to have full sufficiency in gas by 2020 and, under an optimistic scenario, even enable us to export energy," President Viktor Yanukovich told investors shortly before the signing.
Ukraine signed a $10 billion shale gas production-sharing agreement with U.S. energy major Chevron "It's been signed," Energy Minister Eduard Stavytsky told journalists, referring to a deal for exploration and extraction of shale gas at the Olesska field in western Ukraine. Last January, the ex-Soviet republic signed a deal with Royal Dutch Shell Ukraine, through shale, offshore and liquefied natural gas development, aims to ease its dependence on costly natural gas imports from its main supplier, Russia, which weigh heavily on its economy.
By Barbara Lewis BRUSSELS (Reuters) - EU energy prices will rise unless European governments stick to strict guidelines on when subsidies are justified, the European Commission said on Tuesday. Following intense political debate and a storm of protest over energy prices, the Commission, the EU executive, is revising rules to guide the European Union's 28 member states. Generous support schemes for solar energy, for instance, have been blamed for adding to the financial burdens of households and businesses at a time when economic recovery is tentative. The Commission says the subsidies should be phased out and meanwhile made more flexible.