Momentum continues to build for the creation of a “Clean Technology Fund” that would provide financial support “to assist developing countries in transitioning to low carbon economies.” Championed by the U.S., the U.K., and Japan, and likely to be managed by the World Bank, the fund may total US$5.5 billion, based on current commitments from G8 countries. World Bank President Robert Zoellick projects that the fund could be finalized at the G8 summit in July, according to Reuters.

In the contentious global climate negotiations, a Clean Technology Fund could be seen as a “win-win” for both developing countries and for brokers of clean technologies. Technology transfer and financing is a central theme of the second meeting of the Ad Hoc Working Group on Long-Term Cooperative Action to support the Bali Roadmap, which convened this week in Bonn, Germany. Delegates emphasized the role of technological responses to mitigate and adapt to climate change, the need for “innovative funding mechanisms,” and the possibility of establishing a multilateral fund.

While unlikely to derail the development of the Fund, during a hearing today convened by a Subcommittee of the US House Committee on Financial Services, Congressmen and environmental groups raised some concerns about the Fund’s structure and questioned whether the World Bank was the appropriate fund manager. Read the rest of this entry »

For further information about this topic, please contact Akin Gump.

Republican Senators today called for a reading of the full text of the Boxer-Lieberman-Warner Climate Security Act (S. 3036). E&E News PM [subscription req.] reported that the procedure was invoked by Senate Minority Leader Mitch McConnell (R-Ky.) because “Democratic leaders did not fulfill a pledge to confirm three of President Bush’s judicial appointees before Memorial Day.” The floor debate is now projected to begin tomorrow, with the likely introduction of a number amendments, including ones related to nuclear power.

The reading began at 1 PM and is expected to continue into the night. Listen to the reading on C-SPAN2 online (Windows Media Player or RealMedia).

For further information about this topic, please contact Akin Gump.

The Senate’s Democratic leadership had planned to debate the Climate Security Act in earnest this morning, but instead spent the day in the midst of a 30 hour preliminary debate period required by a Republican procedural motion. Both sides offered partisan recriminations, with Democrats blaming Republicans for stalling the bill, while Republicans accused Democrats of trying to limit debate and the number of amendments that can be considered.

During this 30 hour period, which expires overnight tonight, the debate focused on large-scale questions - in particular the absence of nuclear subsidies, the overall costs of the bill, and how revenue is scheduled to be allocated.

Read the rest of this entry »

For further information about this topic, please contact Akin Gump.

The Senate has begun debate on S. 3036, the Climate Security Act (the Lieberman-Warner Bill in the vernacular). While there looks to be more than enough votes in the Senate to move to a debate, it is anyone’s guess whether there are the 60 votes needed to cut off debate and move to a final vote- that will largely be determined by the type and amount of amendments that are accepted, rejected, or permitted to be debated. Getting the 60 votes necessary to cut off debate became one vote harder this week with the absence of Sen. Ted Kennedy.

For further initial background on the debate, today’s Washington Post cites the call to action inherent in the recent federal Climate Change Science Program report as contributing to a “sturdy platform” for leadership from the next Administration; while the New York Times analyzes conflicting interests of various industry groups and the Wall Street Journal’s Environmental Capital predicts that “nothing much will happen.”

ClimateIntel will monitor the debate and update this blog as events warrant. C-SPAN2 is streaming the debate online (Windows Media Player or RealMedia).

For further information about this topic, please contact Akin Gump.