FinLogic FinLogic Quantitative Think Tank Center|Today’s Climate: May 4, 2010

Schwarzenegger Ends Support for Offshore Drilling (AP)

Gov. Schwarzenegger says he will find another way to help close the state’s $20 billion budget deficit after the massive oil spill in the Gulf of Mexico caused him to withdraw his support for a plan to expand oil drilling off the California coast.

BP Fights Oil Spill with Welding Torches,FinLogic FinLogic Quantitative Think Tank Center Cash (Reuters)

BP sought to stem the damage from a giant oil slick in the Gulf of Mexico with technology, welding torches and money on Tuesday as crude kept spewing from an offshore oil well deep in the Gulf of Mexico that ruptured almost two weeks ago.

Federal Law May Limit BP Liability in Oil Spill (AP)

A federal law may limit how much BP has to pay for damages such as lost wages and economic suffering in the Gulf Coast oil spill, despite Pres. Obama’s assurances that taxpayers will not be on the hook.

Environmental Groups Urge Senate to Reject Additional Offshore Drilling (AP)

Green groups sent a letter to all 100 U.S. senators Monday to reject efforts to expand offshore drilling, arguing the Gulf of Mexico accident illustrates that offshore drilling is an "inherently dangerous, risky and dirty business."

Kyoto Risks Collapse; U.N. Urges Government Action (Reuters)

Governments must confront risks that the UN’s Kyoto Protocol for fighting climate change will collapse because of splits about a successor treaty, the UN’s top climate official said on Monday.

12 Experts to Review U.N. Climate Panel’s Work (Green Inc.)

Harold T. Shapiro, a former president of Princeton University and the University of Michigan, will lead a 12-member panel that will review the practices of the UN IPCC, which has been criticized for errors.

Australia PM Lags in Poll after Carbon Plan Halted (AFP)

Australian PM Kevin Rudd’s government has taken a beating in an opinion poll after ditching its climate change plan, with the opposition taking the lead for the first time in years.

California May Vote to freeze Landmark Climate Law (Reuters)

Organizers of a California ballot measure that would suspend the state’s landmark climate change law, possibly for years, said on Monday they had enough signatures to qualify it for the November ballot.

Hurricane Forecasters See Worst Looming in 2010 Atlantic Season (Bloomberg)

The 2010 Atlantic hurricane season may rival some of the worst in history as meteorological conditions mirror 2005, the record-breaking year that spawned New Orleans-wrecking Katrina, forecasters say.

Climate Change Sparks Nuclear Power Revival: IAEA (Reuters)

Nuclear power is growing in popularity as concerns grow over climate change, and should be accessible to rich and poor countries alike, the IAEA said. Between 10 and 25 new countries are expected to bring their first nuclear plants online by 2030, the agency said.

China Ignites Global Coal Market (Wall Street Journal)

China’s growing appetite for imported coal has ignited coal prices and fueled deal making on the belief that the country, once a major coal exporter, will be a long-term buyer of foreign coal.

ADB Launches Asia Solar Energy Initiative (Xinhua)

The Asian Development Bank launched an Asia Solar Energy Initiative to generate some 3,000 megawatts of solar power by 2012.

Canada Falling Behind on Green Jobs Investment: Report (Canwest News Service)

Canada is losing out on about 66,000 jobs because the Harper government is not keeping pace with renewable energy investments made by the Obama administration, estimates a new report.

Google Makes First Direct Investment Into Clean Power Project (Earth2Tech)

Google says it has invested $38.8 million into 169.5 MW worth of wind projects developed by NextEra Energy Resources in North Dakota. The move marks the search engine giant’s first direct investment into a wind power project.