"EU presents "CarboEurope" research initiative

-EU presented the 'CarboEurope' research initiative to look into the EU's carbon sinks to measure and check progress towards the Kyoto target.

-CarboEurope is a cluster of research projects supported by the EU Commission with a budget of 25 million EUR, and with 20 countries and 160 research institutes participating. The project will look at whether the biosphere and particular forests can reduce the concentration of carbon dioxide in the atmosphere, which is the principal cause of climate change. When finalized, CarboEurope will be able to measure and check progress towards the Kyoto target, the planned CO2 reduction in the atmosphere.

-Over the next four years, the EU plans to devote 700 million EUR to support similar research projects on global climate change and ecosystems. Also, the US, Japan, and China plan to launch similar initiatives in the near future.

New Zealand introduces carbon tax to meet Kyoto targets(10.18)

-New Zealand announced its plans for a carbon tax that will push up fuel costs but help the country meet its gas emission targets under the Kyoto protocol.

-If the controversial Kyoto protocol comes into force, the tax of up to $12 a ton of carbon dioxide equivalent will be levied sometime after 2007. It would raise retail petrol prices by up to 6 percent, diesel by 12 percent, gas and electricity prices by 8 to 9 percent, and coal to 19 percent.

-An increase in revenue raised by the new tax would be offset by cuts to other taxes.

The Asian Development Bank(ADB) extends $83 million loan for China's sewage treatment project

-ADB will give $83 million as a loan for construction of the three new sewage treatment plants in China. The new sewage treatment plants, which will be completed in 2008, will have a sewage treatment capacity of 520 thousand tons per day and the rate of the sewage treatment capacity will rise from 21% in the present to 49%.