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International Update Volume 42, Issue 26

French President Calls for Greater CO2 Cuts

The president of France, Francois Hollande, called for greater cuts in carbon dioxide in the European Union beyond the 20 percent by 2020 targets. Hollande recommended a 40 percent reduction by 2030 and 60 percent reduction by 2040 as he sought to put the environment back at the top of the international agenda. "We have an ambitious strategy," said Hollande, adding that he planned on defending the targets to the EU.

Brazil Court Upholds Transocean Ban

A Brazilian court upheld a ruling banning Transocean from operating in the country after a 3,600 barrel oil spill in November 2011. Regulator ANP tried to prevent the ban, which prosecutors sought in order to ensure payment of the $20 billion in damages assessed against Transocean, but the Superior Court of Justice upheld the ruling. The ban is the latest setback for state oil giant Petrobras, which has cited a lack of rigs as the reason it has failed to meet targets over the last decade.

UK Gas Rush May Breach Climate Change Act

An independent committee warned the United Kingdom last week that plans for a surge in new gas investment would violate the Climate Change Act, reigniting a fight about the nation's energy future. David Cameron's strong backing of gas-fired power plants may damage the UK's ability to meet its climate change targets, as the government fights over whether to favor gas over renewable energy.