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International Update Volume 42, Issue 32

NORWAY'S GREEN TARGETS THREATENED BY LOW ENERGY PRICES

Norway

Norway's green energy and carbon emission reduction targets are at risk because of low electricity costs and an underfunded subsidy system, according to industry sources. Norway's ambitious plans to cut greenhouse emissions by 30% below 1990 levels by 2020 and to diversify power supplies are unlikely without increased subsidies, according to Andreas Aasheim, an advisor to Norway's wind energy association Norwea, who said that power prices would have to be around $100 per megawatt hour to fuel renewable energy growth.

NEW ZEALAND DECLINES SECOND ROUND OF KYOTO; AUSTRALIA SIGNS

Australia, New Zealand

New Zealand will not commit to a second phase of the Kyoto Protocol, according to Climate Change Minister Tim Groser. Groser announced that New Zealand will pledge under the United Nations Framework Convention along with nations responsible for 85% of the world's emissions. While the minister announced the country stands behind its existing Kyoto commitment, he said that the government had decided it was in "New Zealand’s best interests" to join China, Japan, the United States, and other heavy carbon polluters under the Framework.