By fiscal year, the projections (in billions) are:
All but about $24 billion of the revenue will be used to pay for programs proposed in the legislation.
The Brazilian Energy Ministry confirmed Wednesday that legislation is being drafted that will set the terms for the development of the "pre-salt" oil reserve situated in the Atlantic Ocean.
As reported by the Financial Times ("Brazil Readies Oil Reserves Law," June 11, 2009), three key legislative provisions are:
A state-owned company would be established to own the reserve and grant concessions;
A system of "production sharing agreements" would be created to replace the existing system allowing companies to own the oil they discover;
Revenues generated by the government would be used for social spending projects.
The regulatory structure being considered by Brazil is patterned after a similar one put in place by Norway when the North Sea oil reserve was discovered several decades ago.
The full magnitude of the pre-salt oil reserve remains uncertain although the energy ministry has said that it is now about 50 billion barrels and may reach considerably higher. In comparison, Saudi Arabia has about 270 billion proven barrels, Venezuela about 100 billion barrels, and the U.S. about 25 billion barrels.
"As I stand here today, the Greenland and West Antarctic ice sheets continue to melt and sea levels continue to rise. We are experiencing more extreme weather conditions, with severe storms and droughts. And while this is happening, emission levels have not even started to decline.In addition, Mr. Reinfeldt went a step farther and suggested, "We now need to initiate discussions on how economic instruments can best be utilised in climate policy. I believe tools such as a carbon tax and emissions trading, if designed well, can play a key role in addressing climate problems."
"On the contrary. According to the IPCC, between 1970 and 2004 greenhouse gas emissions increased by 70 per cent. There is no more time to lose, if we do not want our children to suffer even more dramatic consequences of climate change.
"Over the last year I have often been told that, in the middle of deep economic crisis, countries cannot afford to spend money on "green dreams". I would argue the contrary. They cannot afford to keep their current costly energy sources.
"Let me take Ukraine as an example, and a particularly interesting one given recent signs of an impending gas crisis. Today Ukraine uses energy about three times less efficiently than EU countries on average. Studies demonstrate that if Ukraine's energy efficiency could reach the level of countries like Slovenia and the Czech Republic, Ukraine would come close to being independent of gas imports from Russia.
"So in addition to the benefit of having cleaner air, improved health and reduced risk of natural disasters, many countries would even improve their public finances by addressing climate change and their energy mixes. I guess that is what you call a 'win-win' situation.
"Studies by McKinsey show the same thing. Global greenhouse gas emissions could be cut by about 40 per cent by 2030 at a cost of less than half a per cent of global GDP. I will say it again: the cost of inaction is far higher than the cost of action.
I say this knowing that, at the same time, many developing countries will have difficulties making the initial investments. The EU has therefore stated its readiness to take on its fair share in the framework of an agreement in Copenhagen.
"The Swedish Presidency - and I personally - will do our utmost to continue to work out the details of such financing arrangements as well as ways of transferring technology, to enable an agreement on global emissions reductions in Copenhagen.
"We know that substantial mitigation efforts are needed in all countries if we are to keep the increase in global average temperature below two degrees compared to pre-industrial levels. Developed countries must take the lead in reducing emissions and reach a mid-term target of cutting emissions by 25 to 40 per cent.
"And the EU has done its homework. We have promised to cut emissions by 30 per cent by 2020 in the framework of an international agreement. The energy and climate package agreed last December is the most ambitious mitigation policy the world has ever seen."
"The increased support mirrors rising overall investor support for climate change resolutions in recent years. It comes as the business case for supporting climate-related resolutions is increasingly clear, as regulation of greenhouse gas emissions is now a reality in many regions of the U.S. and federal regulations are a strong possibility.Among the leading mutual fund firms voting in favor of climate change resolutions were:
"When fund companies vote against climate resolutions it raises serious questions about whether they are violating their fiduciary duty by not representing their customers' long-term financial interests. That's because climate change can pose major financial risks to the companies the funds invest in."
"To have increased the number of Green MEPs from 35 to 46 is a great success. Our showing is even more remarkable when you consider that we have 11 more seats than before in a European Parliament with 49 fewer MEPs."The Greens ran particularly well in Belgium, Denmark, Finland, Germany, and Sweden.
"The lawsuit...is the latest chapter in an effort by trade unions and their lawyers to falsely blame Drummond...for some of the tragic violence against union leaders and others that plagued Columbia for decades. Similar allegations were made in a lawsuit filed in 2002, and were rejected by an Alabama jury in a judgment that was affirmed by the United States Court of Appeals. Drummond [denies] the allegations of this latest lawsuit, and repeat[s] that the policy...is and always has been not to provide support to any outlaw groups in Columbia including paramilitaries."