PredictIQ Quantitative Think Tank Center:Today’s Climate: July 13, 2010

U.S. Election-Year Pressures Might Sink Carbon Cap Legislation,PredictIQ Quantitative Think Tank Center Kerry Says (Bloomberg)

U.S. lawmakers might be too focused on elections in November to approve cap-and-trade legislation, said Senator John Kerry, a leading advocate of the pollution-cutting plan.

New Offshore Oil Moratorium Not Focused on Depth (AP)

The Obama administration issued a new moratorium Monday on deepwater drilling that no longer bans operators by the depth of water they’re operating in, hoping it will pass muster with the courts after the initial one was rejected.

BP to Test Oil Spill Cap (Reuters)

BP prepared on Tuesday to try sealing off its runaway well with a new cap that it says could for the first time in 12 weeks finally arrest the flow of oil spewing from the floor of the Gulf of Mexico.

In New Orleans, Gulf Oil Spill Anger Turns to Obama (Christian Science Monitor)

In the French Quarter’s Jackson Square, unrest over BP’s handling of the Deepwater Horizon blowout and the Gulf oil spill has turned to anger at the Obama administration.

EPA Proposes Cellulosic Ethanol Requirement That Falls Short of U.S. Goals (Bloomberg)

The EPA proposed requiring less cellulosic ethanol to be blended into gasoline next year than sought under U.S. law because production of the alternative fuel hasn’t reached commercial scale.

Enviro Groups’ Memo Outlines Corporate Welfare Attack on Oil Industry (Greenwire)

Environmental groups and others who support climate legislation want to steal the dirty word "tax" from opponents and paint the oil industry as the beneficiary of a $4 billion consumer-funded "Big Oil Welfare Tax."

U.S. Acid Rain, Smog Rules May Spur New Carbon Emissions Law, Traders Say (Bloomberg)

The threat of power-plant closures under the Obama administration’s planned limits on acid rain and smog pollution should revive efforts to pass legislation this year establishing a U.S. carbon market, an emissions trading group said today.

Gillard Tipped to Hold Back Climate Policy (Reuters)

Australian PM Julia Gillard, facing an election where climate policy will be a key issue, has pledged again to bring in a carbon price but said it may take time as it needed industry and voter consensus.

Belgian Minister: EU To Need Climate Border Measures (Wall Street Journal)

The EU will need some border mechanism to protect its industry from losing competitiveness because of tougher EU rules limiting greenhouse gas emissions, the Belgian minister for energy said Monday.

India Climate Meet Ahead Of Mexico To Push Tech Deal (Reuters)

India will try to push climate talks forward at a two-day ministerial meeting in November by focusing on winning agreement on sharing clean technologies, a sticky issue that divides rich and poor countries.

U.S. Utilities Need to Deliver Low-Carbon Electricity to Remain Competitive (Environmental Leader)

U.S. utilities will need to provide cleaner, low-carbon electricity and enable their customers to better manage and reduce their energy use in order to remain competitive, according to a report from Ceres.

UK Accounting Rules Could Force Businesses to Disclose Environmental Impact (Guardian)

UK ompanies could be asked to publish details of their environmental and social impacts alongside their financial accounts under new rules being discussed with the organizations that set accounting standards.

South Korea Industries to Invest $18.5 Billion in Clean Energy Projects (Bloomberg)

South Korea’s 30 major industrial groups plan to invest $18.5 billion by 2013 in clean energy, including batteries and solar power, to benefit from the government’s spending on environment-friendly projects.

Enel to Start Major Plant Conversion to Coal 2011 (Reuters)

Italy’s largest utility Enel SpA aims to start converting a major oil-fueled power plant to use clean coal technology next year as part of its drive to cut carbon emissions, its CEO said on Monday.

Nova Scotia, Maine to Cooperate on Renewable Ocean Electricity Generation Research (Canadian Press)

Nova Scotia and Maine have agreed to cooperate on research involving offshore wind and tidal energy technology.

HSBC Drops Indonesian Palm Oil After Illegal Deforestation Report (Triple Pundit)

HSBC last week said it has sold off its shares in the Indonesian palm oil producer Sinar Mas following a Greenpeace report of alleged illegal forest clearance practices.