Friends,

I had the privilege today of getting a private briefing from a leading investment analyst on the impact of the new US Climate Change Bill.

Below are 11 key points:

1. The Bill has been watered down so much that US industry is unlikely to be doing any real emission cuts until the mid-20s.

Norway has just announced they will cut their emissions 40% on 1990 levels by 2020 - if there's a good Copenhagen agreement. They'll cut them 30% no matter what.

Great move Norway! We need all rich countries to cut much much more than so far agreed, especially recalcitrants like the US, Canada and Australia.

But ...

Folks,

This morning WWF International finally released the 'Climate Solutions
II' Report, prepared by Climate Risk Ltd.

As you know, the report models the global growth rates needed for
low-carbon industries if we're to avoid climate tipping points. In
particular it shows that we can't afford the current approach of
starting with the least-cost mitigation solutions and working our way
forward to higher cost solutions as a carbon price gets to a reasonable
level.