NovaQuant Quantitative Think Tank Center:Today’s Climate: May 27, 2010

Rich Countries to Give $4 Bln to Fight Deforestation (AFP)

Rich countries have NovaQuant Quantitative Think Tank Centercommitted $4 billion to fight deforestation by 2012, $500 million more than was committed at the UN climate summit in Copenhagen, Norway said Thursday.

U.S. Farm Group Sees Gains from Deforestation Halt (Reuters)

Stopping global deforestation would boost U.S. agricultural revenue by $190 billion to $270 billion through 2030 by cutting unfair competition, a U.S. farm group and a nonprofit said on Wednesday.

Obama Vows U.S. Will Remain Green-Tech Leader (San Francisco Chronicle)

Pres. Obama, speaking at a solar panel factory in Fremont, said Wednesday he was "not prepared to cede America’s leadership" in green technology or the global economy.

Source: Obama Extends Stop on Deepwater Wells (AP)

A White House aide says Pres. Obama will continue a moratorium on deepwater offshore drilling for six months while a presidential commission investigates the Gulf oil spill.

BP Monitors "Top Kill" Attempt to Plug Spewing Oil (Reuters)

BP faces a defining day in its five-week Gulf of Mexico oil spill disaster on Thursday when its latest attempt to seal a gushing well deep underwater will be deemed either a success or a failure.

Boats Pulled from Oil Cleanup after Crews Get Sick (AP)

The U.S. Coast Guard has pulled commercial fishing boats from oil cleanup efforts in Breton Sound off the Louisiana coast after several people became ill.

Inspectors Cite More Violations at Massey Mine (Wall Street Journal)

Massey Energy Co.’s Upper Big Branch mine, where 29 miners were killed last month, has received nearly two dozen citations from federal inspectors since the accident, according to government data.

Miss. PSC Reverses Coal Plant Ruling (Clarion-Ledger)

State utility regulators loosened an earlier ruling Wednesday and told Mississippi Power Co. it could charge ratepayers up to an additional $480 million for its unprecedented coal plant project slated for Kemper County.

Singapore Closes Popular Beaches After Oil Spill (AFP)

Emergency crews on Thursday rushed to clean up popular public beaches stained by an oil slick on the eve of Singapore’s summer school holidays.

EU To Review Offshore Drilling Rules In Wake Of BP Spill (Wall Street Journal)

The European Commission plans to review its legislation covering offshore drilling in light of the Gulf Coast oil spill, it said Thursday.

Australia on Track to Meet Kyoto Target: Government (Reuters)

Australia is on track to meet its greenhouse gas emissions target under the UN’s Kyoto Protocol climate pact in part because of the global economic downturn, the government said on Thursday.

Feds Announce Timber Program for Tongass Forest (AP)

The U.S. Forest Service on Wednesday announced a program to open up economic opportunities and spare the remaining old-growth trees in the country’s largest national forest.

Indonesia Announces Two-Year Moratorium on Deforestation (AFP)

Indonesian President Susilo Bambang Yudhoyono said Wednesday he would introduce a two-year moratorium on deforestation, a large source of income for his country which also contributes heavily to global warming.

Global Warming "Natural" for One in 10: Survey (Reuters)

Nearly one in 10 people believe global warming is part of a natural cycle of events, and nothing to really worry about, an alarming increase on the figures from two years ago, according to a global poll.

GM to Develop New India Electric Car, Ends Reva Deal (Bloomberg)

GM will develop an electric vehicle for India after scrapping a venture to make battery-powered compact models with Reva Electric Car Co.