Watch CBSN Live

Energy Roundup: Rejected Climate Goals, SolFocus and Control4 Investments and More

Poor nations refuse emission cut goals -- Nations led by China and India refused at the G8 nations' meeting to commit to goals for limiting greenhouse gas emissions, instead opting for the vague goal of making "meaningful" contributions. Others at the meeting were reaching for a commitment to keep temperature increases under two degrees celsius by 2050. [Source: New York Times]

South Korea puts $85M up for green industry -- A massive 2 percent of South Korea's economy will go to the renewable energy industry over the next five years, an effort by President Lee Myung-bak to restart manufacturing in the country. It's a terrible move, according to a Wall Street Journal editorial, for a country that is "still struggling to shake off the legacy of decades of government-led industrial policy." [Source: Reuters]
DOE encourages massive wind turbines -- The US Department of Energy is putting up $45 million to try to encourage the development of supersized wind turbines rated from five to 15 megawatts, large enough for a single unit to power thousands of homes. Turbines have been growing for years, although Americans have, uncharacteristically, fallen behind in the quest to be bigger. [Source: Network World]

Coal plant cancelled in Utah -- The Intermountain Power Agency has given up on plans to add a 900 megawatt unit to a coal-burning power plant southwest of Salt Lake City, Utah. The cancellation is the 100th since 2002. [Source: Reuters]

Exelon may raise offer for NRG -- The company is likely considering a higher bid for NRG, to which its entreaties have twice been rejected, according to an RBC Capital Markets analyst. However, Exelon is unlikely to make a new offer before NRG's July 21 annual shareholder meeting. NRG has spurned Exelon's advances, but signalled willingness to be acquired if the price is high enough. [Source: CNNMoney]

Venture capital for concentrating solar, energy monitoring -- SolFocus, a California company that makes concentrating photovoltaics, mirror-and-lens arrays that focus intense light onto a highly efficient solar cell, has raised $77.6 million in its third round of funding to date. Also raising money was Control4, which took $17.3 million to provide a home device that will help consumers save electricity. [Source: Clean Technology Investor, CNET]