Friends of the Earth U.S. released a new report today calling the use of international carbon offsets a “dangerous distraction” that could lead to climate disaster if relied upon too heavily as the U.S. Senate returns to debate energy and climate policy later this month. 

Offsets are a centerpiece of the Waxman-Markey energy bill that passed the House of Representatives in June, and are likely to appear in the Senate version as well.

The Friends of the Earth report warns that the U.S. must avoid the use of international carbon offsets, in which U.S. industries can skip making costly investments to reduce their own greenhouse gas emissions by sending money overseas for clean energy projects in developing countries.  The theory is that these international investments will translate into equivalent reductions at the fraction of the price it would cost to change our ways here at home. 

Under the terms of a landmark settlement reached last Friday, U.S. financing agencies will no longer be able to ignore the climate change repercussions of their actions.

Close to seven years and several bruising court battles later, a coalition of environmental groups and eco-minded cities have succeeded in forcing the Export-Import Bank and Overseas Private Investment Corporation (OPIC) to do the unthinkable: acknowledge the reality of climate change and obey the law.

Over the next 5 years oil companies will receive $33 billion in taxpayer funded giveaways.

According to the report set to be released tomorrow morning by the Friends of the Earth, (pdf) the $33 billion in taxpayer dollars will come to Big Oil through tax loopholes, royalty rollbacks and research and development subsidies.

Brought to you by Friends of the Earth.

Foot-dragging over meeting the Kyoto protocol’s emissions targets could land the Conservatives in federal court. Two environmentalist groups have filed papers seeking quick action from the government under new legislation.

In a case brought by environmentalists, a U.S. court has ruled the White House broke the law by failing to prepare studies and plans for dealing with climate change, and ordered the administration to produce the required documents by early next year.