China's central government plans to spend 170 billion yuan ($27 billion) this year to promote energy conservation, emission reductions and renewable energy, the Ministry of Finance said in a statement on its website on Thursday.

The ministry said China plans to promote more use of energy-saving products and low or no-emission power generation such as solar and wind. It also wants to accelerate the development of renewable energy, as well as energy-saving technologies, such as electric and hybrid cars.

Hopes are fading that climate talks in Qatar late this year will make even modest progress towards getting a new globally binding climate deal signed by 2015, as preliminary negotiations in Germany this week have left much work to be done.

The fear is that if work plans and agendas are not set by the end of this year at the latest it could have a knock-on effect, holding up the entire effort to avert potentially devastating global warming.

China spurred a jump in global carbon dioxide (CO2) emissions to their highest ever recorded level in 2011, offsetting falls in the United States and Europe, the International Energy Agency (IEA) said on Thursday.

CO2 emissions rose by 3.2 percent last year to 31.6 billion metric tons (34.83 billion tons), preliminary estimates from the Paris-based IEA showed.

China, the world's biggest emitter of CO2, made the largest contribution to the global rise, its emissions increasing by 9.3 percent, the body said, driven mainly by higher coal use.

Germany has asked for discussion on deeper EU carbon emissions cuts to be put on the agenda at a meeting of environment ministers in June, EU sources said.

If agreed, a more ambitious target could help to spur the European Union's carbon market, which has sunk to record lows.

Previous debate of bigger carbon cuts, however, has been difficult, with coal-reliant Poland objecting that they could damage its economy.

The price of carbon credits is likely to double this year, due to a recovery in demand from the European Union.

A recent report by Barclays Capital, the global consultancy firm, forecast the Certified Emission Reduction (CER) price to surge 92 per cent in the first half of this year. Indian analysts estimate it would almost double before the end of 2012. Currently, a CER unit for near-month delivery on the European Energy Exchange is quoted at 3.55 euros.

Germany has asked for discussion on deeper EU carbon emissions cuts to be put on the agenda at a meeting of environment ministers in June, EU sources said.

If agreed, a more ambitious target could help to spur the European Union's carbon market, which has sunk to record lows.

Previous debate of bigger carbon cuts, however, has been difficult, with coal-reliant Poland objecting that they could damage its economy.

A yearly review of countries' greenhouse gas emissions cut pledges under an extension to the global climate pact the Kyoto Protocol could be a way to raise climate ambitions, the European Union's lead climate negotiator said on Wednesday.

Negotiators from over 180 countries are meeting in Bonn, Germany, until Friday to work towards getting a new global climate pact signed by 2015 and to ensure ambitious emissions cuts are made after the Kyoto Protocol expires at the end of this year.

UN climate talks are going nowhere, as politicians dither or bicker while the pace of warming dangerously speeds up, one of the architects of the Kyoto Protocol said.
‘It seems to me that negotiations are returning to square one,’ said Raul Estrada, the ‘father’ of the world’s only treaty to specify curbs in greenhouse gases, as the first talks for a new global pact took place in Bonn.
In a telephone interview from Buenos Aires this week, Estrada defended his beleaguered accord and said efforts to engineer a replacement were in trouble.

Europe yesterday warned at climate talks in Bonn that efforts to forge a new global pact to avert environmental disaster were in danger of floundering, and some pointed fingers at China.

Nine days into talks meant to set the stage for a United Nations gathering in Qatar in December, where countries must adopt an amendment to the Kyoto Protocol on climate change, negotiators complained that procedural bickering was quashing progress hopes.

A row over planning how to bind all emitters under a global climate pact from 2020 at U.N. climate talks in Germany is blocking negotiations to deepen nearer term emission cuts and raise cash to help poor countries cope with a warming planet, the EU said Tuesday.

Delegates have failed to start work on a new Durban Platform negotiation track after four days of talks in Bonn spent arguing over an agenda to organize work this year and appoint a chair to steer the process.