The British Prime Minister Gordon Brown has wrapped up a two-day visit to India with a call for sweeping reform of international institutions such as the United Nations and World Bank. The British leader wants the World Bank to create a multi-billion dollar fund to tackle climate change and finance low-carbon investment. He wants the IMF to be at the heart of a global early warning system against financial turbulence. 

Formal Proposal for Euro VI Emission Standards The European Commission has published a formal proposal for Euro VI emission standards for on-road heavy-duty engines. The proposal calls for an 80% reduction of NOx and a 66% reduction of the PM emission limit. The Euro VI emission standards become effective from 1 October 2014 for all models. A new NOx limit will require increased use of engine technology (e.g., exhaust gas recirculation) and aftertreatment technology (e.g., SCR catalysts). 

Ireland CO2 tax New-car buyers in Ireland will pay a CO2 tax and face higher rates for cars with big engines starting next year. Finance Minister Brian Cowen announced that Ireland’s vehicle registration tax (VRT) will be linked to a car’s CO2 emissions rather than engine size starting in July. The rates range from 22.5 percent to 30 percent depending on engine size.  

Russia – Canada Cooperation Visiting Russian Prime Minister Viktor Zubkov assured Canadian businessmen there was no risk for foreign investments in Russia. The prime minister admitted Canadian investments in Russia were insufficient, but his talks showed the situation is going to change.  

Overall Trade Balance between China and EU China is not intentionally pursuing a trade surplus but is aiming for an overall balance of trade, Chinese Premier Wen Jiabao told a China-EU Business Summit. The government will continue to put in place, measures aimed at expanding imports and promoting a more balanced bilateral trade. The European Union (EU)`s exports to China have grown at an annual rate of more than 20 percent.