All eyes are on the Copenhagen talks

IT has been a busy week for energy, as the British government turns its attention to the much-anticipated UN climate talks in Copenhagen next month. That&rsquo;s why British banks &ndash; or at least the ones part-owned by the taxpayer &ndash; are lending to wind farms as the government also paves the way for a massive expansion of nuclear power. <br /><br />German chancellor Angela Merkel and US President Barack Obama have both said they will attend the talks, although the latter will not be willing to sign up to a carbon-capping deal that the UN wants to pass, which will force the US to cut emissions more quickly than expected. <br /><br />In the UK, the government hopes that about a third of Britain&rsquo;s electricity will be sourced by renewables, mainly wind, by 2020. But a dearth of funding in the credit crunch has hurt the availability of loan finance for such projects. <br /><br />&ldquo;That&rsquo;s why the EIB and bank loans to support onshore wind are tremendously positive,&rdquo; said Mike Proffit, chief executive of Renewable Energy Holdings, which is building the biggest private wind farm in the UK. <br /><br />He added:&nbsp; &ldquo;The finance sector is recognising that wind is a relatively risk-free way to meet targets.&rdquo; <br />