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Climate Change.  United Nations scientists reported that new greenhouse-gas targets from the U.S., China, and European Union will not be enough to significantly limit climate change in the next century.  The UN scientists will release another report in March with a more formal assessment of the likelihood that the world will surpass the 2-degree “red line” of global warming.  WSJ

Keystone XL.  The Wall Street Journal reports that the fate of the Keystone XL pipeline may lie in constitutional questions surfacing in Nebraska regarding legal terminology and the right of state officials to approve its route.  If the Nebraska court rules in opposition of the state officials, the Keystone decision may remain unresolved for one year or more; if the court rules in favor, President Obama will likely be able to make a decision on the issue very quickly.  WSJ

Energy Outlook.  Yesterday China released details of a new energy strategy aiming to cap coal consumption by 2020 as part of efforts to meet the goal of peak carbon dioxide emissions in 2030.   Independent researchers have confirmed that this 2020 target is consistent with China’s slowing rate of growth in coal use.  NY Times

Energy Policy.  Christopher Flavelle reviews the “Secret Science Reform Act” — a bill up for a House vote tomorrow that aims to prohibit the EPA from issuing regulations “based upon science that is not transparent or reproducible”.  Flavelle asserts that the bill calls for disclosure of information that is often illegal and that such data reporting requirements are prohibitively expensive — two outcomes that would undoubtedly result in far fewer EPA rules, but also more litigation and rules based on fewer studies.  Bloomberg

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Keystone XL.  Legislation to approve the Keystone XL pipeline was one vote shy of passing through the Senate last night.  All 45 Senate Republicans voted in favor of the bill, and promised to bring the pipeline up for a vote as one of their first acts upon taking control of the Senate in January.  WSJ

Oil.  Economists at the Financial Times examine the U.S. supply-side implications of the recent slump in oil prices and suggest that so long as oil prices don’t fall much further, almost all of the “hit” to oil companies’ profits will be borne by shareholders who consume little of their income.  If prices continue to decline, some analysts argue that U.S. production and exploration cannot be sustained; others note that rapidly improving technologies have the potential to push production costs lower yet.  FT

Energy Policy.  Eduardo Porter of the New York Times argues that a carbon tax is the “one tool available to trim carbon emissions on a relevant scale” by offering both businesses and individuals a monetary incentive to reduce their use of fossil fuels and invest in alternatives.  Porter asserts that these investments are needed to spur the development of carbon capture and storage, cheaper renewable fuels, and new “green” energy technologies — all of which will be required to stay on the “safe side” of climate change.  NY Times

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Keystone XL.  After passing in the House last week, a bill to advance the Keystone XL pipeline is up for a vote in the Senate tonight.  59 Senators have publicly indicated that they will vote in favor of the bill — just one shy of the 60 votes required to pass the measure up to the White House; officials at the White House warn that President Obama will not support the bill on grounds that it should be “determined through the State Department”.  WSJ

Nuclear.  Dr. Allison Macfarlane, chairwoman of the Nuclear Regulatory Commission (NRC), announced that the NRC’s existing rules are better suited for the construction and operation of nuclear plants than for decommissioning old nuclear reactors.  This has been an issue as the agency deals with an unexpectedly high pace of nuclear reactor retirements.  Nuclear industry specialists also expect the NRC to struggle with handling the licensing of newer types of reactors as technology evolves in the future.  NY Times

Climate Change.  Many global climate policy officials view India as the biggest challenge to next year’s global climate negotiations — the country is the third-largest emitter of greenhouse gases and plans to accelerate its extraction and consumption of coal.  India has very little oil or natural gas production, but has the world’s fifth-largest reserves of coal — an energy mix that encourages its nationwide development strategy remain almost entirely coal reliant.  NY Times

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Oil.  The Wall Street Journal reviews the current debate surrounding whether or not Saudi Arabia and other OPEC members will choose to cut production amid falling oil prices.  Saudi Arabia — which is the largest exporter of oil, but also has large cash reserves to cushion against short-term price weaknesses — has indicated that it will not cut production unless accompanied by other countries in the cartel.   WSJ

Climate Change.   Over the weekend President Obama announced that the U.S. will contribute $3 billion to an international fund established to help poor countries address adverse impacts of climate change.  While unclear whether the funding will come from existing sources or require additional appropriations from Congress, the pledge has been viewed as a strong sign of President Obama’s intention to focus on climate change policy during his last two years as president.  NY Times

Oil.  Abu Dhabi — the biggest of the seven states in the United Arab Emirates — has allowed long-standing contracts with major Western oil companies to expire and is considering new partnerships with companies from Asia and elsewhere.  The potential inclusion of these new partners reflects a major shift in the oil market as Persian Gulf nations look to forge new relationships with growing crude importers such as China and South Korea.  NY Times

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Keystone.  The House voted to approve the Keystone XL pipeline today and the Senate is expected to vote on an identical measure as early as Tuesday.  While the White House has not yet issued an official veto threat on the bill, President Obama recently indicated that he wouldn’t support a bill that bypasses the approval process of the U.S. State Department.  WSJ

Oil & Natural Gas.  The North Dakota Industrial Commission will begin requiring Bakken Shale well operators to strip gases from crudes with high vapor pressures prior to rail transport in response to growing concerns about the volatility of Bakken crude.  The rules are expected to significantly increase costs for the industry in North Dakota, but not enough to make Bakken oil uncompetitive.  WSJ

Energy Outlook.  Meghan O’Sullivan of Bloomberg View writes that this week’s China-Russia gas deal was given much more attention than was merited by the agreement’s details.  O’Sullivan argues that because the new deal is not binding and lacks formal agreement on key elements such as price,  it is more of a political statement than an indication of future geopolitical leverage between Russia and China.  Bloomberg View