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In the papers today: Monday 17 September

The world's first large scale wave farm will be given planning approval today.

Wave Hub, a £28M project off the Cornish coast is expected to be in place and producing renewable energy by 2009. Funding for the scheme – described as a giant electrical socket on the seabed – has already been approved by the South West of England Regional Development Agency (RDA) - Independent

Encouraging more cyclists on to Britain's roads could save the taxpayer more than £520M and fight climate change, according to a government-backed cycling group. Cycling England says a 20% increase in bicycle journeys would lower healthcare costs and reduce congestion - The Guardian

Labour was accused of hypocrisy last night after reports that the Government had drawn up plans for "green taxes" on gas-guzzling cars. Ministers poured scorn last week on Tory proposals to combat global warming with a raft of new environmental levies — including a "showroom tax" on new cars. But based on reports of a leaked Treasury document yesterday, the Government is planning its own one-off £2,000 tax on 4x4s and the most polluting cars - Telegraph

A deal to finance the long-awaited Crossrail line across London is “still not certain”, Treasury sources said yesterday, responding to newspaper reports that a green light for the project was imminent. Alistair Darling, chancellor, was waiting for other partners in the private sector and others to “come up with their contribution” said one Treasury insider – Financial Times

Centrica, the owner of British Gas, will today announce that it will pay £242M to buy North Sea gas producer Newfield UK Holdings, part of its strategy to increase it upstream gas assets – Financial Times

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