Saturday was a busy day in Bali. No, we're not talking fun in the sun -- we're talking about the U.S. seemingly making an about-face on its global energy policy. 2020 seems to be the target date by which the participants aim to reduce emissions by 25 and 40 percent.

Ormat Technologies (NYSE: ORA) engages in the geothermal and recovered energy power business, currently with 330 MW in production. They have produced impressive growth with a 13% rise in net income last quarter. With rumors swirling that both Apax Private Equity and Goldman Sachs (NYSE: GS), are looking at buying a 10% share of the company, and local business Chaim Katzman continually raising his stake in the company, Ormat is a prime takeover target. In fact, we've recently chosen Ormat as one of two takeover candidates for 2008. The push behind Bali may provide added impetus as the world looks for reducing CO2 emissions.

Check out this microcap, Environment Power Group (AMEX: EPG). I found this one on a strange screen I run and was surprised to see firms like FrontPoint Partners and Royce & Associates invested in the firm. While it currently trades on the American Stock Exchange, the company will begin trading on Nasdaq this week. This is a strange bird and not for your average investor. As per EPG's investor presentation, the company "owns and operates renewable energy facilities for the production and commercial application from agricultural livestock and organic wastes." In short, they get their hands dirty.