« on: November 16, 2008, 03:22:18 PM »
http://www.bloomberg.com/apps/news?pid=20601101&sid=aTYTqcXZf7fE&refer=japan Twenty nations including Japan, Italy and Australia may be releasing more greenhouse-gas pollution than they agreed to under the Kyoto treaty to curb global warming.
They're failing to rein in carbon-dioxide output enough to meet their pledges signed in 1997 in Kyoto, Japan, according to reports by individual countries. As a penalty for missing their goals under the treaty, the nations are required to buy permits for every excess ton of the heat-trapping gas released through 2012. That will total 2.3 billion permits for 20 nations, New Carbon Finance, a research firm in London, has estimated.
The potential penalty, 36 billion euros ($46 billion) for the group based on current permit prices, and the fact that only a minority of 37 Kyoto signatory nations may meet their pledges bodes poorly for international efforts to limit global warming. The sexiness of an idea vs the reality of an idea. So glad we didn't sign this thing or our economy would be in even worse shape.
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