Word: agreement
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...purely financial world, the business opportunity is in carbon trading, of which there are two forms. The first is the batch of global mechanisms set up under the Kyoto agreement and administered by the U.N., of which the Clean Development Mechanism (CDM) is the most important. If a country with a Kyoto target finds it too difficult or costly to reduce its CO2 emissions, it can instead buy "certified emission reductions" from developing countries (which have no such targets). "Certified" means the U.N. has to be satisfied that the reduction would not have occurred anyway and that...
...since it requires a conventional power back-up for when the wind stops blowing, forests of wind turbines are rightly regarded in most countries as an environmental monstrosity. But the main reasons why this is a bubble are more fundamental. Emissions trading has a future only if the Kyoto agreement, which runs out in 2012, is succeeded by an even more far-reaching and rigorous global accord. It is now clear this is not going to happen. And in today's harsher economic climate, governments are more likely to look for ways to scale back subsidies for renewable energy than...
...then news reached Lebanon on Tuesday morning that the talks had produced an agreement that may end the country's 18-month-old political crisis. The Beirut stock market jumped, and opposition leaders announced they would dismantle their protest campground in downtown Beirut that has clogged traffic, destroyed local businesses, and become the tattered symbol of Lebanon's dysfunction. But the relief among war-weary Lebanese is unlikely to be echoed in Washington, Paris and Jerusalem, since the new arrangement is bound to reverse years of effort to blunt Hizballah's influence...
...agreement broadly gives Hizballah what it wants: legitimacy as an armed state-within-a-state. The opposition will now have enough ministers in the Lebanese cabinet to veto any major decisions, effectively ending any attempt to move against Hizballah's weapons. It also calls for parliament to elect a consensus candidate, army chief Gen. Michel Suleiman, to the country's presidency, which has been vacant for months. The government had been hoping to elect one of its own, since it controls a majority in parliament...
...sides couldn't make peace on the ground while they are negotiating. But the militant group Hamas, which controls Gaza, opposes a peace deal and is gaining power from Abbas and launching attacks on Israel with greater frequency, taking advantage of public skepticism there for any kind of peace agreement. The U.S. has tried to rally Arab pressure on Hamas, only to see it grow stronger...