Word: carbonizing
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During his campaign, President George W. Bush implied that, unlike his opponent, he could be trusted to keep his word. Now, two months into his term, he has already broken a major campaign pledge to regulate carbon dioxide as a pollutant...
With him or without him, the monetization of carbon emissions--green for greed's sake, if nothing else--is gaining momentum. So breathe easy. For you, it's still free. But for many companies, the carbon meter will be running soon. In the very near future, pollution is going to be either a cost to them or an opportunity...
Many groups are working to mitigate that risk. The World Resources Institute and others are road-testing a system that would make trading less risky by creating universal carbon-accounting practices. And four companies--Arthur Andersen, Credit Lyonnais, Natsource and Swiss Re--are developing an exchange where companies can trade, even in an embryonic market devoid of legislative standards. "They're trying to nail down something that will be useful under laws that are not yet defined," says Garth Edward, a broker at Natsource, an energy-trading firm...
Another practice, still hotly debated, is to assign credits for sequestering carbon in growing forests. Trees soak up limited amounts of CO2, release oxygen into the air and turn carbon into wood...
...Carbon dioxide emissions. Bankruptcy laws. Drilling in Alaska. And much more to come. Remember when Ralph Nader retailed the conceit that there was no difference between Gore and Bush, between the corrupted Democratic apparat and the corrupted Republican cabal? Maybe so. But the Red nation and the Blue nation do have basic differences with one another, and their different views of the world (of the distribution of money and the role of government, above all) are about to collide, this time not just in campaign rhetoric, as before, but in the real life of the nation, in real policy changes...