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SOUTH AFRICA Baby Steps Toward Tomorrow The earth summit in Johannesburg ended on an unexpected upbeat note for the Green lobby. Russia and Canada announced they will seek to ratify the Kyoto Protocol on global warming. Their decision means the treaty, including its system of trading rights to emit carbon, should now be able to take effect. Other achievements of the summit included an agreement on water and sanitation. Governments pledged to halve the number of people (about 1.1 billion) lacking clean water and basic sanitation by 2015. Delegates also agreed that international trade deals will no longer be able...
...quickly alter behavior. Anticipating the global movement to combat climate change, BP, the British oil giant, decided in 1997 to reduce its carbon emissions to 10% below 1990 levels by the year 2010. To reach that goal, the company let each of its units trade the right to emit specified amounts of carbon (a system similar to one that may be set up among nations under the Kyoto Protocol). This has allowed managers to use their internal market incentives to cut carbon emissions as deeply and efficiently as possible. Result: BP hit its target this year--seven years ahead...
...warming is to encourage companies to cut greenhouse-gas pollution by making it profitable for them to do so. The trick, contends the economist, who was a pioneer in the development of financial futures contracts at the Chicago Board of Trade, is to create a market in permits to emit greenhouse gases. "The power of the free market is that it can restore nature's wealth as it increases financial wealth," Sandor says. Just how much wealth? He estimates that a global market in greenhouse gases--released with the burning of oil, coal and other fossil fuels--could amount...
...Another time, while learning from al-Qaeda terrorists how to fire shoulder-launched grenades and ignite Molotov cocktails for the glory of jihad, Lindh witnessed the shooting death of a fellow believer. The smell of musk filled the air, and he recalled the teaching of the prophets that martyrs emit their essence upon death...
...Magnolia. Cruise is famously professional and polite, on time and always prepared, Hollywood's eagle scout. His not-so-secret craving is for control, starting with himself but not ending there. For one crucial scene in Minority Report, Cruise was required to submerge himself in a bathtub, then emit a solitary air bubble from one nostril. "Don't worry if you can't do it," Spielberg told him. "I can do it with [special effects]." Cruise insisted on doing it himself. "I kept practicing," says Cruise, sitting next to Spielberg in an office...