Word: pacts
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Consumers would benefit from lower prices, and each country's strongest industries would gain new markets. But the trade pact would also be highly disruptive, creating new winners and losers...
With the U.S. still skeptical about the 1997 Kyoto Protocol to cut carbon dioxide emissions and curb global warming and the 83 other signatory nations still wrestling over the details, the E.U. was growing concerned that the pact might fall apart. In February, Environmental Protection Agency Director Christine Todd Whitman reassured E.U. leaders that global warming remained high on the new Administration's worry list. But in March, President George W. Bush announced he was abandoning his campaign pledge to curb CO2 emissions from power plants, having concluded that the gas shouldn't be regulated as a pollutant, particularly during...
...then, the difference might not be enough to have any real impact. British Prime Minister Tony Blair, a Kyoto booster, believes that in order to put the brakes on warming, a reduction of 60% may be needed. So sobering are these numbers that even nations that still support the pact have had trouble apportioning the burden, and the most recent talks, at the Hague last November, collapsed. The next meeting is scheduled for July in Bonn...
...matter how the talks turn out, the kind of bitter medicine the protocol prescribes, with the U.S. taking the biggest slug, did not go down well in Washington even before Bush arrived. In 1997 the Senate, which must ratify treaties, voted 95 to 0 that no global-warming pact that came before it would be okayed unless it treated developed and developing countries equally. Such a repudiation is one more argument the Administration is using to pull the plug on Kyoto--though it was more than mere conscience that was probably driving the Senate. One of the resolution's sponsors...
...bright green Al Gore during the campaign with his call for mandatory caps on power-plant emissions. What's more, Treasury Secretary Paul O'Neill--former Alcoa chairman--turned out to be a Kyoto backer, drafting a memo for the new President arguing that the only problem with the pact was that it didn't go far enough...