Word: plan
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...billion pot of money approved by Congress in September to feed liquidity into corporate credit unions faced with mounting losses on securities tied to home loans and other lending. Corporate credit unions act as banks to retail credit unions, which are the institutions consumers interact with. In addition, the plan provides $2 billion for retail credit unions to cut interest rates on mortgages held by homeowners struggling to make payments. All of the funding is structured as loans and is due to be paid back. (See TIME's top 10 financial-crisis buzzwords...
...face its moment of truth at a summit in Brussels tomorrow, when French President Nicolas Sarkozy will attempt to cajole his fellow leaders into agreeing on an ambitious package of emission-cutting measures. The so-called 20-20-20 plan aims to reduce 20% of greenhouse gases by 2020, compared with 1990 levels, raise renewable energy's share of the market to 20% and cut overall energy consumption by 20%. (Read TIME's Heroes of the Environment...
...even older E.U. members are getting cold feet about the 20-20-20 plan. Last week Germany successfully persuaded fellow governments to agree to a later deadline for a separate deal on car-emission levels. Along with Italy, Germany is also battling efforts to make industries pay for permits to pollute through the E.U.'s Emissions Trading Scheme (ETS). Berlin and Rome are backed by BusinessEurope, a club of industrial associations, which claims that whole swaths of Europe's manufacturing sector will move their production out of the E.U. if auctioning of emission permits is introduced...
...polluting power like coal. And lately, given the severe economic downturn, Europe has edged away from its leadership on climate change. On Dec. 11, even as the U.N. summit has begun to heat up, the E.U. will meet in Brussels to vote on its ambitious 20-20-20 plan, which aims to reduce greenhouse gases continent-wide 20% by 2020, while increasing renewable power 20% and reducing overall energy consumption 20%. Many Western European nations like France, which is currently the head of the E.U., favor the measure, but newer, poorer countries like Poland - and big industrial powers like Germany...
...Thus far, no one can agree on what the rights of indigenous people who actually live among the trees should be in a forestry carbon market, while Brazil - home to 40% of the world's remaining rain forests - seems against the entire idea of avoided deforestation. (Brazil favors a plan that would have rich countries contribute to a global fund that would work to prevent deforestation, instead of using the carbon market.) There are legitimate criticisms of avoided deforestation - but something firm on forestry needs to come out of Poznan. (See pictures of trees...