Word: rain
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From Ithaca, N.Y. to Kingston, R.I., the rain follows the Crimson wherever it goes. For the third time this week, Harvard softball was benched due to inclement weather. Harvard was scheduled to travel to Rhode Island this afternoon for a two-game meeting with the Rams but rain forced the match-up to be canceled. Bad weather is not new though for the Crimson. The Ivy season opener, which was supposed to be played last Saturday, was originally postponed for Monday. Continued bad weather forced the Big Red to further postpone the games—the teams will finally face...
Barack Obama emerged from his hotel in Harrisburg, Pennsylvania, in the gray rain early Monday morning and climbed onto his campaign bus for a long day of events. Swinging onto the highway, his motorcade passed a marquee across the street that read "Welcome, Senator Clinton." Six hours later Hillary Clinton would pull off that highway ramp and turn into the Capitol Diner for a roundtable discussion on the economy...
...move is unprecedented. Private companies in the past have been involved in "avoided deforestation," compensating rain-forest nations to refrain from cutting down their trees in exchange for carbon credits. (Some 15 million hectares of rain forest are destroyed each year, accounting for some 20% of the carbon emissions annually, as burned or cut-down trees release their sequestered carbon into the atmosphere.) But Canopy Capital is the first firm to try to put a market price on all the other ecosystem services provided by a healthy rain forest. Humans have been availing themselves of those services for nothing, like...
...bold bet. Right now there is no price set on those rain-forest services, because no market exists to price them. Canopy Capital isn't buying land, and it is essentially paying the Iwokrama reserve for a good that it can't really trade. That sounds an awful lot like philanthropy, but Mitchell and Philipson insist this is capitalism. For now, Canopy will pay simply to protect Iwokrama's ecosystem services, but in the future it's wagering that the world will get desperate enough to limit climate change - and deforestation - that it will pay Canopy for its stake...
...certainly possible that moves like Canopy Capital's could begin to generate a real market in the environmental services provided by rain forests. Tropical nations like Brazil and Indonesia, long wary about the impact that international trading could have on their sovereign forests, are beginning to see that markets could be a win-win, allowing them to keep their trees and capitalize on them. For the rest of the world, stopping tropical deforestation is among the most pressing of environmental tasks. Not only would halting deforestation drastically reduce greenhouse gas emissions, it would save the most ecologically diverse and valuable...