For full text of Chronicle see http://www.wednesday-night.com/Wed1222page2.asps truly a star-studded evening with sparkling and probing participation from experts and non-experts alike. It opened and closed with the question of how to inspire enthusiasm for environmental topics among decision makers and their political bases. If there were a Maggie Catley-Carlson with her exuberant blend of broad experience, stark statistics, common sense and humor in every town hall and every bully pulpit, the question would not have to be asked. PENSION FUNDS AND AIRLINES Delta, Northwest and American Airlines may soon declare bankruptcy and renege on their pension plans. The Pension Benefit Guaranty Corp (PBGC) will have to take up the slack. The heady upward thrust of the stock market in the late 1990’s into the early 2000’s led pension managers to permit employers to take contributions holidays. The airlines were certainly not alone in taking this action, but their low profit margin, considerable risk and highly competitive nature made them particularly vulnerable. In the U.S. fifty percent of pension funds are said to be under-funded and the PBGC already has a $23 billion deficit because of defaults. Contribution holidays and a cooling stock market are not the only sources of the problem. Curiously, the actuaries failed to take sufficiently into account the increasing longevity factor, which translates into a longer payout period. The Economist's June 21 Buttonwood column offers a cogent overview of all the issues. JACQUES CLÉMENT: REPORT ON THE ECONOMY http://www.wednesday-nig.../Jacques-Report.asp#1222 Near-term trading Range Outlook Wed Aug 3rd, 2005 · Canadian Dollar: 82¢ U.S. - 83¢ U.S. · Euro: $1.21 U.S. - $1.23 U.S. · Crude oil: $60.00 U.S. - $63.00 U.S. · Gold:- $435.00 U.S. - $440.00 U.S. · Dow-Jones: D.J.: 11,000 before year-end · The T.S.X :11,000 before year-end KYOTO Mother Nature is a pretty tough old dame who has seen it all, - pretty hard to defend her. Earth doesn't care. It's we who care. Spoil the planet and you kill us. Contaminate the soil, befoul the air and it's our descendants who mutate into bug-eyed monsters … that's what we're worried about: not saving the earth – saving our species. … The Earth doesn't need saving, it's us we have to worry about. John Chancellor, NBC Implementation of the Kyoto protocol is limping along, sometimes providing cost-benefit conflicts, sometimes involving conflict between relatively short-term political gain and long-term ecological gain. There appears to be some reluctance on the part of nations to implement the requirements of the Kyoto, while permitting others to continue as they have in the past. Nonetheless, compliance is in any nation's self-interest, given that it is global warming that will be increased or mitigated according to how many nations comply; there is every likelihood that slowly, even reluctant nations will follow. Moreover, nations that are not required to cut emissions may, out of enlightened self interest, follow China, which, has been tackling the problems of cleaning up its environment http://www.scidev.net/dossiers/index.cfm?fuseaction=specifictopics&dossier=4&topic=152&CFID=1801378&CFTOKEN=44188392forego agricultural production with its demands on water supply for irrigation, and import produce. The Middle East, for example, imports as much water in the form of produce as there is flowing in the Nile River on an annual basis. If water were priced like other commodities, the equation would change, but the price of produce would certainly increase. Indeed, the current subsidization of agricultural produce in areas where irrigation is employed has contributed to the problem, inhibiting the ability of countries with adequate water supply to compete effectively in selling their crops. Everyone on Earth needs water and uses water. Therefore everyone needs the infrastructure that brings water to people. And yet, we cannot attract financing to infrastructure or services. Our infrastructure is either degraded or nonexistent. In response to this critical problem, the World Water Council and the Global Water Partnership established a panel to prepar the report Financing Water for All that outlines what it would take to get money to flow into infrastructures. The conclusion is that governance within the sector is so poor that, without major reform, it will not attract either internal or external finance. Are there steps being taken to change conditions so as to attract financing? Yes, in some countries, notably India, which is taking very determined steps.