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Financial In Market The European Union, in an effort to deal with global warming, has approved two important measures: a community-wide cap on carbon emissions from fossil fuels and the trading of emissions allowances, both set to begin in 2005. The Bush administration, meanwhile, has said the United States will focus on adaptation to a hotter world with no greenhouse gas reductions of any kind until 2012 and then only through voluntary measures.

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Oriental Trading Obviously, the EU is far more worried about global warming than is the United States, and a failure to grasp the seriousness of this difference could undo 50 years of close transatlantic relations, eventually fracturing diplomatic and even economic ties.

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Financial Forex Forex Software Europeans' attitudes toward climate change have been colored by stark reality: They have maximized their usable land area, with an average population density eight times greater than that of the United States. This concentration increases the probability of devastation from extreme weather events spawned by global warming -- and the damage already has begun.

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Trading The Thames River barrier, for example, built to protect London and central England from storm surges and abnormally high tides, had, until recently, closed an average of two to three times a year. But in the five months from November 2000 to March 2001, engineers had to raise the barrier 23 times to protect London and other low areas from flooding.

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Trading Financial System Eventually, as sea levels rise, the barrier won't be enough. A report released in September calculated that 59,000 square miles -- and 750,000 people -- around London are vulnerable to flooding because they are below high-tide levels, some by as much as 12 feet. Residents of these areas are becoming worried about the market value of their homes.

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Day Trading On the continent, summer flooding inundated dozens of major cities including the historic centers of Hamburg and Dresden. In Prague, more than 50,000 people fled as the Vltava River rose, in some cases reaching the second story of buildings in the city's medieval old town. The rain was so intense in parts of Germany that annual average precipitation was reached in only a day or two. Throughout the region people attribute such events to climate change.

Forex Financial Trading The The cost of cleanup across Europe from summer flooding could be more than $33 billion, while the loss of tourism and business closings could add additional billions to the total. Indeed, damage from unprecedented and chronic flooding of Europe during the 1990s cost $150 billion.

Fortune Make Option Trading Economic losses from the effects of extreme weather have escalated sharply in recent years, primarily from damage to the continent's infrastructure of rail lines and subways, airports, roads, bridges, canals, ports and telecommunications systems. The German state of Saxony alone has lost 450 miles of roads and 180 bridges to weather damage last summer, and officials estimated that repair will cost half the region's annual budget.

Science Of Financial Market European "adaptation" strategies costing tens of billions of dollars annually are already at their maximum, and still the winds and rain come, obliterating towns and with them centuries of records, artwork and other treasures. Such events and losses explain why Europeans take global warming so seriously, and why they are so furious at Bush's often-cited beliefs that mandatory reduction of greenhouse gas emissions is not in America's best interests.

Future Trading Europe's population density removes the option of starting over on higher ground to rebuild lives and livelihoods. To people who have lost so much in such a short period, slowing and stopping global warming, rather than trying to repair the damage, is the only solution that makes sense.

Financial Sales Services In contrast, the United States, with the exception of densely developed coastal areas and a few inland cities traversed by large rivers, has the luxury of moving to higher ground, rerouting rivers or simply turning up air conditioners to adapt to the effects of climate change. The U.S. Army Corps of Engineers, for example, plans an elaborate system of dams and levees to protect Grand Forks, N.D., which was almost destroyed by flooding in 1997. The project, jointly funded by federal and local government, will cost almost $400 million.

Commodity Trading Ultimately, the U.S. decision to adapt to the effects of global warming will prove shortsighted, but for now money and wide open spaces are still abundant. Our closest allies, facing a grimmer future, understand all too well the urgent need to cut carbon emissions.

Financial Services Trading By Michael Northrop

Online Forex Trading The writer directs the global conservation grant-making program at the Rockefeller Brothers Fund and is a fellow at the German Marshall Fund's Trans Atlantic Center in Brussels.

Financial Portfolio Trade Washington Post - 12/16/2002

Topic: Climate Change

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