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: Africans protest low emissions targets
Barcelona: African countries have suspended several meetings at UN climate talks to protest what they call the low targets industrial countries have set for reducing greenhouse gas emissions. The group of about 50 African countries forced the cancellation of several technical meetings, saying they were only ready to discuss the pledges submitted by the wealthy countries. Consultations were under way to resume all the closed-door meetings Tuesday, the second day of a five-day meeting meant to prepare a draft agreement to be adopted at a major UN conference next month in Copenhagen. Scientists say industrial countries should reduce emissions by 25 to 40% from 1990 levels by 2020, but the targets announced so far amount to far less than the minimum.
EU seeks clear US position on climate change
Stockholm: European Union leaders want President Barack Obama to clarify the US position on climate change as they meet in Washington this week. Swedish Prime Minister Fredrik Reinfeldt says the EU is looking for “a clear position” from Obama before the December UN climate summit. Sweden holds the rotating EU presidency. Reinfeldt said he hopes the US will make a commitment to reduce greenhouse emissions and help finance poorer countries’ efforts to cope with global warming. EU leaders pledged last week to pay their “fair share” into a global fund for developing nations but failed to agree on a figure. The last round of UN climate change talks before the Copenhagen conference are being held this week in Barcelona, Spain.
US execs pensions rose even as stocks fell
New York: Pensions for top US executive rose by an average of 19% in 2008, and more than 200 officers saw their retirement savings surge by as much as 50%, even as their companies stock prices fell, the Wall Street Journal reported. Pensions rose as a result of generous formulas and some little-scrutinised techniques, such as changes in age or interest rates used in calculations, the paper said, citing an analysis of filings from 340 Standard & Poor's 500 companies.
And with the public outraged over lavish pay and big bonuses, the Journal on its website said pensions rose even as stock prices dropped by an average of 37% in 2008. Yet supplemental executive retirement plans, or SERPs, are mostly overlooked. Merck & Co CEO saw his pension benefit rise by nearly $10 million to $21.7 million last year....
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