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Non-Tech : Climate Change, Global Warming, Weather Derivatives, Investi

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From: Sam Citron	5/8/2007 2:12:50 PM
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Japan Offers ADB $100 Million To Fight Global Climate Change [WSJ] May 7, 2007; Page A5 Japan pledged $100 million in grants to the Asian Development Bank to combat global climate change and promote greener investment in the region, part of a new Tokyo initiative to support sustainable development amid increasing concern that Asia's rapid economic growth is severely damaging the environment. Japan will channel as much as $100 million into two funds to promote renewable-energy resources, such as solar power, and encourage nations to build environmentally friendly infrastructure. Tokyo will also lend up to $2 billion to the ADB over five years to promote investment. Italy May Raise Retirement Age The Italian government is discussing a proposal to increase the retirement age to 58 in 2008, but nothing has been decided yet, Prime Minister Romano Prodi said. Since Italians can retire at 57, the state spends more than 14% of gross domestic product on pensions, one of the highest percentages in Europe. Pension spending has helped Italy run up the largest public debt in Europe relative to an economy's size. Under Italy's current pension law, introduced by the previous government, retirement would jump to 60 starting Jan. 1, 2008. EU Still Backs Russia for WTOThe European Union still favors early entry by Russia into the World Trade Organization, the bloc said, despite disputes between Moscow and EU nations. "The EU is strongly committed to seeing Russia inside the WTO. ... A small number of issues remain to be resolved," bloc spokesman Peter Power said. A recent EU strategy paper said if these issues aren't solved by the May 18 EU-Russia summit, the bloc should "push [there] for progress as a matter of priority."

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