Thursday, July 9, 2009

Climate? POTC Believes it's ALL abt Destroying the Renminbi through Obama's Fiscal Liberal Policies; It's China's Slave Wages Stupid; WalMart Society~

L'AQUILA, Italy (Dow Jones)--President Barack Obama is optimistic that the world's major economies can clinch a climate-change deal by the end of the year when negotiators gather in Copenhagen to craft a replacement for the Kyoto treaty, the White House said Friday. "I do think the president believes we're making progress and I think the president believes there is a significant amount of time left for further engagement in order to close those gaps even further," White House spokesman Robert Gibbs said. Gibbs said he doesn't think the absence of Chinese President Hu Jintao, who left the summit early on Wednesday, had an influence on the climate talks. China's participation is critical to any pact on global warming. Leaders gathered this week in L'Aquila agreed to limit global warming to 2 degrees Celsius, but failed to set medium-term targets to reduce greenhouse gas emissions. The talks showed the rifts that still divide developing and developed countries on the issue. Emerging economies want developed countries to commit to more near-term goals to cut greenhouse gas and want more funds to help mitigate climate change before agreeing to cut emissions by 50% in the long term. Gibbs said differences won't be resolved overnight. "I don't think anybody came believing that a decade's worth of disagreement would be wiped away overnight," he said. "That's clearly going to take time." -By Henry J. Pulizzi, Dow Jones Newswires; 202-862-9256; Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: You can use this link on the day this article is published and the following day. (END) Dow Jones Newswires July 09, 2009 12:22 ET (16:22 GMT) Copyright (c) 2009 Dow Jones & Company, Inc.- - 12 22 PM EDT 07-09-09

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