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Russia: Clean Money; The Kyoto Protocol is a boon to Russia.(Brief Article)(Cover Story)

Newsweek International

| July 26, 2004 | COPYRIGHT 2004 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Frank Brown

The Kyoto Protocol, the ambitious attempt to slow down global warming, got a lifesaving boost in May from Russian President Vladimir Putin. He pledged to "speed up" Russia's ratification of the protocol, which means it could take effect by the end of the year. That would put Russia in the vanguard of a new commercial art--carbon trading--that could bring the country up to $20 billion in badly needed foreign direct investment for its old factories. "We are creating a brand-new commodity here," says Mikhail Rogankov, head of the nonprofit Carbon Energy Fund.

A carbon trader buys and sells pollution credits, purchasing them from relatively clean countries and selling them to nations that have lots of pollution-spewing plants. It is Russia's great fortune that the Kyoto Protocol's ceiling for greenhouse-gas ...

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Source: HighBeam Research, Russia: Clean Money; The Kyoto Protocol is a boon to Russia.(Brief...

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