G-8 accomplishes little on greenhouse emission cuts

Leaders of the G-8 (group of 8 wealthy nations) basically did nothing in their talks to cut global greenhouse emissions. They agreed to cut emissions in half by the year 2050. How many of them will even be alive by then? I've heard of five year economic plans but 42 year plans? Something tells me it just won't work. The U.S. also was victorious in not setting any actual numerical targets.

According to a MarketWatch report: "The U.S. and several other developed countries have said they will not enter an agreement to reduce future greenhouse gas emissions which does not include binding commitments by growing industrial powers such as China and India to cut carbon."

And rightly so. Why should the U.S. bear the brunt of the economic costs of this initiative and growing economies, which are much bigger polluters, get off without having to accept any responsibility? It seems like a case of just trying to redistribute wealth from the west to emerging economies.

Aaron Katsman is the lead Portfolio Manager and Managing Director of America Israel Investment Associates, LLC. and Senior Editor of IsraelNewsletter.com. DISCLOSURE: Writer's fund has no position in any stock mentioned, as of 7/8/08.