Seeking to match a desire to make money with his environmental instincts, Louis Redshaw, a former electricity trader, met with five top investment banks to propose trading carbon dioxide. Only one, Barclays Capital, was interested in his proposition. Three years later, the situation has turned around entirely, and carbon experts like Redshaw, 34, are among the rising stars in the City of London financial district. Managing emissions is one of the fastest-growing segments in financial services, and companies are scrambling for talent. Their goal: a slice of a market now worth about $30 billion, but which could grow to $1 trillion within a decade. If greed is suddenly good for the environment, then the seedbed for this vast new financial experiment is London. A report released Tuesday by International Financial Services London, a company promoting British-based financial services, said that British companies were the leading global investors in carbon projects and that more carbon was traded in London than in any other city. The rapid emergence of carbon finance in London—not only trading carbon allowances but investments in projects that help to generate additional credits—is largely the result of a decision by European governments to start capping amounts that industries emit. Factories and plants that pollute too much are required to buy more allowances: those that become more efficient can sell allowances they no longer need at a profit. The system, started in 2005, is part of the Kyoto Protocol and bears the grant of the United Nations. Even so, doubts remain as to whether carbon finance can deliver tangible emissions reductions, let alone the huge economic transformation needed to tackle climate change. For now, however, green-minded graduates and an eclectic range of professionals from banks, consulting companies and aid organizations are eagerly joining one of the most vibrant new sectors in London finance. To be sure, carbon traders and investors do not yet make the same staggering amounts of money as some of their counterparts in foreign exchange and corporate finance. But remuneration is rising rapidly. A successful financier at Climate Change Capital, which manages a fund worth $1.25 billion to invest in credit-generating projects, might in a very good year take home as much as 10 times the basic salary. But the industry has run into criticism. One reason is that European governments handed out too many free allowances in preparing for the start of the program, rendering the system less effective than was hoped. The over-allocation fueled volatility, and some traders reaped fatter-than-expected profits. Controversy has also dogged some of the projects promoted by the financiers to generate new credits. But overall, prospects for the industry are good, especially if the United States joins Europe in establishing a trading system, said Imtiaz Ahmad, 34, senior carbon trader for Morgan Stanley in London. Human activities create about 38 billion tons of carbon dioxide each year, and governments regulate only a fraction of that amount. But if more governments decide to cut billions more tons of emissions, as leaders of industrialized nations discussed this month in Germany, and if the existing system in Europe is enlarged to cover transportation, there will be many more credits available—and a lot more finance and trading.

M: Honey, the basketball game is about to start. And could you bring some chips and a bowl of ice cream? And...uh...a slice of pizza from the fridge. W: Anything else? M: Nope, that’s all for now. Hey, honey, you know, they’re organizing a company basketball team, and I’m thinking about joining. What do you think? W: Humph... M: “Humph“. What do you mean “Humph“? I was the star player in high school. W: Yeah, twenty-five years ago. Look, I just don’t want you having a heart attack running up and down the court. M: So, what are you suggesting? Should I just abandon the idea? I’m not that out of shape. W: Well...you ought to at least have a physical before you begin. I mean, it has been at least five years since you played at all. M: Well, okay, but... W: And you need to watch your diet and cut back on the fatty foods, like ice cream. And you should try eating more fresh fruits and vegetables. M: Yeah, you’re probably right. W: And you should take up a little weight training to strengthen your muscles or perhaps try cycling to build up your cardiovascular system. Oh, and you need to go to bed early instead of watching TV half the night. M: Hey, you’re starting to sound like my personal fitness instructor! W: No, I just love you, and I want you to be around for a long, long time. 11. What does the man intend to do? 12. What does the woman suggest the man do? 13. Why does the woman recommend cycling? 14. Which of the following is not true about the man? To organize a sports team. To join a sports team. To go to a fitness center. To set up a company of his own.

(1)According to China’s fourth national census conducted in 1990, the Han nationality accounts for 92% of the country’s total population, and ethnic minority groups account for 8%. (2)The Zhujiajiao ancient town is 50 kilometers from downtown Shanghai in Qingpu District in the southwestern suburbs of the city. (3)Chinese Wushu has aroused interest among foreigners and is taught in many countries throughout the world. (4)In an era dominated by electronics and telecommunications, we can never emphasize too much the importance of change. (5)Today, American businessmen are eager to learn more about trade and investment opportunities in China, especially after its accession to the WTO.

Apple is hardly alone in the high-tech industry when it comes to duff gadgets and unhelpful call centres, but in other respects it is highly unusual. In particular, it inspires an almost religious fervour among its customers. That is no doubt helped by the fact that its corporate biography is so closely bound up with the mercurial Mr. Jobs, a rare showman in his industry. Yet for all its flaws and quirks, Apple has some important wider lessons to teach other companies. The first is that innovation can come from without as well as within. Apple is widely assumed to be an innovator in the tradition of Thomas Edison or Bell Laboratories, locking its engineers away to cook up new ideas and basing products on their moments of inspiration. In fact, its real skill lies in stitching together its own ideas with technologies from outside and then wrapping the results in elegant software and stylish design. The idea for the iPod, for example, was originally dreamt up by a consultant whom Apple hired to run the project. It was assembled by combining off-the-shelf parts with in-house ingredients such as its distinctive, easily used system of controls. And it was designed to work closely with Apple’s iTunes jukebox software, which was also bought in and then overhauled and improved. Apple is, in short, an orchestrator and integrator of technologies, unafraid to bring in ideas from outside but always adding its own twists. This approach, known as “network innovation“, is not limited to electronics. It has also been embraced by companies such as Procter&Gamble, BT and several drugs giants, all of which have realised the power of admitting that not all good ideas start at home. Making network innovation work involves cultivating contacts with start-ups and academic researchers, constantly scouting for new ideas and ensuring that engineers do not fall prey to “not invented here“ syndrome, which always values in-house ideas over those from outside. Second, Apple illustrates the importance of designing new products around the needs of the user, not the demands of the technology. Too many technology firms think that clever innards are enough to sell their products, resulting in gizmos designed by engineers for engineers. Apple has consistently combined clever technology with simplicity and ease of use. The iPod was not the first digital-music player, but it was the first to make transferring and organising music, and buying it online, easy enough for almost anyone to have a go. Similarly, the iPhone is not the first mobile phone to incorporate a music-player, web browser or e-mail software. But most existing “smartphones“ require you to be pretty smart to use them. Apple is not alone in its pursuit of simplicity. Philips, a Dutch electronics giant, is trying a similar approach. Niklas Zennstrom and Janus Friis, perhaps the most Jobsian of Europe’s geeks, took an existing but fiddly technology, internet telephony, to a mass audience by making it simple, with Skype: they hope to do the same for internet television. But too few technology firms see “ease of use“ as an end in itself.

The United Nations Human Rights Council was former Secretary General Kofi Annan’s dream child: a new, stronger institution to replace the much-maligned Commission on Human Rights, where human rights would be treated as the UN’s “third pillar“ along with security and development. But the new council has had a rocky first year, which ended at midnight on Monday night when members agreed to a package of institution-building measures. In its first year, the council shied away from taking action on most human rights crises, dropped its scrutiny of Iran and Uzbekistan, and managed to condemn Israel’s human rights record without addressing violations by Hezbollah and Palestinian armed groups. That disappointing record, however, should spur concerned governments into greater engagement rather than to write the council off. The UN resolution establishing the council gave it a mandate to be stronger and better than the old commission. And the new election process helps put candidates’ human rights record under a spotlight. Just last month, Belarus, which has an appalling record of stifling basic freedoms, failed in its bid for a council seat. Belarus’ unexpected defeat was due to a determined campaign by a few states, including the United States, and a group of nongovernmental organizations. It shows that when states stand up for a more effective council, they can make a difference. The same day that Belarus was defeated, Egypt, another serial abuser, was elected to membership after running unopposed. But if more governments were willing to stand up to states with poor records, fewer abusers would be elected. The procedural reforms agreed to on Monday keep in place the greatest legacy of the council’s predecessor— the system of independent experts on human rights issues, such as violence against women, and specific countries, including Burma and North Korea. But the council, bowing to political pressure, eliminated the experts for Belarus and Cuba—a decision impossible to justify on human rights grounds. Still, the human rights records of those countries, as well as every other member of the United Nations, will be scrutinized under the new system of “universal periodic review“ also set up by the council this week. The possibilities of using these reviews to expose violations and push for change are vast, but the spirit of “protect our own,“ which has limited action by the council so far, could infect these reviews as well. Critics have denounced the inclusion of a separate agenda item on Israel. The council should not single out one country in this way. However, the item refers to the “human rights situation in Palestine and other occupied Arab territories“, meaning that in principle, at least, the council can scrutinize both Israeli and Palestinian behavior. The council has the potential to be far more effective than the commission—if governments that care about human rights do all they can to make it so. The council’s failings can be blamed not only on the minority of members with troubling records, but also the poor performance of a broader group of states with a professed commitment to human rights. These states have taken positions they could never justify at home, apparently relying on the belief that “what happens in Geneva, stays in Geneva“. For example, governments that should have known better, including India, South Africa, Brazil, Japan, Mexico, South Korea and Switzerland, failed to oppose the council’s decision to end scrutiny of Iran. Putting the council on track requires building a working coalition of states that put allegiance to the cause of human rights above the need for regional consensus and the desire to avoid offense.

今年正值新中国同非洲国家开启外交关系五十周年。中国与非洲虽然远隔重洋，但中非人民友谊源远流长、历久弥坚。在漫漫历史长河中，中非人民自强不息、坚忍不拔，创造了各具特色、绚烂多彩的古代文明。近代以来，中非人民不甘奴役、顽强抗争，谱写了追求自由解放、捍卫人类尊严的光辉篇章，创造了国家建设、民族振兴的辉煌历史。中国和非洲的发展进步，为推进人类文明进步事业作出了重大贡献。

1. The departure of Flight 007 to Honolulu has been delayed by two hours, we are sorry for the inconvenience. 2. I’ll try my best to come, although I doubt if I’ll be there on time. 3. Production of new nuclear power plants has slowed down because of public concern over the safety of nuclear energy. 4. What should concern you is if your boss criticizes you personally, rather than your work. 5. When you define a new word, be concise, the shorter the definition, the easier it is to remember. Flight 007 will depart in two hours. Flight 007 is never on time. Flight 007 is already two hours late. Flight 007 will arrive in two hours.

W: Hi, ...Pete? M: Nice to meet you, Mrs. Green. W: It’s nice to meet you, too. So, are you enjoying the party so far and what do you think of the food here? I see you talking with so many people here. M: Yeah, it’s great. This might be the last time I see some of these people for a long time, so I’ve been pretty busy chatting with them. I haven’t had much time to sample the food but I believe the food must be delicious and I can’t wait to enjoy the food. W: I know what you mean. I can’t believe that all you kids are finally graduating. Donna has grown up so fast because she looked like a little girl only two years ago and I haven’t thought that she could be a graduate student now! Do you have any plans after graduation? M: Well, I’ve applied for a teaching job overseas because I always dream of working in a totally different environment experiencing a whole new culture and meeting new people and making new friends. I guess I’ll probably find out if I get the job or not next week. W: You’re more adventurous than Donna. She’s going to take a job right here in town, at least for the summer. After that, who knows? M: Well, you might be seeing me around here for a while longer, too. Oh...wait a minute. I’m sorry. I think Dan is leaving the party because he has to catch a flight to New York where he will start his new life by working as a programmer in a big IT corporation. Excuse me, Mrs. Green, I’ve got to talk to him before he goes. W: Certainly. It was nice meeting you, Pete. M: Same here. W: Oh, and good luck with your job search. M: Thanks. Thanks a lot. 19. Where are the two people talking to each other? 20. Who is the man, most probably? 21. What kind of job has the man applied for? 22. Who’s leaving the party at the moment of their talking? In the office. In the market place. At a bus terminal. At a graduation party.

W: Hey, Jake. Are you ready for your trip? M: Well, not really. I still have to buy some clothes. W: What’s the weather like where you’re going? M: Well, uh, it’s really hot in the summer, so I’m going to buy some shorts, sandals, and a few T-shirts. W: What about the rest of the year? M: People say that the fall can still be warm until November, so I’m going to buy some jeans and a few casual shirts. W: Will you need any warm clothes for the winter? M: Well, the weather doesn’t get too cold, but it often snows in the mountains, so I’m going to buy a couple of warm sweaters, a jacket, and a hat. I don’t have room in my suitcase to pack a coat, so I’m going to wait until I get there and buy it when I really need it. W: Are you going to take anything else? M: They say it rains cats and dogs in the spring, but again, I’ll probably just wait and pick up a raincoat or an umbrella later on. But, I’m going to take a good pair of shoes because I plan on walking to and from school every day. W: Do you need any clothing for formal occasions? M: Well, you never know when you might need something on the spur of the moment for a wedding or maybe someone’s graduation, or a nice date, so I’ll probably take some nice slacks, a dress shirt, and a couple of crazy ties or two. W: Um, that makes sense. M: And I’ll rent a suit or tuxedo if I need anything more formal. Hey, maybe I’ll get married. W: You? Married? Hah! M: Wait. What are you trying to say? W: I just can’t imagine you decked out in a tuxedo for any formal occasion. I mean, for high school graduation, you wore an old pair of jeans and tennis shoes. M: Hey, there was a reason for that, so I can explain. No, really. You see, it goes like this... 27. What does the man plan to wear in the summer? 28. What is one thing the man is not going to pack for the winter season? 29. What is an example of an occasion where the man might need formal clothes? 30. What did the man wear for his high school graduation? A cool hat. Casual shoes. Light pants. A formal shirt.

Everyone seems to hate America’s latest stab at immigration reform, which went before the full Senate this week. Immigrant groups think it offers little hope to low-skilled, mostly Hispanic would-be migrants. Right-wingers snarl that it is nothing but an “amnesty“ for illegals. Companies, who it had been hoped would support the new compromise, hate it because it imposes bureaucratic burdens on employers. And the left is complaining because it fears it will depress low-end wages. It would be nice to be able to report that opposition across so full a spectrum is a sign that the bill is a well-crafted compromise. In fact, it may well turn out to be doomed. That would be a pity, because there are some good things in the proposal. Most important, it produces a reasonably fair solution to the problem of what to do about the 12 million or so illegal immigrants already in America, most of them working hard at low-paid and disagreeable jobs. Deporting a population the size of Ohio’s is impossible, economically illiterate and morally wrong. The new bill would make the 12 million legal, and offer them a path, though a winding one, to full citizenship. The right doesn’t like this, of course, and points out that amnesties(which this really isn’t, given the fines and hurdles involved)have in the past drawn fresh waves of migrants. So the other side of the bargain gives conservatives everything they could wish for in terms of razor-wired fences, surveillance drones, armed border guards and a programme that will force companies to check the legality of their workers. Such measures are probably necessary to win support and rebuild trust in the immigration system. No bill would pass without them. The bad part of the deal is what happens to would-be immigrants once all those sensors and spy-planes are in place. The bill proposes a dual system. A guest-worker programme would allow 400,000 people a year to enter the country to work for two years, after which they must go home for a year, with a six-year cap on the total time they can spend in America. The other part is a new method of granting residence permits, carrying the right to work. Such “green cards“ currently go mostly to relatives of American citizens or to people sponsored by an employer. The bill would bring in a “points“ system for 380,000 people a year, similar to those in use in Canada and Australia. Permits for family members would be restricted, to cover only spouses and young children. Employers would have less ability to sponsor the people they need. There are several problems. One is that extended families help build vibrant communities in a way that guest workers don’t. Second, the government should not be in the business of telling companies whom they ought to hire. There are ways round this, such as awarding points not for specific jobs, but still the problem is that most of the green cards will be used up by Indian software designers, Bosnian engineers or the similarly blessed. America does indeed need such folk, but it also needs legions of the less-skilled, too. That will continue to mean a large, poorly paid and constantly rotating alien underclass with little stake in American society. On May 23rd, the Senate voted to scale the guest worker programme back to 200,000. So the illegals will keep coming—except that now their journey will be still more dangerous and they will be even further beyond the law. The current bill is better than nothing: but unless it is improved, it will not solve the main problem of the illegals.

Japan’s once enviable jobless rate will soar to double-digit levels if—and the warning is a big one—firms opt for drastic Western-style layoffs to boost profits. While Japan’s life-time employment system is visibly unravelling, many economists still doubt whether a scenario of soaring joblessness will occur, given that economic incentives to slash payoffs clash with social and political pressures to save jobs. A kinder, gentler approach to restructuring would soften the social instability many fear would result from doubling the jobless rate, already at a record high. Critics believe it would also cap gains in profit margins and stifle economic vitality, especially in the absence of bold steps to open the door to new growth industries. Some economists believe different methods of counting mean Japan’s jobless rate is already close to 7 percent by United States standards, not that far from the 7.8 percent peak hit in the US in 1992 when it began to emerge from a two-year slump.

You might enjoy a cup of coffee at your local coffee shop. But coffee is part of【C1】______. Research shows that as many as one-third of the people in the world drink coffee. Some people drink coffee for its【C2】______. Others like the awakening effect of caffeine, a【C3】______in coffee. But not everyone may know the story of coffee and how it is produced. One popular story about【C4】______coffee long ago is about Kaldi, a keeper of goats. Kaldi was taking care of his goats in the highlands of Ethiopia where coffee trees 【C5】______. He noticed that his goats became very excited and active【C6】______small fruits from a tree. Kaldi reported this discovery to a group of【C7】______. When they made a drink out of the fruit, the religious workers realized they could【C8】______for long hours of prayer. This knowledge about coffee【C9】______all over the world. Coffee trees are 【C10】______eastern Africa and areas of the Arabian Peninsula. Coffee was first grown and traded【C11】______. Most coffee came from what is now Yemen. Soon, coffee was【C12】______all over the Middle East. By the seventeenth century coffee had been【C13】______to Europe. European traders started bringing coffee plants to other parts of the world. The Dutch brought coffee to the【C14】______. And by the twentieth century, most of the world’s production came from Central and South America. Today, Brazil is the【C15】______of coffee in the world. Most people know what a coffee bean looks like, but what about the plant? Coffee trees can grow up to【C16】______, but they are cut short for production. These trees have shiny dark green leaves that grow on【C17】______of each other on a stem. The plant produces a fruit that is called【C18】______. When the coffee cherries are ripe and ready to pick, they are【C19】______. Inside the fruits are the green coffee beans. After these beans are roasted【C20】______they are ready to be made into a drink.You might enjoy a cup of coffee at your local coffee shop. But coffee is part of an international industry. Research shows that as many as one-third of the people in the world drink coffee. Some people drink coffee for its rich smell and taste. Others like the awakening effect of caffeine, a chemical in coffee. But not everyone may know the story of coffee and how it is produced. One popular story about the discovery of coffee long ago is about Kaldi, a keeper of goats. Kaldi was taking care of his goats in the highlands of Ethiopia where coffee trees have grown for centuries. He noticed that his goats became very excited and active after eating small fruits from a tree. Kaldi reported this discovery to a group of religious workers. When they made a drink out of the fruit, the religious workers realized they could stay awake for long hours of prayer. This knowledge about coffee soon spread all over the world. Coffee trees are native to eastern Africa and areas of the Arabian Peninsula. Coffee was first grown and traded in the fifteenth century. Most coffee came from what is now Yemen. Soon, coffee was in high demand all over the Middle East. By the seventeenth century coffee had been introduced to Europe. European traders started bringing coffee plants to other parts of the world. The Dutch brought coffee to the islands of Indonesia. And by the twentieth century, most of the world’s production came from Central and South America. Today, Brazil is the largest producer of coffee in the world. Most people know what a coffee bean looks like, but what about the plant? Coffee trees can grow up to nine meters high, but they are cut short for production. These trees have shiny dark green leaves that grow on opposite sides of each other on a stem. The plant produces a fruit that is called a coffee cherry. When the coffee cherries are ripe and ready to pick, they are bright, red and firm. Inside the fruits are the green coffee beans. After these beans are roasted at high temperatures they are ready to be made into a drink.

6. There was no news from the front yet, nevertheless we went on hoping. 7. Your luggage is two pounds over, I am afraid there’ll be an excess luggage charge, sir. 8. Smith was certain he was onto something, but it would be a while before he could turn his idea into reality. 9. Even if you get a small percentage of people who are responding, you’re still going to have a large number of people. 10. There’re more people learning English in China now than people learning English in America, and thus we see this market as a tremendous opportunity. There might be bad news from the front, so we lost our faith. We didn’t give up our hope, no matter what happened. There is no point in hoping for good news from the front. We hoped that no news would come from the front.

Community service is an important component of education here at our university. We encourage all students to volunteer for at least one community activity before they graduate. It not only benefits the people you help but will give you great experience of feeling what it is like helping somebody, you know giving is even happier than being given. A new community program called “One on One“ helps elementary students who’ve fallen behind. You education majors might be especially interested in it because it offers the opportunity to do some teaching—that is, tutoring in math and English. You’d have to volunteer two hours a week for one semester. You can choose to help a child with math, English, or both. Half-hour lessons are fine, so you could do a half hour of each subject two days a week. Professor Ray will act as mentor to the tutors—he’ll be available to help you with lesson plans or to offer suggestions for activities. He has office hours every Tuesday and Thursday afternoon. You can sign up for the program with him and begin the tutoring next week. I’m sure you’ll enjoy this community service and you’ll gain valuable experience at the same time. It looks good on your resume, too—showing that you’ve had experience with children and that you care about your community. If you’d like to sign up, or if you have any questions, stop by Professor Ray’s office this week. 15. What is the purpose of this talk? 16. What is the purpose of the program described by the woman? 17. What does professor Ray do? 18. What should students interested in the tutorials do? To explain a new requirement for graduation. To interest students in a community service project. To discuss the problems of elementary school students. To recruit elementary school teachers for a special program.

You see, my mother had this ring. It was kind of old, but it’s a treasure. It had been given to her before her wedding by her mother, my grandmother. It had been in our family for years, twenty or thirty or even longer, I am not sure. Anyway, my mother asked me to take it to the jeweler’s to get it repaired. She told me to be very careful with it. Later that day, I dropped the ring off at the jeweler’s and ran off to do the rest of my errands. It was a busy day, and I was feeling really crazy. I had to get back to the jeweler’s before they closed at 5 pm and pick up the ring. I got to the jeweler’s at about a quarter to five, paid for the ring, and raced home. It was getting pretty late. But when I went to give my mother the ring, the worst thing happened. I couldn’t find it. I checked for it everywhere! You can imagine how panicked I felt. Up until then, I had never lost anything important. I didn’t know what to do. Just then, the phone rang. It was the jeweler’s. They were calling to say I had run out of the store in such a hurry that I’d forgotten to take the ring! They still had the ring at their store. So, the ring wasn’t lost after all. What a relief! Thank God! 23. Why was the ring so special? 24. What did the mother tell the man to do with the ring? 25. What time did the jeweler’s close? 26. What time did the man get to the jeweler’s? Because it was rare and extremely expensive. Because it was old and had been in the family for years. Because it was taken to be a symbol of good luck. Because it was to be displayed in one of the best jewelry shops in the town.

(1)With big handbags becoming a key fashion accessory for working women, health experts are warning that they can also become a key health concern. Bags for women have become bigger and heavier as designers combine briefcases with handbags and straps have become longer but the extra leverage has many patients complaining of neck, shoulder and back problems. Correct posture is recommended while carrying bulky purses, keeping the head and shoulders aligned upright. Patients should also frequently change the size and weight of purses carried. (2)Toys are usually among the first industries that migrate to low-cost economies. And toymakers generally need plenty of children around. So it might seem like something of a miracle that Japan—the richest big country in Asia by far, and one that has an aging and shrinking population—has retained a vibrant toy industry. A stress on technology and design is the predictable part of the reason why. Less obviously, Japanese manufacturers have realized that they can expand the domestic market for toys, by marketing to adults as well as children.

It should not be taken for granted that recycling is more efficient than chucking something away. Comparing all the costs, including collection, landfill, disposal, pollution and the value of new materials is difficult. But the signs are that recycling usually does make sense. A study by the Technical University of Denmark looked at 55 products and compared the effects of burying, burning or recycling them. More than 80% of the time, the researchers found, recycling was the most efficient thing to do with household rubbish. There were exceptions— Britain imports too much green glass(all that wine), which is wastefully ground into aggregates and sand for building: it would be more economically efficient and environmentally friendly to throw the bottles away. But the savings are mostly worthwhile. Recycling aluminium requires 95% less energy than making it from scratch: the figure is 70% for plastics and 40% for paper. So what is the best way to get more people to recycle more? The first step is to use new technologies that allow for a “single stream“ of recyclable waste which is sorted on a conveyor belt using an arsenal of hands, “spinning disc“ screens and sorting machines. People are more inclined to recycle things if they do not have to sort them into different bins. San Francisco switched to single-stream recycling a few years ago and now boasts one of the highest recycling rates in America. The second step is to acknowledge that the best way of recycling waste may well be to sell it, often to emerging markets. That is controversial, because of the suspicion that the waste will be dumped, or that workers and the environment will be poorly protected. Yet recycling has economies of scale and the transport can be virtually free—filling up the containers that came to the West full of clothes and electronics and would otherwise return empty to China. What’s more, those who are prepared to buy waste are likely to make good use of it. The last step is to make people pay for their unrecyclable waste and reward them for what they recycle. Electronic tags fixed to bins can weigh each household’s waste and bill for it accordingly. Recycling, even if cheaper than outright disposal, will not usually pay for itself, but local authorities can share the savings with households. There are limits to this approach: you do not want people fly-tipping or putting unrecyclable rubbish into the recycling bin just to earn credits. But a system that relies more on self-interest than on virtue should both increase recycling and decrease neighbourly ill will.

The search for water—and possible life—on Mars got a boost this week as scientists announced evidence of an ancient ocean on the planet’s northern plains. The massive, sediment-filled basin surrounded by “shoreline-like“ features was first spotted when scientists were mapping Mars’s surface using images from the late-1970s Viking missions. The features made theories of an ancient Martian ocean quite popular—until NASA’s Mars Global Surveyor highlighted some seemingly insurmountable problems. The Arabia and Deuteronilus “shorelines“ are thousands of kilometers long. But they undulate like a long wave, rising and falling in height as much as several kilometers(more than a mile)along their length. “That doesn’t seem to jibe with the idea that they are shorelines, because shorelines form at sea level,“ said lead author Taylor Perron, a postdoctoral fellow in Harvard University’s Department of Earth and Planetary Sciences. But there really was an ocean there, Perron and colleagues now suggest in a finding that adds to a number of recent studies bolstering evidence of Mars’s watery past. The researchers believe that Mars’s poles, along with the axis the planet spins on, have moved about 1,850 miles(3,000 kilometers)during the past two or three billion years. The process, known as “true polar wander“, can cause dramatic topographic changes in a planet’s surface—in this case making the once-flat shorelines rise and fall over enormous distances. “When the spin axis moves relative to the surface, the surface deforms, and that is recorded in the shoreline,“ said co-author Michael Manga, professor of earth and planetary science at the University of California, Berkeley. On the Martian equator one finds the Tharsis rise—a massive bulge that holds the colossal volcano Olympus Mons. “The largest mountain in the solar system is sitting almost right on the equator, and that’s right where you should expect such a large surface load to be,“ Perron said. “That tells you that if Mars experienced any true polar wander after the creation of Tharsis, it should reorient in such a way that keeps Tharsis at the equator—a circle 90 degrees from Tharsis.“ The current locations of the poles, along with calculations of their previous positions based on the deformation of the shorelines, suggest just such an alignment. The findings are sure to spark debate among many professionals in search of a liquid “smoking gun“ on the red planet. Jeff Moore, a planetary geologist at NASA’s Ames Research Center who is unaffiliated with the study, finds it plausible that early Mars had large standing bodies of water—either liquid or frozen. “But while the new study presents a possible explanation for why the shorelines don’t follow a constant contour, it’s not a conclusive one,“ Moore said.

Seeking to match a desire to make money with his environmental instincts, Louis Redshaw, a former electricity trader, met with five top investment banks to propose trading carbon dioxide. Only one, Barclays Capital, was interested in his proposition. Three years later, the situation has turned around entirely, and carbon experts like Redshaw, 34, are among the rising stars in the City of London financial district. Managing emissions is one of the fastest-growing segments in financial services, and companies are scrambling for talent. Their goal: a slice of a market now worth about $30 billion, but which could grow to $1 trillion within a decade. If greed is suddenly good for the environment, then the seedbed for this vast new financial experiment is London. A report released Tuesday by International Financial Services London, a company promoting British-based financial services, said that British companies were the leading global investors in carbon projects and that more carbon was traded in London than in any other city. The rapid emergence of carbon finance in London—not only trading carbon allowances but investments in projects that help to generate additional credits—is largely the result of a decision by European governments to start capping amounts that industries emit. Factories and plants that pollute too much are required to buy more allowances: those that become more efficient can sell allowances they no longer need at a profit. The system, started in 2005, is part of the Kyoto Protocol and bears the grant of the United Nations. Even so, doubts remain as to whether carbon finance can deliver tangible emissions reductions, let alone the huge economic transformation needed to tackle climate change. For now, however, green-minded graduates and an eclectic range of professionals from banks, consulting companies and aid organizations are eagerly joining one of the most vibrant new sectors in London finance. To be sure, carbon traders and investors do not yet make the same staggering amounts of money as some of their counterparts in foreign exchange and corporate finance. But remuneration is rising rapidly. A successful financier at Climate Change Capital, which manages a fund worth $1.25 billion to invest in credit-generating projects, might in a very good year take home as much as 10 times the basic salary. But the industry has run into criticism. One reason is that European governments handed out too many free allowances in preparing for the start of the program, rendering the system less effective than was hoped. The over-allocation fueled volatility, and some traders reaped fatter-than-expected profits. Controversy has also dogged some of the projects promoted by the financiers to generate new credits. But overall, prospects for the industry are good, especially if the United States joins Europe in establishing a trading system, said Imtiaz Ahmad, 34, senior carbon trader for Morgan Stanley in London. Human activities create about 38 billion tons of carbon dioxide each year, and governments regulate only a fraction of that amount. But if more governments decide to cut billions more tons of emissions, as leaders of industrialized nations discussed this month in Germany, and if the existing system in Europe is enlarged to cover transportation, there will be many more credits available—and a lot more finance and trading.

Which of the following is the closest in meaning to “seedbed“(Para. 3)?

The reason why carbon finance is developing in London is______.

According to the passage, which one of the following is true?

The carbon finance industry has run into some criticism EXCEPT that______.

The purpose of this article is to______.