Moreover, it is relatively easy to postpone lowering oil consumption.

Some suggest that, given the economic slowdown, we should put global warming on the backburner.

But interim resolution of water issues does not need to wait for final resolution of the major issues.

If we do not start to combat the flow of greenhouse gas emissions now, the stock in the atmosphere will continue to grow, making future action more difficult and costly. Other public expenditure can be postponed, but delaying climate change measures is a high risk, high cost option.

Unless there can be agreement on a substantive agenda, there is a real risk that we will have to cancel or postpone the 2005 substantive session altogether.

I realize, of course, that the circulation of that draft may create some kind of impression in the minds of many of us, but I would suggest that we defer any discussion of the draft until we get to that point on the agenda of this meeting.

Some suggest that, given the economic slowdown, we should put global warming on the backburner. On the contrary, retrofitting the global economy for climate change would help to restore aggregate demand and growth.