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Even raising the possibility of trimming future payments "was politically hard," said Martin Hession, the immediate past chairman of the United Nations Clean Development Mechanism's executive board, which awards the credits.
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Alan Greenspan, chairman of the Federal Reserve Board, recently urged Congress to trim future benefits "sooner rather than later".
Mr. Greenspan, the Federal Reserve chairman, provoked a political tempest when he told members of the House Budget Committee last week that Congress needed to trim future Social Security and Medicare benefits to head off a fiscal calamity in decades to come.
The 1995 reform trimmed future pensions, but only for those who had then been working for less than 18 years.The result is a bad dose of inter-generational unfairness.
Reforms designed to trim future pensions mean that, regardless of their skill level, those close to retirement are likely to save more and that governments will spend less per old person.
In the midterm races already taking shape, Democrats who back Mr. Obama's budget proposals to trim future benefits as part of a long-term deficit-reduction compromise could be attacked from the left and the right.
Of the rest of the Gulf states, only Oman has filed its Paris paperwork, promising to trim future emissions by 2percentt.
Mr. Gates responded that trimming the Future Combat Systems, a mix of robotic sensors and combat vehicles designed to provide soldiers better intelligence on the battlefield, "was the hardest decision I had to make".
A look at the performance of companies that have reported their earnings and given guidance shows that trimming the future earnings outlook -- or just giving guidance below Wall Street forecasts for the quarters ahead -- can offset what was otherwise a strong earnings announcement.
They say that it is a good idea to be globally diversified, even if a rise in the dollar trims future foreign returns.
Public pensions have also been a very secure source of retirement income but as the cost of the pensions escalates, there may be pressure on governments to trim the future cost of pensions.
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