Seizing the half day: Today’s water summit has much of the political gesture about it. John Howard summoned premiers with only a few days’ notice. For Steve Bracks, in the midst of an election campaign, there’s the added inconvenience of it being held on Melbourne Cup day. — Michelle Grattan, The Age

The economics of climate change: Climate change is a classic economic externality. Those who pollute (either through emissions or cutting down trees) cause others — now and in the future — to suffer. Those who pollute, though, do not have to pay for others’ suffering. — Stephen King, managing director of economics at HSBC, The Independent

Kenya climate conference kicks off: The UN Climate Change conference opened in Kenya’s capital with experts outlining the challenges of reducing greenhouse gases globally and the United States defending its programs to reduce such harmful emissions.Voice of America

Sun King calls for climate deal: Rupert Murdoch has called for the Kyoto Protocol on climate change to be replaced by a new international agreement that can be endorsed by the US and the emerging industrial giants China and India. — The Australian

We’re prepared to pay to fix climate change: Almost two-thirds of Australians are prepared to pay more tax and more for essentials if it helps to reduce greenhouse gas emissions, according to a Herald/ACNielsen poll. — The Sydney Morning Herald