08 July 2008
G8 Supports Cutting Greenhouse Emissions 50 Percent by 2050
Global leaders express deep concerns over rising food, oil prices
Washington -- The Group of Eight (G8) major economies agree that the deteriorating effects of greenhouse gas emissions on the environment require cutting emissions 50 percent by 2050 to rein in global warming, says a senior U.S. official.
"There was recognition by the G8 ... that all major economies, developed and developing, must commit to meaningful ... actions," said Dan Price, U.S. deputy national security adviser for international economic affairs. Achieving the ultimate objective of stabilizing greenhouse gases will only be possible through common action of major economies, he noted at an afternoon briefing July 8.
The G8 -- which consists of Britain, Canada, France, Germany, Italy, Japan, Russia and the United States -- adopted a position on the global environment and climate change that is designed to support the U.N. Framework Convention on Climate Change. The new U.N. framework convention is designed to succeed the Kyoto Protocol when its first phase expires in 2012. The new U.N. framework convention must be concluded by December 2009.
"We are committed to its successful conclusion," the G8 said in a joint declaration on the environment. The three-day 2008 summit is being held in Toyako on the northern Japanese island of Hokkaido.
European Commission President Jose Manuel Barroso said in a prepared statement that the G8 agreement is a "new, shared vision by the major economies. This is a strong signal to citizens around the world." The European Union also participates in the annual G8 Summits.
Price said the G8 made a strong link between the emissions-reduction goal and developing a new generation of environmental technologies. Previously the two issues were treated separately, weakening the effects of both efforts, he said.
"All of the leaders now understand that the progress we make this year is essential to making possible broad international agreement in the [United Nations] at the end of next year," Price said. "The G8 declaration is a significant contribution both to the U.N. negotiations as well as to the major economies process."
James Connaughton, chairman of President Bush's Council on Environmental Quality, said the G8 had agreed at the 2007 summit to set long-term goals, but since then there has been convergence on the G8 vision.
"It has always been the case that a long-term goal is a goal that must be shared. So what the G8 has offered today is a G8 view of what that goal could be and should be, but that can only occur with the agreement of all of the other parties to the U.N. Framework Convention on Climate Change," Connaughton said.
At President Bush's urging, the G8 collectively committed to dedicating $10 billion annually for technology research and development, Price said, and the United States will be investing nearly half of that amount to cover a broad range of technology needs.
To help developing countries also develop new energy technologies, the G8 agreed to a proposal from the United States to support the Clean Technology Fund with more than $5 billion in commitments, Price said. The fund will lower the cost of financing clean-energy projects in developing countries, and will help leverage greater amounts of public and private financing.
FOOD AND FUEL SECURITY
In another G8 statement, the leaders expressed deep concern over the steep rise in global food prices and oil prices along with the availability problems in a number of developing countries. "The negative impacts of this recent trend could push millions more back into poverty, rolling back progress made toward achieving the Millennium Development Goals," the joint statement said.
The G8 leaders said oil production and refining capacities should be increased in the short term while the underlying causes are examined. And the G8 pledged to make more than $10 billion available to support food aid, nutrition interventions, social protection activities and measures to increase agricultural output in affected countries.
"In the short term, we are addressing the urgent needs of the most vulnerable people," the G8 statement says.
The G8 said food security requires an open world market and trading system for food and agriculture. "Rising food prices are adding inflationary pressures and generating macroeconomic imbalances, especially for some low-income countries," the group statement said.
To help improve the economic prospects of many low-income nations, the G8 said it will work for the successful conclusion of global trade negotiations to reduce trade barriers.
"There was wide recognition and support for the importance of the conclusion of a balanced Doha [Trade] Round that achieves positive and tangible results in agriculture, industrial goods and services," Price said. But achieving trade liberalization is not something developed economies can achieve alone, he said.
"Given the vast amount of trade that is among developing countries, for the Doha Round to fulfill its mission of lifting millions out of poverty, we will need market openings and trade liberalization in the major emerging markets as well," he said.
