G8 summit conclusions

On July 9, 2008, leaders of the Group of Eight nations plus others including the biggest developing economies agreed to “combat climate change in accordance with common but differentiated responsibilities”.

But the statement – on the final day of the annual G-8 summit – contained no jointly agreed-to numerical targets for reducing emissions that contribute to global warming. Poorer nations said they wouldn’t sign up to greenhouse gas reduction targets until richer ones did more, while the richer countries as a group will commit to more only when the developing world signs up for targets.

Unlike the U.S., the E.U. and Japan have both offered significant reductions in greenhouse gases. The E.U. has said it will reduce emissions by 20% from 1990 levels by 2020. Japan has a goal of a 14% reduction from 2005 levels by 2020 and a long-term goal of a 60-80% reduction by 2050.

Source: WSJ, 10/07/08