G-8 nations fail to agree on climate change

The G-8 nations have failed to agree on the issue of climate change. According to G8 leaders' Declaration on world economy, climate change, development and Africa issued on Wednesday, the rich and the most industrialised nations of the world have reaffirmed the importance of the work of the Intergovernmental Panel on Climate Change (IPCC) and notably of its Fourth Assessment Report, which constitutes the most comprehensive assessment of the science.

G-8 nations' leaders have also said that, "We recognise the broad scientific view that the increase in global average temperature above pre-industrial levels ought not to exceed 2°C. Because this global challenge can only be met by a global response, we reiterate our willingness to share with all countries the goal of achieving at least a 50% reduction of global emissions by 2050."

But, beyond this G-8 countries have not said anything more about their specific deadline and firm commitment.

The statement also talks about the developing nations. It says that, "As part of this, we also support a goal of developed countries reducing emissions of greenhouse gases in aggregate by 80% or more by 2050 compared to 1990 or more recent years. Consistent with this ambitious long-term objective, we will undertake robust aggregate and individual mid-term reductions, taking into account that baselines may vary and that efforts need to be comparable."

However, Mexico, India, China, South Africa and Brazil will disagree with this suggestion that, "Major emerging economies need to undertake quantifiable actions to collectively reduce emissions significantly below business-as-usual by a specified year."

India has specified many times that developing nations can not afford to have a deadline of "specific" year.

However, this summit will help get more funds for climate change, and also for Africa.

The statement also says, "We stress the importance of building on existing instruments and institutions, such as the Global Environment Facility, multilateral development banks, adaptation funds and bilateral assistance agencies and the Climate Investment Funds (Strategic Climate Fund and Clean Technology Fund)."

Now, more funds will be available to, "promote public-private partnerships, in order to facilitate targeted and efficient investments in research, development, deployment and diffusion of clean technologies, while mobilising additional resources from the private sector."

The G-8 countries also declared that for Africa the combined commitments of G8 and other donors would increase overall, "by around $50 billion a year by 2010 compared to 2004."