Go to contents

G8 Leaders Agree to Halve CO2 Emissions by 2050

Posted July. 09, 2008 07:48,   


Leaders of the world`s top eight economies yesterday endorsed a long-term goal of cutting greenhouse gas emissions in half by 2050.

In Hokkaido, Japan, the Group of Eight went one step further from the agreement made at last’s year’s summit in Heiligendamm, Germany, when they agreed to “review the goal seriously.”

This year’s agreement, however, delegated responsibility for the final decision to the Major Economies Meeting on Climate Change opening today, saying, “All U.N. member countries (that are signatories to the U.N. Framework Convention on Climate Change) aim to share the goal. What is important in doing this is a commitment by major emitters to reductions in greenhouse gas emissions.”

On the second day of the summit, the leaders agreed to issue a statement today showing their shared recognition of the urgent need to tackle skyrocketing oil and food prices, which pose a serious challenge to world economic growth, and guard against rising inflation.

To counter surging oil prices, G8 leaders urged oil-producing countries to expand output capacity and oil-consuming countries to reduce demand. The summit also announced a “special statement” for addressing the global food crisis, with measures such as a food stockpiling system and elimination of export bans.

To curb speculation that is being blamed for surging oil inflation, the summit leaders urged accurate supply and demand data for the market to set appropriate prices. They also proposed enhanced market transparency through monitoring of the oil market via cooperation from regulatory bodies of each country.

President Lee Myung-bak, who arrived yesterday to attend the expanded G8 summit, held bilateral talks with the leaders of India, Brazil and Mexico.

Prior to his meetings, he spoke to the Japanese daily Tokyo Shimbun on the controversial resumption of U.S. beef imports in Korea. “Most Koreans have begun grasping what is the key to the issue, so I believe the confusion will disappear soon,” he said.

sya@donga.com swpark@donga.com