Thursday, July 10, 2008

Follow up on the G8 Summit - India, China and the speak on climate change....

As promised, here is the follow-up to my last post on the happenings of the first 2 days on G8 summit in toyako in Japan.

After yesterday's session of the G8 summit, today, the leaders of the group of eight met with the leaders of eight other emerging economies, namely India, China, Brazil, South Africa, Mexico, Australia, South Korea and Indonesia. These sixteen countries together account for 80 percent of global greenhouse gas emissions.

Climate change has dominated the discussions at this year's G8 summit in Japan. Yesterday, the leaders of the Group of Eight countries had decided to half the global emissions by 2050. However, in today's discussions, only Indonesia, Australia and South Korea have supported the G8's vision. All developing countries argued hard that it was developed countries who sacrificed nature during their growth and industrialization and now they should bear the brunt of taking on the expenses of curbing carbon emissions.

However no consensus could be achieved on the proposed target of carbon emissions, and leaders ‘safely stuck to their target' of 50% less by 2050.

These countries have agreed to cut their greenhouse emissions but they avoided setting specific targets for the same. Chinese President Hu Jintao said that China being a developing country was on the path of industrialization and improving people's welfare. United States is already opposed to committing to firm targets without assurances that big emerging economies will act too. Experts are doubtful that any substantial steps to fight global warming will be taken unless the new U.S. president assumes office in January 2009.

Besides climatic changes, the meet also agreed on the need to address rising oil and food prices and global inflation. Most of the growth in energy demand is coming from emerging economies. However, other than Russia, the G8 does not include any major oil exporter. In contrast, Iran's OPEC governor said that there was no shortage of oil and blamed the G8 countries for the surge in prices. According to him, OPEC supplies crude oil at a rate that is more than the market needs.

Only time will tell about the effects of this year's G8 summit. Next year's G8 summit is scheduled to be held in Italy where the Group of Eight will hold talks with the eight booming economies.

Hear what others have to say about the G8 Summit, which took place in Japan. Also post interesting stuff on G8 or anything you'd like to say.

3 comments:

  1. I don't know why much hype was created in media when Dr. Manmohan Singh called George Bush a 'friend' and was interviewed and photographed together with him at the G8 summit???
    However its sad that the biggest leaders in the world proved to be so indecisive so as to save the world from global warming.

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  2. Even I couldn't really get why it.
    I agree, its sad that they totally avoided pledging any statistics of how much cut they are going to make.
    Another source has told me that this may be in line, to keep the emphasis first on the Kyoto Protocol signed in 1997, which came in force in 2005 and has a target of 2020 with expiration at 2012.

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  3. USA, Japan, and another country, most probably Australia have vetoed the demands of developing countries like China and India who are now increasing their carbon output and are likely to be blamed for increasing carbon footprints.

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