Tuesday, July 8, 2008

G8 SUMMIT 2008 – The happenings of the day…..Stage set for India tomorrow

The G8 summit 2008 is being held in Japan at the island of Hokkaido. Discussions include themes such as Climate change, soaring food & fuel prices and African development. The G8 countries include United States of America, United Kingdom, Italy, France, Japan, Canada, Germany and Russia.

On the first day, the leaders talked with the presidents of Algeria, South Africa, Nigeria, Senegal, Ghana, Tanzania, Ethiopia and UN Secretary-General Ban Ki-moon on doubling the aid to Africa by 2010 as promised in 2005. At the same press conference, leaders held discussions on a system in order to track that the commitments were honored.

On Tuesday, the second day of the talks, the G8 rich countries expressed their desire to work with 200 states associated with the U.N. climate change talks. They have an aim of halving greenhouse gas emissions by 2050. This move has been welcomed by the European Union. Though the Group of Eight leaders did not give precise targets, they said that mid term goals would be essential to achieve the goal set for 2050. U.S. President George Bush insisted that developing economies, China and India must keep their emissions in check as well. He further urged the G8 to encourage nuclear energy as a means of reducing the world's dependency on oil and also help in reducing greenhouse gas emissions.

In another statement released today, the leaders noted the risk that sharp rise in oil prices pose to the world economy. It was agreed to bring together major oil producers and consumers in a world energy forum to discuss output and prices.

The three-day summit culminates on Wednesday, 9 July with a meeting constituting the G8 and five Heiligendamm outreach countries, Brazil, China, India, Mexico and South Africa. Following this session, there will be a meeting of the major economies, that is, G8, plus the five Heiligendamm outreach countries, plus Australia, Indonesia and South Korea.

Do catch-up on the follow up on what India and China will do at the Summit tomorrow, 9th July!!

Please post your comments or anything interesting here.

1 comment:

  1. This G8 wants so many things. It also wants to remove export restrictions on food. It wants to determine all possible steps which can be taken to ensure food security. It also wants India and China to be involved in carbon reduction talks. It is talking of climate change also. I only hope that they come out with something concrete.