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Rate This Thread - G8 finance chiefs say global warming demands urgent action.

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Old 16-06-2008, 10:12 PM
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Default G8 finance chiefs say global warming demands urgent action

AFP, 14 June 2008

World finance chiefs Saturday said urgent action was needed to battle global warming, calling for funds to provide green technology to developing nations to help them reduce emissions. The finance ministers from the Group of Eight (G8) club of rich nations said they supported multilateral funds proposed by the United States, Japan and Britain aimed at helping emerging countries afford cleaner technology. They said the private sector also had a key role to play in tackling global warming by making substantial investments into activities that cut the greenhouse gas emissions blamed for climate change. "We are convinced that urgent and concerted action is needed and accept our responsibility to show leadership in tackling climate change," the G8 powers said in their joint statement after two days of talks in Osaka, western Japan.

They added the climate investment funds, which aim to raise billions of dollars after their launch in July, were supposed to help emerging countries grow their economies while addressing global warming. The G8 said the funds would increase "public and private finance for the deployment of clean technologies, the prevention of deforestation and development of climate resilient economies in developing countries." US Treasury Secretary Henry Paulson has urged rich nations to contribute up to 10 billion dollars to the initiative, saying Saturday it was a "critical" G8 effort to cut rapidly growing greenhouse gas emissions in developing countries. Paulson said Washington had asked the US Congress to authorise an injection of two billion dollars into one of the climate funds over the next three years.

But some environmental activists have questioned whether the funds are the best way to help the developing world, which prizes economic growth to lift its citizens out of poverty. "The world's most impoverished communities are hit first and worst by climate change and lack the resources needed for adaptation," British charity Oxfam said in a statement after the two days of talks here. "Money that is being pledged to tackle climate change is being diverted from already promised aid and donors are offering the money as loans to be repaid with interest."

The United States is the only major developed economy to reject the Kyoto Protocol, arguing that the landmark environmental plan is unfair as it makes no demands on fast-growing emerging economies. Experts have warned of the potentially huge economic and human cost of climate change and rising sea levels, with time fast running out to reduce the threat. The G8 meeting gathered the top finance officials from Britain, Canada, France, Germany, Italy, Japan, Russia and the United States.

Source: World Business Council for Sustainable Development (WBCSD)
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Old 04-07-2008, 07:51 AM
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Default G8 could see climate deal, substance in doubt

G8 could see climate deal, substance in doubt

Reuters, 3 July 2008

G8 leaders could well cobble together some agreement next week on goals to cut greenhouse gas emissions, but bolder progress in climate change talks will probably have to wait until a new U.S president takes office. Climate change is high on the agenda for the July 7-9 summit in Hokkaido, northern Japan and is the focus of an expanded Major Economies Meeting (MEM) on July 9 that brings the G8 together with eight other countries including China, India and Brazil…

Read Full Article: World Business Council for Sustainable Development (WBCSD)
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Old 07-07-2008, 07:16 PM
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Default G8 nations fail to keep climate change vows-report

G8 nations fail to keep climate change vows-report

Reuters, 3 July 2008

None of the G8 countries have come close to fulfilling their pledges to fight climate change with the United States, Canada and Russia lagging especially far behind, a study published on Thursday found. The "G8 Climate Scorecards," compiled by environmental group WWF and Allianz, said Great Britain, France and Germany -- at the top of the rankings -- had failed abysmally to implement measures to back the goal of cutting carbon dioxide emissions. "We're not going to be able to fathom what the world may be like in 20 years if we aren't able to reduce emissions," said Regine Guenther, head of climate policy at the WWF in Germany.

"None of the eight leading industrial nations have taken sufficient measures needed to be considered in line with the target to limit a worldwide increase in temperatures to 2 degrees centigrade," said Niklas Hoehne, the author of the study done by ECOFYS research group for WWF and Allianz. They said leaders of the Group of Eight countries -- which have emitted 62% of the CO2 in atmosphere -- have talked about cutting emissions but largely failed to follow through. The G8 leaders from the United States, Japan, Germany, Britain, France, Italy, Canada and Russia will meet in the Japanese resort of Hokkaido for their annual summit next week, where climate change is due to be a top issue on their agenda. At last year's summit in Germany they agreed to seriously consider a goal of halving global emissions by 2050. The scorecard offers grim reading, showing all eight countries have failed to match their words with deeds.

The study examined the climate performance by federal governments in implementing measures to reduce their emissions. Also included are performances in energy efficiency, renewables and carbon market development. The G8 Climate scorecard ranked the United States, Canada and Russia at the bottom, saying they had "failed the test".

"The United States scores the worst of all G8 countries, being the highest emitter with the highest per capita emissions and an increasing trend in total emissions," the report said, giving the U.S. "red" ratings in 11 of the 12 categories. "Canada is second with a very high per capita emissions and a steadily increasing trend in total emissions," it said. Ottawa complained that parts of the report were inaccurate. "The WWF said Canada's greenhouse gas emissions trends are going up and that emissions have increased. Yet for the last two years on record, Canada's greenhouse gas emissions have in fact gone down," said Garry Keller, chief spokesman for Environment Minister John Baird.

The WWF said Russia ranked "a bit better due to declining emissions in the early 1990s ... but since 1999 emissions are increasing steadily and there is hardly any policy in place to curb emissions". The study also gave Italy and Japan "red" overall ratings. Emissions from both are well above their Kyoto Protocol targets and there are few national measures in place to cut emissions.

Britain, France and Germany were put at the top of the scorecard in that order. But all were given only a "yellow" overall rating, falling short of "green" for top scores. Britain was lauded for keeping emissions below Kyoto targets but criticised for deriving only a small share of its power from renewable sources. France was also praised for getting its emissions under the Kyoto target. Germany, which sees itself as a leader in the fight against climate change, was ranked third. It was faulted for high emissions from coal-powered plants and transport.

Source: World Business Council for Sustainable Development (WBCSD)
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Old 07-07-2008, 07:24 PM
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Thanks Karl. Really good insights!




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