Le G8 en faveur d’une réduction de 50 % du CO2 d’ici 2050[en][de] 

"We seek to share with all parties to the UNFCCC the vision of […] the goal of achieving at least 50% reduction of global emissions by 2050," read a G8 statement released on 8 July.

Commission President José Manuel Barroso hailed the statement as "a new, shared vision by the major economies on the climate challenge". "The EU's benchmark for success at this Summit has been achieved," he said 

In advance of the talks, Barroso had expressed hope that G8 leaders would agree to "meaningful and ambitious long-term goals and mid-term targets" for reducing greenhouse gas (GHG) emissions in order to pave the way for a new global climate change deal by December 2009, when world leaders convene for a key UN-led climate summit in Copenhagen (EurActiv 07/07/08).

But while the statement concedes that achieving the 50% or more reduction target will require "mid-term goals and national plans," no specifics are mentioned. And it highlights several times the importance of "common but differentiated responsibilities and respective capabilities" between developed and developing states to reach any GHG reduction targets.

The language reflects the long-standing negotiation impasse between the US on the one hand and rapidly developing countries like China and India on the other. Developing states say they should not shoulder the same reduction burdens as developed states. But the US is unwilling to sign up to any global GHG reduction deal without a similar commitment from China and India.

While G8 leaders hailed the common statement as a breakthrough, environmental groups like the WWF slammed it as "pathetic".

Calming markets

In a separate statement on the world economy, G8 leaders said they "remain positive about the long-term resilience of our economies and future global economic growth". But higher food and fuel prices also pose a "serious challenge", they admitted, calling for "appropriate actions" including the implementation of recommendations for enhancing global market resilience by the Financial Stability Forum (FSF) in April.

Much like in the area of climate change, Europe "must take the lead and set an example" for effective financial market regulation, according to a 7 July statement by EU Internal Market Commissioner Charlie McCreevy.