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G-8 curtain-raiser: Climate change tops agenda
Published on Sun, Jul 06, 2008 at 11:59, Updated on Sun, Jul 06, 2008 at 21:11 in Sci-Tech » Science section
Tags: G-8 Summit, Climate Change , Toyako
NO TO SUMMIT: Police officers block anti-G8 demonstrators in Sapporo on Japan's northern main island of Hokkaido.
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Toyako: When the leaders of the Group of Eight (G8) industrialized nations gather in Hokkaido on Monday for their annual summit, they face the challenges of global warming, an uncertain world economy and mounting tensions in the world's hot spots.
Host Japan has put talks on climate change high on the agenda of the meeting in this northern resort town, building on the outcome of last year's summit in Germany, where leaders agreed to seriously consider a target of halving greenhouse gas emissions by 2050.
At a UN climate change conference last December in Indonesia's Bali, about 190 countries agreed on a two-year, UN-led negotiation process with a view to striking an agreement that would succeed the Kyoto Protocol on reducing emissions.
But gaps exist among developed countries and between developed and developing nations over their share of the global efforts to fight climate change, which is blamed for rising sea levels and extreme weather phenomena, such as droughts and severe storms.
No breakthroughs were made at the UN climate change talks in Bangkok and Berlin earlier this year.
Some developed countries, including the US, demand mandatory emissions cuts for developing countries, which were lesser emitters of greenhouse gases and need stronger industrial and agricultural sectors for development.
Data show that some developed nations lead the world in emissions of carbon dioxide, the main driver of rising global temperatures.
"The world economy continues to face uncertainty and downside risks persist," G-8 finance ministers said in their statement following a meeting in Japan last month.
With market losses, a weakening US dollar, food shortages and soaring oil prices threatening to slow down global economic growth, whether G-8 leaders can find the best remedy for the sagging world economy is another key gauge of how much they accomplish in Toyako.
Many of the woes afflicting global economic growth originated from some developed nations or are closely related to their economies.
The US subprime mortgage crisis sent shockwaves to financial markets around the world, hitting investment and spending, and dampening consumer confidence.
US financial and trade deficits and consecutive interest rate cuts caused the dollar to weaken, hurting export sectors of other countries and fanning speculation in commodities.
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