G8-G5 Summit Aims to Reduce Global Warming to 2 Celsius

G8-G5 Summit Aims to Reduce Global Warming to 2 Celsius

L'Aquila(ABC Live): The G8 leading industrial nations have agreed to limit global warming to 2C (3.6F) by 2050 on Wednesday, when G8- G5 summit, set tough new targets for carbon emissions considered necessary to achieve the goal.

As per agreed statement, developed nations have to cut carbon emissions by 80% by 2050, which would reduce carbon emissions globally by 50, but there is no indication of how this carbon emissions reduction will be reduced and who will bear the cost involve in this operations.

The summit agenda also includes the global economic downturn, food security, terrorism, and nuclear proliferation, the G8 leaders issued reaffirming that they were "deeply concerned" by Iran's nuclear programme and North Korea's recent nuclear test and missile launches

On this issue, US President Barack Obama announced he would call a summit on nuclear security in Washington next March.

Following are the participants of  G8- G5 summit:

G8 - Canada, France, Germany, Italy, Japan, Russia, UK and the US

G5- Group of emerging economies - Brazil, China, India, Mexico and South Africa.

Chinese president Hu Jintao flew back to Beijing amid continuing unrest in the western region of Xinjiang.

On the global economy, an official statement noted "some signs of stabilisation" but that the outlook remained uncertain, with "significant risks".