G8 agree to halve world emissions by 2050

TOYAKO, Japan, July 8 (UPI) -- The Group of Eight leaders meeting Tuesday in Japan adopted a goal of reducing emissions by at least 50 percent by the year 2050.

"The declaration points out that this global challenge requires a global response that includes contributions from all major economies," said Dan Price, assistant to U.S. President George Bush for international economic affairs. "There's also a strong statement on the importance of working together on adaptation, as well as mitigation."

The declaration recognizes that all major economies "must commit to meaningful midterm mitigation action" to reduce emissions and those actions "need to be bound in a new international agreement," Price said.

G8 members -- Canada, France, Germany, Italy, Japan, Russia, Britain and the United States -- linked emission reduction to improved technology, he said. The leaders committed to annually dedicating $10 billion to technology research and development, of which the United States would contribute half.

The group also committed to energy efficiency and helping developing countries finance new, clean energy projects by supporting the Clean Technology Fund with commitments of slightly more than $5 billion, he said.

"Much work lies ahead but right now we've got the right countries around the table," Price said, "with an increasingly common sense of purpose and urgency to support global action."