Follow up on the G8 Summit - India, China and the speak on climate change….

As promised, here is the follow-up to my last post on the happenings of the first 2 days on G8 summit in toyako in Japan.

After yesterday's session of the G8 summit, today, the leaders of the group of eight met with the leaders of eight other emerging economies, namely India, China, Brazil, South Africa, Mexico, Australia, South Korea and Indonesia. These sixteen countries together account for 80 percent of global greenhouse gas emissions.

Climate change has dominated the discussions at this year's G8 summit in Japan. Yesterday, the leaders of the Group of Eight countries had decided to half the global emissions by 2050. However, in today's discussions, only Indonesia, Australia and South Korea have supported the G8's vision. All developing countries argued hard that it was developed countries who sacrificed nature during their growth and industrialization and now they should bear the brunt of taking on the expenses of curbing carbon emissions.

However no consensus could be achieved on the proposed target of carbon emissions, and leaders 'safely stuck to their target' of 50% less by 2050.

These countries have agreed to cut their greenhouse emissions but they avoided setting specific targets for the same. Chinese President Hu Jintao said that China being a developing country was on the path of industrialization and improving people's welfare. United States is already opposed to committing to firm targets without assurances that big emerging economies will act too. Experts are doubtful that any substantial steps to fight global warming will be taken unless the new U.S. president assumes office in January 2009.

Besides climatic changes, the meet also agreed on the need to address rising oil and food prices and global inflation. Most of the growth in energy demand is coming from emerging economies. However, other than Russia, the G8 does not include any major oil exporter. In contrast, Iran's OPEC governor said that there was no shortage of oil and blamed the G8 countries for the surge in prices. According to him, OPEC supplies crude oil at a rate that is more than the market needs.

Only time will tell about the effects of this year's G8 summit. Next year's G8 summit is scheduled to be held in Italy where the Group of Eight will hold talks with the eight booming economies.

Hear what others have to say about the G8 Summit, which took place in Japan. Also post interesting stuff on G8 or anything you'd like to say.