Group of Eight (G8) leaders were meeting
their colleagues from the rest of the world Wednesday, hoping to sell their
"50 by 50" deal on emissions cuts and to discuss possible solutions
to global economic woes.
The morning session saw them come face-to-face with the leaders of Brazil, China, India, Mexico and South Africa, the so-called G5.
The subsequent sessions were extended to Major Economies (MEM) leaders - Australia, Indonesia and South Korea, as well as the chiefs of the United Nations and the World
Bank.
On Tuesday, the G8 issued a headline-grabbing statement in which leaders vowed
to "move towards a low-carbon society" and to halve global
greenhouse-gas emissions by 2050. But there was as yet no agreement on the base
year from which to measure such cuts.
Moreover, they stressed that such an objective "will only be possible
through common determination of all major economies," meaning to include China, India and other rapidly developing nations.
The G5 responded with a joint statement stating that any deal would have to
take into account "the historic responsibility" of the world's old
powers.
"It is essential that developed countries take the lead in achieving
ambitious and absolute greenhouse-gas emissions reductions," they said.
According to the G5, the rich club of nations should cut their emissions by as
much as 80 to 95 per cent by 2050.
Another source of potential confrontation during Wednesday's talks concerned G8
calls for developing nations to lift their export restrictions on food in a bid
to ease pressure on spiralling food prices.
The G5, however, says the United States and the European Union should stop
subsidizing their farmers, instead.
"Multi-billion agricultural trade-distorting support in developed
countries have hampered the development of food production capacity in
developing countries, critically reducing the possibilities of reaction to the
present crisis," Brazil, China, India, Mexico and South Africa said
in a joint declaration.
Other issues up for discussion on Wednesday included the weak dollar and the
value of the Chinese renminbi, dpa reported.