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Posted on on July 9th, 2008
by Pincas Jawetz (

Global Markets – latest news

No formal greenhouse targets at G8 summit.
Bush: Call for reductions marks ‘significant progress’

By William L. Watts & Chris Oliver, MarketWatch. a Wall Street Journal Blog.
July 9, 2008

LONDON (MarketWatch) — Leaders of 16 nations at a multilateral gathering in Japan agreed to back a plan for making long-term reductions in greenhouse-gas emissions, although the deal fell short of establishing formal reduction targets.

“We, the leaders of the world’s major economies, both developed and developing, commit to combat climate change in accordance with our common but differentiated responsibilities and respective capabilities,” the nations said Wednesday in a communiqué at the Group of Eight summit in Hokkaido.

The G8 nations include the United States, Japan, Germany, France, Great Britain, Italy Canada and Russia.

Backers included Brazil, China, India, Indonesia, South Korea, Mexico and South Africa, in addition to the G8.

But the joint statement didn’t include language from Tuesday’s statement issued by the G8 leaders, in which they said they shared a vision to cut greenhouse emissions in half by 2050. See full story.

Only three of the non-G8 countries in attendance — South Korea, Australia and Indonesia — backed the 50% reduction, Reuters reported, and this prevented inclusion of the language in Wednesday’s statement.

Leaders of emerging economies have argued that developed countries should first spell out their own goals for emissions reductions.

All the same, President Bush hailed the final statement as a sign of “significant progress.”
“The G8 expressed our desire to have a significant reduction in greenhouse gases by 2050. We made it clear and the other nations agreed that they must also participate in an ambitious goal, with interim goals and interim plans to enable the world to successfully address climate change,” Bush said. “And we made progress, significant progress, toward a comprehensive approach.”

In the end, Wednesday’s statement said the leaders shared a vision for “long-term cooperative action, including a long-term global goal for emission reductions that assures growth, prosperity, and other aspects of sustainable development, including major efforts towards sustainable consumption and production, all aimed at achieving a low-carbon society.”

William L. Watts is a reporter for MarketWatch in London.
Chris Oliver is MarketWatch’s Asia bureau chief, based in Hong Kong.

So both gentlemen were not in Hokkaido – their reporting is based on material they read on the web – Did the WSJ really see it like we did – that this G8 exercize, under Japan leadership subservient to the US wishes, will not come up with real and meaningful results?


If it was a G8 meeting – why not take as final decision what was decided already on Friday without the participation of the other 8?

Brazil, China, India, Mexico, and South Africa – the remaining 5 out of the additional 8 – plain and simple said that they do not participate in games when the G8 do not have the stomach for real figures put down in real time. By saying that they want first to see a real offer from the G8, before putting on the record their own participation in emissions reduction, they are actually in full rights and have done nothing worse then pointing flashlights at the meager document of the G8.

As we said already in another posting today, it was the Bush, Harper Fukuda position that doomed these 2008 G8 meetings under Japan leadership. President Bush won this battle.

Our only remaining question is – why did Fukuda invite the other 8 to participate? Had the G8 met in their own closed cocoon and come up with a final declaration, was that not expected to be better then having a bigger show with folks to be held later as responsible for this failure? What does now Fukuda frame next to his Prime Minister chair in order to say that the meeting he chaired was a success?


And the previous article – a day earlier – that was referenced in the July 9, 2008 article – The VISION thing that came to nothing a day later:

G8 leaders share ‘vision’ on emission cuts.
By MarketWatch
July 8, 2008

LONDON (MarketWatch) – Leaders of the Group of Eight wealthy nations on Tuesday said they shared a “vision” to cut global greenhouse gas emissions in half by 2050.

In a joint statement on the environment and climate change, the G8 leaders said they “seek to share” with all parties involved in U.N.-brokered talks “the vision of … the goal of achieving at least 50% reduction of global emissions by 2050, recognizing that this global challenge can only be met by a global response.”
Leaders of the G8 nations – the United States, Japan, Germany, France, Great Britain, Italy, Canada and Russia – are meeting in Toyako, Japan.

Japan and the European Union are seeking to formalized emission-reduction targets, building on last year’s general agreement among the G-8 nations to “consider seriously” the reductions.
Senior officials held a late-night session Monday to iron out the wording behind the agreement that would allow leaders to sign onto the deal without committing to a numerical target, a Reuters report said.

The U.S. and several other developed countries { read here Canada and Japan } have said they will not enter an agreement to reduce future greenhouse gas emissions which does not include binding commitments by growing industrial powers such as China and India to cut carbon.

German Chancellor Angela Merkel said she was pleased with progress made toward climate change and other issues following a morning meeting with President Bush.

“As always, we’ve had a very interesting exchange of view, very intensive exchange of view, and let me tell you that I’m very satisfied with the work that has gone on, on the G8 documents, as regards progress on the issue of climate change, cooperation in the area of food and oil,” Merkel said at a photo opportunity with Bush.

This year’s summit, held at a lakeside resort on the northern Japanese island of Hokkaido, brought together leaders from 22 nations, including the top G8 officials.

{ 8+8+5 – the last five are Africans in need and they were not even deemed a reference in the article the following day that speaks of 16 – so, our question is even more to the point – if you had no intention in bringing these other 13 into the decision making process, except for eventually blaming the first 5 from among the second group of 8 for the failure, who needed here also the second group of five that did not even get invited to dinner? All of this is part of our various postings these last few days. We predicted disaster – and here it is starring at us }

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