Business & UN

ICC hails G8 pledge to halve emissions

  • 8 July 2008

ICC welcomed a historic statement by the G8 group of industrial nations today to halve greenhouse gas emissions by 2050, and calling on all major economies to commit to meaningful mitigation actions in the international agreement to be negotiated by the end of next year.

“The nations of the G8 are leading by the example they are setting today. Business welcomes this commitment by the world’s largest economies towards an inclusive global agreement on climate change. Business will be by far the largest developer, user and investor in clean technology to address global warming. A global pact is necessary to give business the level of certainty it needs to make these major investments,” said ICC Secretary General Guy Sebban.

Speaking from the annual G8 summit in Hokkaido, Japan, G8 leaders said they would work with other countries to “consider and adopt” the  goal of 50%  emission reductions by 2050 in the talks taking place under the United Nations Framework Convention on Climate Change (UNFCCC). The G8 also said they would make strides over the next two decades to curb emissions, promote clean energy, improve energy efficiency and further explore voluntary sectoral approaches. The G8 declaration today gives fresh impetus to a global agreement with similar elements.

At the same time, the G8 statement signaled the expectation that major developing countries will also play a large role in reining in emissions, highlighting that effective cooperative initiatives to combat climate change must include the largest carbon dioxide emitters from the developed and developing worlds. Concerted action on key areas for developing countries, such as financing, forestation and adaptation, was given new momentum. Tomorrow, members of the G8 will meet with China, India and other developing countries to further discuss a far-reaching agreement to pursue economic development while addressing climate change.

The G8 statement emphasized the need to scale up both existing and innovative low- carbon technologies, and eliminate tariffs and non-tariff barriers to environmental goods and services.

ICC has underscored the fundamental importance of technologies in all sectors and commercial activities in reducing green house gases, de-linking economic growth from environmental impact, and providing solutions to growing energy demand and energy prices.

ICC, in its annual statement delivered this year to the G8 Summit, called for the group of G8 leaders to exhibit strong leadership towards the creation of a comprehensive international framework to address climate change.