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US and China hinder post-Kyoto deal

Rachael Singh, Financial Director, 12 Jul 2007

The world’s leading countries fail to reach agreement on emissions

The G8 Summit drew to a close in June, with no real global emissions reductions set in place post-Kyoto, which comes to an end in 2012.

Germany was the host of this year’s Summit, with Chancellor Angela Merkel at the helm. She tried to insist that all members reduce carbon emissions by as much as 50% of their 1990 levels by 2050, and said that global warming should be limited to 2 degrees celsius above the pre-industrial era. But, according to Tony Blair, the US won’t sign an agreement unless China signs, and China won’t agree to anything that is likely to impede its own economic growth.

One agreement that was reached by members was that all legally binding, international commitments to climate change should only be made through the United Nations framework. The US and China, as well as the emerging markets of Mexico, Brazil, India and South Africa, also agreed that they would feel obligated to the commitments if processed through the UN. Early adopting countries include Canada, Japan and the EU, which have agreed to abide by the 50% cut immediately. “Now we need to work together to get as many countries as possible across the world to undertake to do something,” Merkel said.

In addition, all members agreed to share technology on tackling climate change with the developing world, particularly information on IT and energy efficiency.

Blair said a post-Kyoto deal should be in place by 2009.

Click here for more on the Kyoto Protocol.

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