G8 May Spend Billions On New Technology to Cut CO2
Posted on: Sunday, 29 June 2008, 17:20 CDT
In the effort to reduce carbon dioxide emissions, including carbon dioxide capture and storage (CCS), the Group of Eight wealthy nations are looking at investing more than $10 billion a year to support new technologies.
The Japanese business daily Nikkei said a draft statement on economic issue is being considered for release at the July 7-9 summit of G8 leaders in Hokkaido, northern Japan.
In order to help meet a global target to halve greenhouse gases by 2050, the G8 countries plan to fund research to develop CCS projects, which bury emissions from power plants.
The Nikkei reported that the draft statement also includes an agreement to set national interim goals to reduce emissions by 2020-2030, a step environmentalists and the EU say is vital.
According to a Japanese government source, the United States had yet to agree to a goal of reducing global emissions by 50 percent by mid-century.
The G8 leaders will share strong concern over rising crude oil prices, which are pushing up inflation and depressing the world economy, Nikkei said.
The leaders will call for oil consuming and producing nations to cooperate more closely.
On Friday, oil prices rose to a record near $143 a barrel. Prices have jumped more than 45 percent this year, extending a six-year rise, as supply struggles to keep pace with rising demand from emerging economies such as China and India.
The G8 nations will provide assistance to developing countries to increase food production as prices continue to rise.
They will speak up against food export restrictions imposed by some producing countries, said Nikkei.
The G8 nations could agree to stand ready to release grain from national and private food reserves at times of food crisis, according to the Asahi Shimbun newspaper.
At a United Nations food summit this month, Japanese Prime Minister Yasuo Fukuda pledged to release at least 300,000 tons of imported rice from storage into the world market to ease the global food crisis and urged other countries to do likewise.
Source: redOrbit Staff & Wire Reports
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User Comments (1)
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Posted by Mike on 06/29/2008, 19:16 Interesting! |
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