Shanghai Daily | 上海日报 -- English Window to China News

THE world's top powers took aim at climate change and economic instability yesterday, formally endorsing a goal of halving the world's greenhouse gas emissions by 2050 and warning that rising food and oil prices jeopardize the global economy.

The Group of Eight nations, accounting for nearly 60 percent of the world economy, face mounting pressure to resolve the globe's most pressing financial problems and help stem a potentially disastrous rise in world temperatures.

In a communique on the second day of a three-day summit, G8 members said they supported cutting gas emissions by at least half by mid-century, in a move to rejuvenate United Nations-led talks on forging a new global warming pact by the end of next year.

The G8 countries - the United States, Japan, Russia, Germany, France, Britain, Canada and Italy - also called on all major nations to join in the effort to stem rising world temperatures.

"This global challenge can only be met by a global response, in particular, by the contributions from all major economies," the G8 said in a communique on climate, issued after their talks in Toyako, northern Japan.

China, India, South Africa, Mexico and Brazil, the so-called G5 countries, applauded the result. "It is essential that developed countries take the lead in achieving ambitious and absolute greenhouse gas emission reductions," they said in a joint statement.

They urged wealthy countries to cut emissions by 80 percent to 90 percent below 1990 levels by 2050.

The United States and the European Union hailed the accord as significant progress in pushing forward UN-led talks aimed at forging a new international global warming pact by the end of next year.

But environmentalists and some developing nations said the pact fell short of the need for rich countries to set shorter-term targets for 2020.

On the economy, the G8 said it was positive about the outlook, despite problems.

The leaders called for boosted oil production and refining capacities in the short term, for investment to be increased over the medium term, and for diversifying sources of energy and further efforts to improve energy efficiency.

To enhance energy security, the leaders proposed a forum focused on energy efficiency and new technology to help dialogue between producers and consumers.