- G8 and Major Economy Leaders Agree to Slash Greenhouse Emissions
- DOE, Treasury Provide Guidance on Direct Payments for Renewable Projects
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G8 and Major Economy Leaders Agree to Slash Greenhouse Emissions
The leaders of the world's countries with the largest economies, including the US and the European Union, have agreed to slash global greenhouse gas (GHG) emissions by 2050, with the intent to hold global warming at less than 2 degrees Celsius above pre-industrial levels.
At last week's meeting of the Group of Eight (G8) industrialized nations, which includes Canada, France, Germany, Italy, Japan, Russia, the UK, and the US, the nations' leaders agreed that developed countries should reduce their aggregate GHG emissions to at least 80% below 1990 levels by 2050, while the world as a whole should cut its GHG emissions in half.
The G8 leaders acknowledged the 2°C limit and recognized that global GHG emissions "need to peak as soon as possible and decline thereafter" to hold global warming below that limit. The G8 leaders also pledged to take the lead in accelerating the transition toward a low-carbon economy, including various measures to promote renewable energy and energy efficiency. See the climate commitments on page 16 of the G8 declaration, "Responsible Leadership for a Sustainable Future" (PDF 307 KB). The clean energy declarations are on pages 9, 15, 17, 18, 24, and 26.
The G8 meeting was also expanded to include other major economies for the Major Economies Forum on Energy and Climate, which included the G8 plus Australia, Brazil, China, the European Union, India, Indonesia, the Republic of Korea, Mexico, and South Africa. That larger group also recognized the 2°C limit for global warming and acknowledged that global and national GHG emissions should peak "as soon as possible," but also declared that the peak in GHG emissions should occur later for developing countries. The members of the major economies established a global partnership to drive the development of low-carbon, climate-friendly technologies. See the declaration from the Major Economies Forum (PDF 99 KB).
"I believe we've made some important strides forward as we move towards Copenhagen," said President Obama, referring to the UN Climate Change Conference to be held in December. "I don't think I have to emphasize that climate change is one of the defining challenges of our time. The science is clear and conclusive, and the impacts can no longer be ignored. Ice sheets are melting. Sea levels are rising. Our oceans are becoming more acidic. And we've already seen its effects on weather patterns, our food and water sources, our health and our habitats. Every nation on this planet is at risk, and just as no one nation is responsible for climate change, no one nation can address it alone." President Obama also highlighted recent U.S. actions to address climate change, declaring that "one of my highest priorities as president is to drive a clean energy transformation of our economy." See the president's comments and the White House fact sheet on the Major Economies Forum.
DOE, Treasury Provide Guidance on Direct Payments for Renewable Projects
DOE and the U.S. Department of Treasury issued guidance last week on the process for renewable energy project owners to receive direct federal payments in lieu of tax credits.
