Climate Change, Economic Recession India’s Main Issues for G-8: Singh

Prior to leaving for Italy for this week’s G-8 summit, Prime Minister Manmohan Singh recommended that the industrialized nations take their “historical responsibility” on climate change. On recession, he has said that global response is needed to tackle it.

The three-day summit, being held in L’Aquila town which experienced a severe earth quack three months ago, is being considered as a big opportunity to formulate a new global climate pact out of current rut.

Earlier, due to difference of opinion on the burden of responsibility, negotiations have failed for deeper cuts in carbon emissions.

“Climate change will be an important subject of discussion,” Singh said in a pre-departure statement.

“What we are witnessing today is the consequence of over two centuries of industrial activity and high consumption lifestyles in the developed world. They have to bear this historical responsibility,” Singh added.

It may be mentioned that India, alongwith fellow developing heavyweight China, has declined any commitment on emission cuts in new pact until industrialized nations, especially US, come out with sufficient targets of their own.

Similarly, the G-8 countries have refused commitment to specific goals until they don’t have strong promises on how emerging countries will shun turning into a carbon culprits of tomorrow.

More than 180 nations are working to adopt a new climate treaty at a December meeting in Copenhagen to cover the period after 2012, when the Kyoto Protocol’s requirements expire.

India is one of five emerging economies, including Brazil, China, Mexico and South Africa, which regularly attend G8 summits.

As for economic slow down,Singh said that India wants a concerted and well-coordinated global response to address systemic failures and to stimulate the real economy.

“The global financial and economic slowdown that we are witnessing is particularly detrimental for the development objectives of developing countries such as India. This has not been a crisis of our making, but we have had to bear its consequences,” he said in a statement before leaving for Italy to attend the two-day Summit meeting of G-8 industrialised nations beginning July 9.

“The slowdown in the advanced economies has affected our exports, strengthened protectionist sentiments and impacted credit and capital flows. We would, therefore, like to see a concerted and well-coordinated global response to address systemic failures and to stimulate the real economy,” the Prime Minister said.

The Prime Minister said, “In the longer run, we would like to see a much higher level of stability and sustainability in growth patterns of the developed world, and in international financial governance.”

Singh said that this will be an occasion for projecting India’s views on major global issues relating to the world economic and financial crisis and its impact on development, food security, energy security and climate change, international trade negotiations and reforms of international institutions.

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