The G8 leaders, led by U.S. President Barack Obama, have pledged to help emerging countries meet the costs associated with reducing their industrial carbon emissions.

Despite the recession, and in a nod to the growing influence of countries such as India and China, the President has asked international finance ministers to respond with ideas on how they will help pay for the reform of emerging markets. They will report to a meeting of the G20 in Pittsburgh in September, reported The Globe and Mail.While no figure was mentioned publicly yesterday, British Prime Minister Gordon Brown said in a recent speech that a fund could climb to an annual figure of $100-billion (U.S.). The Group of Eight rich nations and the Major Economies Forum, which includes 17 countries responsible for about 80 per cent of the world's emissions, met and agreed to back a goal of limiting global warming to no more than two degrees Celsius over preindustrial levels. That agreement, however, was tinged with the reality that some countries in the wider group of 17 support Russia's position that sacrificing economic growth for the sake of emission reduction is a non-starter. Obama acknowledged the competing visions, but warned the world needs to act together. '… Developing nations have real and understandable concerns about the role they will play in these efforts,' he said. 'They want to make sure that they do not have to sacrifice their aspirations for development and higher living standards. Yet, with most of the growth in projected emissions coming from these countries, their active participation is a prerequisite for a solution.' Obama's announcement was another clear example of how the exclusive G8 club is being forced to share influence with other countries to get things done, reported The Globe and Mail.The G8 has been meeting here for three days, but many of its deliberations have included other groups. For example, the G5, comprised of the emerging economies of China, India, Mexico, Brazil and South Africa, was also here, while yesterday's meeting on climate change included all of the above, plus others like Australia, South Korea and Indonesia. And in the fall, many of these nations, plus others, will get together for the G20. The G20 now appears to be a critical meeting where the wealthy nations and the rest can work toward common ground on a climate-change deal before the United Nations convenes a final meeting in Copenhagen. Climate-change experts have been arguing this week that the emerging nations need extra cash, plus some other commitments from the wealthy nations, before they take on their own obligations. 'We agreed to substantially increase financial resources to help developing nations create low-carbon growth plans and deploy clean-energy technologies,' Obama said. '… We're going to have to help those affected countries adapt, particularly those who are least able to deal with its consequences because of a lack of resources.' On Tuesday, the G8 agreed among itself to take on a greater burden of achieving the 50-per-cent cuts by saying it would reduce carbon emissions by 80 per cent. But the G8 effort was criticized yesterday by UN Secretary-General Ban Ki-Moon. 'Developing countries need funding and technology assistance,' he said. 'Funding is also needed to assist vulnerable developing countries adapt to the harmful effects of climate change.' The wealthy nations must also lead the way by committing to strong mid-term targets, he said. Clare Demerse, of the Pembina Institute, said the original G8 declaration could have had more for the emerging nations. '[Emerging countries are] saying, ‘we're not seeing the good faith, so why should we have to commit to anything,'' Demerse said. She also criticized Ottawa for not doing all it could to lead the way. For example, she noted that Canada's Environment Minister, Jim Prentice, has said the government does not plan to sway from its commitment to cut greenhouse gases by 60-to-70 per cent by the year 2050, even though the G8 deal mandates an 80-per-cent cut. The government explained yesterday that the 80-per-cent target is an aggregate number for all nations involved. Some countries can do more than 80 per cent and others less, as long as the 80-per-cent figure is reached across the board. Prime Minister Stephen Harper said after the meetings that Canadians appear to like the U.S. plan, which he says is similar to the Canadian proposal. 'I read that Canadians think the Obama plan is credible, and their targets are virtually identical to ours,' Mr. Harper said after the meeting. The U.S. legislation sets a target of 80-per-cent reductions by 2050, 10 to 20 per cent deeper than the Canadian policy. Canada also announced yesterday it would be involved in the establishment of an institute devoted to perfecting technology aimed at capturing and storing carbon before it hits the air. Canada will be one of 19 founding members of the institute, which will be led by Australia.