G8 Recap: Rich Nations to Increase Aid; No Consensus on Climate Change

The Group of Eight three-day summit concluded today with mixed results. The rich nations failed to agree on long-term goals for climate change, but they pledged a greater amount of money for agricultural support in poor countries.

Members of the G8 pledged to spend $20 billion, $5 billion more than expected, over three years to spur investment in agriculture in poorer nations.   

“Rather than imposing a strategy from outside recipient countries, the Global Partnership will seek to channel resources to credible, country-owned plans,” read the G8 summit statement. “The Comprehensive Africa Agriculture Development Program (CAADP) is a model for developing such plans and an effective partnership. We will support similar processes in other regions.”

President Obama said “the purpose of aid must be to create the conditions where it's no longer needed — to help people become self-sufficient, provide for their families, and lift their standards of living.”

However, leaders could not agree on targets to cut greenhouse gases. While advanced economies agreed on reducing greenhouse gases by 80% by 2050, China and India rejected those long-term commitments, and no short-term solutions were at hand even for countries who accepted the plan.

Still, President Obama called the meeting “highly productive,” while stating that moving forward will require persistent effort and cooperation.

On the economy, Obama said markets were improving and a global collapse has been averted, but that too many people continue to struggle.

“So we agree that full recovery is still a ways off; that it would be premature to begin winding down our stimulus plans; and that we must sustain our support for those plans to lay the foundation for a strong and lasting recovery,” he continued. “We also agreed that it's equally important that we return to fiscal sustainability in the midterm after the recovery is completed.”

Aside from the agreement, no details for an exit strategy were announced.

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.