Today’s G8 Statement on Climate Change and the Environment commits member countries to a “goal of achieving at least 50% reduction of global emissions by 2050,” and embraces the need to “ensure an effective and ambitious global post-2012 climate regime,” but does not provide details on the types of “meaningful mitigation actions” that countries might adopt.

In recognition of the need for near-term political action on climate change, G8 members agree in the Statement to implement “economy-wide mid-term goals” on greenhouse gas emissions reductions. While recognizing the U.S. goal of stopping the growth of greenhouse gas emissions by 2025, the Statement is ambiguous on specific reduction commitments, and was criticized by some environmental groups as a “failure of responsibility.”

The Statement received additional criticism from the “G5″ nations for including strong language requiring emission reduction commitments from “all major economies” under a future global climate treaty. The requirement for a “global response…consistent with the principle of common but differentiated responsibilities” is considered to be a U.S.-driven push to increase pressure on countries like China and India in the post-Bali climate negotiations. Additional discussions on these topics are likely to take place during tomorrow’s Major Economies Meeting.

At the same time, the Statement promises support for “technology, financing and capacity-building” in all major developing economies and confirms the establishment of two Climate Investment Funds that are designed to provide “bridge financing” for clean energy projects in developing countries between now and the implementation of a post-Kyoto global climate agreement in 2012. The Clean Technology Fund, which will be the larger of the two funds, will finance deployment of technologies for reducing emissions, while the smaller Strategic Climate Fund will provide financing for adaptation efforts. The G8 members reaffirmed their commitment to provide US$6 billion to the funds. The World Bank last week announced its intention to administer the funds through 2012.

The Statement also calls for the elimination of “tariffs and non-tariff barriers to environmental goods and services” to facilitate the deployment of clean technologies to developing countries. A contentious issue in the current WTO negotiations, reducing trade impediments and strengthening protection of intellectual property protections could facilitate broader dissemination of emissions reduction technologies and skills.

At the end of the day, the consensus on the Statement seems to be best phrased by the Guardian, which found it to represent “a small step forward for politicians on the tortuous path to a framework agreement next year, but … hardly a giant leap for mankind.”

For further information about this topic, please contact Akin Gump.