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G8 urged to focus on climate deal despite oil spike

G8 urged to focus on climate deal despite oil spike

Soaring oil prices should not derail plans by G8 leaders to forge a new global deal on climate change, a think tank said on Monday.

Climate Strategies said leaders from the rich nations meeting in Japan next week must tackle rising oil prices in ways consistent with progress on climate change.

Report author professor Michael Grubb made the case for a global network of low carbon technology centres to assist poorer nations in moving away from carbon intensive activities to greener economies.

Using to new carbon-intensive sources of oil and coal-to-liquid technology in the short-term could increase emissions, the Cambridge University-based global climate policy network said.

Professor Grubb called for more G8 funding to help poor countries adapt to climate change.

He also argued for global caps on aviation and shipping emissions, which account for almost ten per cent of oil demand.

G8 leaders must agree to binding targets to cut carbon emissions at UN talks in Denmark next year.


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