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Fact Sheet: The Major Economies Leaders Meeting
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For Immediate Release Office of the Press Secretary July 9, 2008

Fact Sheet: The Major Economies Leaders Meeting Making Progress Toward A
Future International Climate Change Agreement

ÿÿWhite House News

ÿÿÿÿÿ G8 Summit 2008

Today, 17 leaders of the Major Economies held an unprecedented summit in
Toyako, Japan, to advance shared objectives of reducing greenhouse gas
emissions, contribute to ongoing negotiations under the UN Framework
Convention on Climate Change (UNFCCC), and identify actions to be taken
immediately. Leaders of Australia, Brazil, Canada, China, the European
Union, France, Germany, Indonesia, India, Italy, Japan, Mexico, Republic of
Korea, Russia, South Africa, the United Kingdom, and the United States
issued a Declaration that:
  þ Acknowledges that the global challenges of climate change, energy
    security, and sustainable development are interlinked;
  þ Recognizes the leadership role of all Major Economies _ developed and
    developing _ in combating climate change;
  þ Highlights the value and contribution of the Major Economies Meetings
    in supporting the UNFCCC, building confidence, and elaborating on areas
    of shared understanding.

The leaders' declaration emphasizes "ambitious, realistic, and achievable"
steps, stating that:
  þ It would be desirable for all countries to adopt an ambitious long-term
    global goal for greenhouse gas emissions reduction that assures growth
    and prosperity, recognizing that achieving such a goal depends on
    significant advances in technology;
  þ Developed Major Economies will take actions in the mid-term to halt the
    growth of greenhouse gas emissions and achieve absolute emission
    reductions, and developing major economies will take actions in the
    mid-term to achieve a deviation from business-as-usual emissions;
  þ Mid-term goals, commitments, and actions of all Major Economies are to
    be reflected in the agreed outcome of the UNFCCC negotiations to be
    concluded in December 2009; and
  þ Actions to reduce net emissions from deforestation and forest
    degradation can contribute to greenhouse gas stabilization.

Leaders agreed to take near-term actions, including:
  þ Working together on technology cooperation and cutting emissions in
    specific economic sectors;
  þ Directing trade officials responsible for the WTO Doha negotiations to
    advance with urgency their discussions on climate-related issues, with
    an emphasis on eliminating trade barriers to the spread of clean energy
    technologies;
  þ Accelerating technology development, transfer, financing, capacity
    building and measurement methodologies to support mitigation and
    adaptation efforts; and
  þ Improving energy efficiency and promoting new, climate-beneficial
    actions under the Montreal Protocol on Substances That Deplete the
    Ozone Layer.

Leaders agreed to continue to work together to promote the success of the
Copenhagen Climate Change Conference in December 2009, when the UN
negotiations launched in December 2007 in Bali, Indonesia, are set to
conclude.

Background

SincePresident Bush launched the Major Economies process in May 2007 there
has been growing international agreement that, to be effective, a global
framework will require commitments from all Major Economies _ both
industrialized and emerging _ to take actions to reduce emissions. There is
now broad acknowledgement that all Major Economies must contribute to
solving the problem, recognizing that what steps each Major Economy takes
will differ according to its national circumstances.
  þ Each of the Major Economies is developing and implementing national
    goals and plans to reduce greenhouse gas emissions. America's national
    plan is a comprehensive blend of mandates, incentives, public-private
    partnerships, and technology programs to reduce emissions by increased
    investment in clean and efficient energy technologies.
  þ Sectoral approaches can support national climate change efforts, as
    demonstrated by the Asia-Pacific Partnership on Clean Development and
    Climate (APP). The APP facilitates investment in clean technologies and
    accelerates the sharing of energy efficient practices among seven of
    the Major Economies in the region _ with a particular focus on China
    and India.

The U.S. Is Taking Action To Confront Climate Change And Strengthen
America's Energy Security

The most recent UN data shows that, since President Bush took office, U.S.
results in reducing net greenhouse gas emissions were second best among the
Major Economies.

In April, President Bush announced a new national goal to stop the growth
in U.S. greenhouse gas emissions by 2025. This new goal marks a major step
forward in America's ongoing efforts to address climate change. As we
continue to fully implement strong new laws, provide appropriate
incentives, and adhere to the principles the President outlined for future
programs, the United States will continue on an ambitious new track for
greenhouse gas reductions. The growth in emissions will slow over the next
decade, stop by 2025, and begin to reverse thereafter, so long as
technology continues to advance. Our landmark actions will prevent billions
of metric tons of greenhouse gas emissions from entering the atmosphere.

Record Funding for Climate-Related Science, Technology, and Incentive
Programs:Since 2001, the President has devoted approximately $45 billion
for climate-related science, technology, observations, international
assistance, and tax incentive programs. Annual funding for technology R&D
currently exceeds $4 billion. The United States has $42.5 billion in loan
guarantee authority available for technologies that avoid, reduce, or
sequester greenhouse gases or air pollutants, including nuclear,
large-scale renewables, and clean coal technologies. Our farmers now can
compete for billions of dollars in conservation incentives to sequester
carbon dioxide.

Improving Fuel Economy, Use of Renewable Fuels, and Energy
Efficiency:Congress passed and the President signed last December energy
legislation that responds to the President's "Twenty in Ten" challenge to
improve vehicle fuel economy and increase alternative fuels. The Renewable
Fuels Standard will increase the use of renewable fuels by more than 500
percent _ requiring fuel producers to supply at least 36 billion gallons of
renewable fuel in the year 2022. The Vehicle Fuel Economy Mandate specifies
a national mandatory fuel economy standard of 35 miles per gallon by 2020,
which will save billions of gallons of fuel and increase efficiency by 40
percent. Additionally, the legislation establishes mandatory programs for
efficiency of lighting, appliances, and Federal government operations.

Broad Range of Domestic Partnerships and Incentives:The President launched
a comprehensive portfolio of domestic initiatives to develop new
technologies through dozens of voluntary, incentive-based, and mandatory
programs. These programs include Climate VISION, Climate Leaders, SmartWay
Transportation Program, and the Hydrogen Fuel Initiative. The United States
is a world leader in advancing a broad range of technology needs, including
fusion, hydrogen, nuclear, plug-in vehicles, batteries, biofuels,
low-carbon coal power generation, large-scale renewable power, and
electricity transmission.

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