Global Leaders Unite to Combat Climate Change through Australia's GCCSI

Strategic Insights -

World leaders, including US President Barack Obama, have come together in L'Aquila, Italy, to address the pressing issue of greenhouse gas emissions. In a joint effort to reduce reliance on coal, the Global Carbon Capture and Storage Institute (GCCSI) has been launched, backed by 22 countries and over 100 major energy companies. The institute aims to promote large-scale research programs on carbon emissions capture and burial to make coal more environmentally friendly.

Key Takeaways:

  • The GCCSI has been established with the backing of 22 developed and developing countries, including the US, Japan, and Australia.
  • The institute's main role is to promote research programs on carbon emissions capture and storage from coal-fired power stations.
  • The Australian government has committed A$100 million per year to fund the institute.
  • The leaders at the Major Economies Forum (MEF) have agreed to double research and development investment in clean carbon technologies.
  • Over 100 major energy companies have signed up to join the GCCSI as foundation members.
  • The launch comes after MEF leaders agreed to work towards preventing global temperatures from rising by 2 degrees Celsius by 2050.
  • The G8 members have agreed to work towards cutting emissions by 80% by 2050, while developing countries failed to accept targets for emission cuts.

Statistics:

  • 22 countries have backed the GCCSI as foundation members (Source: News article).
  • Over 100 major energy companies have signed up to join the GCCSI (Source: News article).
  • A$100 million per year has been committed by the Australian government to fund the GCCSI (Source: News article).
  • The G8 members have agreed to work towards cutting emissions by 80% by 2050 (Source: News article).
  • The world's reliance on coal is driving greenhouse gas emissions, and the campaign to reduce it is being led by the GCCSI (Source: News article).

Sources:

  • Asia Pulse - L'AQUILA, Italy, July 9.
  • News article - rw 10-07 0930.