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In the non-binding "Washington Declaration" on February 16, 2007, the G8+5 group of leaders agreed in principle to a global cap-and-trade system that would apply to both industrialized nations and developing countries, which they hoped would be in place by 2009. [1] [3] Official G8+5 Climate Change Dialogue Web site
The Group of Eight + Five (G8+5) was an international group that consisted of the leaders of the heads of government from the G8 nations (Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States), plus the heads of government of the five leading emerging economies (Brazil, China, India, Mexico, and South Africa).
The European Union Emissions Trading System (EU ETS) is a carbon emission trading scheme (or cap and trade scheme) that began in 2005 and is intended to lower greenhouse gas emissions in the EU. Cap and trade schemes limit emissions of specified pollutants over an area and allow companies to trade emissions rights within that area.
Under the program, which is essentially a cap-and-trade emissions trading system, SO 2 emissions were reduced by 50% from 1980 levels by 2007. [58] Some experts argue that the cap-and-trade system of SO 2 emissions reduction has reduced the cost of controlling acid rain by as much as 80% versus source-by-source reduction.
A United Nations committee has decided to reinstate Greece in the emissions-trading system of the Kyoto Protocol after a seven-month suspension (on 15 November). Emissions. In 2005, the EU-27 made up 11% of total global GHG emissions [nb 1] (MNP, 2007). [14] Per capita emissions [nb 1] were 10.6 tons per capita.
G8: US, UK, France, Germany, Italy, Canada, Russia, and Japan, the eight major advanced economies as reported by the IMF, which became the G7 after expelling Russia following the 2014 invasion of Crimea. G8+5, the G8 nations, plus the five leading emerging economies (Brazil, China, India, Mexico, and South Africa).
The Heiligendamm process is an initiative that will institutionalize high-level dialogue between the G8 and the five most important emerging economies, known as the O5 (Outreach 5): [1] China, Mexico, India, Brazil and South Africa. The framework will also seek establishment of a common G8/G5 platform at the OECD.
An innovation at the Gleneagles G8 summit in 2005 was an "outreach dialogue." The United Kingdom was host for the annual summit of G8 leaders; and the UK invited the leaders of Brazil, China, India, Mexico, and South Africa to participate. The invitation caused the five countries to negotiate amongst themselves about presenting common positions.