The G8 leaders have reached consensus on a formula for reducing greenhouse gas emissions. German Chancellor Angela Merkel hailed the agreement as a big breakthrough.
Radiating German Chancellor Angela Merkel announced Thursday the G8 leaders have reached an agreement on global climate change. The eight leaders of the most industrialized countries agreed there is a need to reduce greenhouse emissions,
"I am very, very happy about this compromise. I consider it a huge step forward, a very good result."
The G-8 leaders further agreed to consider reducing greenhouse gas emissions by 50 percent by the year 2050. Merkel said the leaders agreed to hold talks on a replacement of the Kyoto Protocol within a UN framework.
Washington has so far been reluctant to accept setting caps on greenhouse gas emissions, without China and India being included in the process. A UN umbrella will ensure China's and India's participation.
The environmental group Greenpeace said it was not satisfied with the G-8 consensus on climate change policy. The group insists on a need to set binding quotas for greenhouse gas reductions.