Pledging to intensify efforts to increase investment in basic and applied clean technology research and development, the G8 leaders said that particular attention would be given to engaging and leveraging critical private sector investment. The leaders also invited the International Energy Agency to further define its proposal for an international low-carbon energy technology platform.

The agreed goal for developed nations will help to achieve the 50 per cent global target by 2050.

"We recognise the broad scientific view that the increase in global average temperature above pre-industrial levels ought not to exceed 2 degrees Celsius. Because this global challenge can only be met by a global response, we reiterate our willingness to share with all countries the goal of achieving at least a 50 per cent reduction of global emissions by 2050, recognising that this implies that global emissions need to peak as soon as possible and decline thereafter,” said the G8 leaders.

"We reaffirm the importance of the work of the Intergovernmental Panel on Climate Change (IPCC) and notably of its Fourth Assessment Report, which constitutes the most comprehensive assessment of the science."

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In order to achieve these goals, the leaders have pledged to undertake concrete mid-term reductions, while emerging economies were also urged to undertake quantifiable actions to collectively reduce emissions.

The leaders also agreed that efforts should be intensified to ensure a successful outcome of the ongoing World Trade Organisation negotiations on the liberalisation of environmental goods and services.

The Major Economies Forum is also being held in Italy, immediately following the G8 talks. This forum, which will also focus on climate change issues, includes the G8 leaders along with other important emerging economies including China and India. In total, 17 of major economies have been invited to the forum.