World economy, climate and development on first day of G8

On the first day of the G8 summit, discussions have focused on the financial and economic crisis and the climate and global issues. Some 30 heads of state and government from around the world are taking part in the different meetings being held. Swedish Prime Minister Fredrik Reinfeldt, who is representing the EU at the summit, thinks that the discussions so far have been productive.

The Prime Minister considers that the EU has high ambitions in all the areas on the agenda over the three days of the G8 summit, i.e. climate change, the financial and economic crisis and its effects on the world's poorest countries, and food safety.
“The EU has already taken action in these areas, and now we hope that others will follow suit”, says Fredrik Reinfeldt.

International cooperation counters the economic downturn
During the working lunch with the G8 countries, the main topics of conversation were the situation in the world economy and exit strategies, which are strategies for the unwinding of the extraordinary policy measures of today. At the afternoon’s work session, on the other hand, the discussion addressed climate, energy and development issues. The heads of state and government will return to these topics on the remaining days, when other countries will also take part in the discussions.

”We agree on the need to tackle the economic downturn with international cooperation and to search for global solutions, for example in the stabilisation of the financial system. We also agree on the need to strike a balance between short term macro support and the preparation of exit strategies. These exit strategies, and the timing of their implementation, may vary between countries, but if we don’t start preparing for this in time we will put the long term sustainability of our public finances at risk”, says Fredrik Reinfeldt.

Strong political signals for the climate
“I came here hoping that we could begin to come close to concrete measures to save the climate. It is not only the G8 countries who are gathered here, but also other large industrialised countries, who are key players if we are to succeed in reaching an international climate agreement”, says Fredrik Reinfeldt.

He believes that all countries must act together, but that it is the larger economies that must lead the way.
“President Obama’s commitment to the climate issue is important, we cannot succeed without the USA. We in Europe must demonstrate that it is possible to combine the fight against climate change with the handling of the financial and economic crisis.”

The G8 has now agreed on a two degree target, that global emissions must be halved by 2050, and that developed countries will set an example by reducing their emissions by 80 per cent or more. These are strong political signals that are being sent to the international climate negotiations.
“I hope that we can get further important input over these days”, says Fredrik Reinfeldt.