• US stock market daily report (June 08, 2015, Monday)

    At the Group of Seven (G7) meeting in Bavaria, Germany, world leaders of the industrial powers consisting of the United States, Canada, France, Germany, Italy, Japan and the United Kingdom agreed to focus on decarbonizing the world this century.

    The G7 announced their historical support to cut emissions from 2010 levels by 40% to 70% by the year 2050, in efforts to combat global climate change. A comment from the meeting, “deep cuts in global greenhouse gas emissions are required with a decarbonization of the global economy over the course of this century”.

    Scientist have warned that burning fossil fuels such as coal, gas and oil releases CO2 into the atmosphere - the deadliest greenhouse gas that attributes to global warming to potentially risky levels.

    Leaders remain reluctant to spell out a long-term deadline for a sharp reduction in coal, gas and oil pollution.

    In the message from the G7, leaders reaffirmed a pledge to mobilize $100 billion a year from public and private sources by the year 2020, to help poorer nations tackle climate change. The G7 leaders agreed to speed up renewable energy deployment in Africa where global warming is most vulnerable.

    President Barack Obama said, “All the G7 countries have now put forward our post-2020 targets and will encourage others to do the same.”

    German Chancellor Angela Merkel said, “We know the G7 countries alone, even if they had no CO2 emissions as of tomorrow that still could not solve the climate problem. Emerging countries such as China would have to make a contribution.”

    Merkel added that the cuts would have to be at the upper end of the target because “40% is clearly not enough”.

    She also urged countries outside the G7 - including China - to contribute toward the climate change target. China, the world’s largest emitter of greenhouse gases which is expected to peak by the year 2030.

    Contributed by Millennium Traders
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