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G8 Plans to Invest Billions in CO2 Reduction Technology

The G8 countries are planning to undertake investments worth $10 billion
a year
to promote development of CO2 reducing technologies, including
carbon dioxide capture and storage (CCS). As the name suggests, CCS
technology is geared towards capturing carbon emissions from sources such as power
plants and storing it, thereby controlling global warming by cutting
down on the emissions that are released into the atmosphere. The multi billion dollar investment will aid in the attainment of the global target of halving greenhouse emissions by 2050.

The G8 countries are also likely to bring up the matter of establishing national medium-term emission reduction targets for 2020-2030, at this year’s G8 summit in Hokkaido. The success of the summit to a great extent will depend on the United States and whether it agrees to participate in the efforts to reduce the greenhouse gas emissions by 50 per cent by 2050.

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