"The world's developed countries should take the lead in the battle against global warming and push for halving global emissions of greenhouse gases by 2050, a group of business leaders said Friday. The World Economic Forum (WEF), in proposals presented to Japanese Prime Minister Yasuo Fukuda, also urged the G8 countries ...to set nearer-term reduction goals.

The group also called for the setting of an interim 'milestone' as part of a new international global warming pact scheduled to be completed in 2009, but mentioned a more modest range of cuts between 14 percent and 35 percent by 2030. ..." [The Associated Press/Factiva]

Reuters notes that "...Chief executives from companies including Alcoa, British Airways, Deutsche Bank, EDF, Eskom and Royal Dutch Shell, delivered policy recommendations... 'The business community has a crucial contribution to make to the design of a more effective global strategy to combat global warming,' WEF Executive Chairman Klaus Schwab said in a statement. ..." [Reuters/Factiva]

Dow Jones reports that "The new policy framework recommends the inclusion of all the major economies including the US, China and India on emissions-reduction targets and calls for greater collaboration among companies and industry sectors as well as governments to achieve the targets. It demands that G8 countries ... make the deepest cuts, but also calls for China, India and other developing countries to make significant reductions. ...

The CEOs also want to see strong market incentives such as the establishment of an international and liquid carbon dioxide market to encourage companies to reduce emissions. ...The statement is the first time that leading international businesses have come together to support the science of climate change and the need for urgent action. ..." [Dow Jones/Factiva]

The Guardian writes that "... 'Climate change is not only a challenge, it is also an opportunity,' says the statement. 'A paradigm shift to a low-carbon economy by 2050 has the potential to drive forward the next chapter of technological innovation. It will require a third - this time a green - industrial revolution.' ...The companies call for a global cap and trade system, but also ask governments to use their vast spending power to favor low-carbon goods to encourage research and development and bring down costs, and recommend increasingly tough energy performance standards. ..." [The Guardian (UK)/Factiva]

Meanwhile The Japan Times reports that "A three-day meeting of 16 major green house gas emitting countries will start Friday in Seoul, the last major session before July's G8 summit in Hokkaido, where climate change from global warming will be the key issue among participants. ..." [The Japan Times/Factiva]