THE NEW ECONOMY011rational systems of measurement, and here the G8could make a real difference. All governments face amajor responsibility in getting rid of perversesubsidies, determining the right incentives anddisincentives, and of course, working as far as possiblein a coordinated global framework.The G8 meeting will be followed by a meeting of theG20. In some ways the formation of the G20 reflectsthe widening of economic power and politicalinfluence in the world today. Whatever the G8 will do atHuntsville will affect the work of the G20. According to an article in the magazine 'Nature' of 8April, the G20 now account for two-thirds of the worldpopulation, 90 per cent of global economic activity,and at least 75 per cent of global greenhouse gasemissions. The G20 has already discussed proposalsfor a Global Green New Deal, originally put forward bythe United Nations Environment Programme. Thisbrings out many of the practical implications of pointson the G8 agenda. We would be wise to go for pluralityof agreements on this as on other occasions.The next step will be Cancun or COP 16 in November.At present, expectations for a comprehensive globalagreement on climate change are low. Excessiveoptimism at Copenhagen should not be matched byexcessive pessimism at Cancun. Perhaps we will beagreeably surprised. In all respects the contributions of the G8 and then theG20 will be critical to the success of Cancun, and thesuccessive meetings which will surely follow. The world is ours for the making and mending, and wecannot afford to fail. nBIOGRAPHYSir Crispin Tickell is a leading internationalenvironmentalist and independent environmentaladvisor to successive British Prime Ministers. SirCrispin spent most of his life in the DiplomaticService: as Chef de Cabinet to the President of theEuropean Commission (1977-80), Ambassador toMexico (1981-83), Permanent Secretary of theOverseas Development Administration (1984-87),and British Permanent Representative to the UnitedNations (1987-90). His book 'Climate Change AndWorld Affairs', first published in 1977, was amongthe first to establish the connection between climatechange and politics.Sir Crispin is also a contributor to many publicationson world-wide environmental issues. FormerChancellor of University of Kent and Warden ofGreen College, Oxford, he is presently Director of thePolicy Foresight Programme at the James MartinSchool for the 21st Century at Oxford University.agreements which may be made. Some people thinkthat a comprehensive agreement would be a kind ofmiracle in international affairs. Certainly it would be astep in a new direction.Climate change touches on almost everything. Amongthe related subjects the G8 may wish to discuss, thereare obvious priorities, well brought out in the list ofthose contributing to this publication. The sub-title ofthis edition -'The New Economy' -is particularlyimportant. We have to rethink a lot of economics; howwe measure the health, wealth and welfare of thehuman condition. At present we fail to bring in externalities and truecosts in our system of measurement. As has been wellsaid, markets are marvellous at fixing prices butincapable of recognising costs. The shortcomings of"growth", GDP/GNP etc are at last being recognised,together with the artificiality of much cost benefitanalysis. New efforts are being made to establish more

" "limate change is a global problem thatrequires a global solution. Action toreduce greenhouse gas emissions mustbe taken at the international, continentaland domestic levels while helping to create a greeneconomy that is both environmentally sustainable, andeconomically sound. Through domestic, continentaland international policies, regulations, and actions,Canada is working to inspire sustainable greeneconomic development at home and abroad. The UNFCCC meetings in Copenhagen last December,which culminated in the Copenhagen Accord, were areal turning point for an international climate changepolicy. Shortly afterwards, Canada inscribed in theCopenhagen Accord our 2020 economy-wide target ofa 17 per cent reduction in greenhouse gases from2005 levels, a target which reflects the importance ofaligning with the United States. By finding common ground and working together, theCopenhagen Accord will provide support for globalmitigation and adaptation efforts and internationalreporting and review. Most importantly, the Accordincludes emissions reduction commitments from allmajor emitters and has the support of the UnitedStates. This reflects Canada's long-standing positionthat real progress on climate change requires a globalagreement that includes all major emitters. Canada is also committed to playing a constructive roleat international climate change forums and has beenan active participant under the United NationsFramework Convention on Climate Change (UNFCCC),as well as the Petersburg climate talks in Bonn,Germany, earlier this year and the Major EconomiesForum on Energy and Climate.CANADA'S ACTION ON CLIMATE CHANGE012G8 MEMBER COUNTRIESCRT HON JIM PRENTICE, MINISTER OF THE ENVIRONMENT, CANADA CANADA CONTINUES TOSUPPORT THE G8 PARTNERS'GOAL OF REDUCING GLOBALEMISSIONS BY ATLEAST 50 PERCENT BY 2050These meetings are helping to pave the road to the nextmajor United Nations climate conference in Cancun,Mexico, this December by providing the groundwork forthe United Nations climate negotiations, with the aimto reinvigorate the discussion and develop a ministerialagreement on implementing the Copenhagen Accordin key strategic areas such as mitigation, adaptation,technology, financing, and reducing emissions from deforestation.Our country is committed to not only workingconstructively this year to implement the CopenhagenAccord, but also to build on the momentum of theAccord and strive to complete the negotiations underthe UNFCCC for an effective, comprehensive, andlegally binding post-2012 agreement. As a respectedand fully-engaged member of the internationalcommunity, Canada is not alone in facing this great challenge.Canada's implementation of the Copenhagen Accord iscomplemented by our participation in key internationalclean technology partnerships, such as the Asia PacificPartnership on Clean Development and Climate (APP),the Clean Energy Dialogue and the Methane-to-Markets Partnership. Under the APP alone, we have invested over C$11million in 28 new clean technology projects in 2009, which leveraged C$77 million in private sector investment. These projects, including the design of green buildingsfor communities, research in solar and wind power,and the recovery of gas from landfills, demonstrateCanada's commitment to help accelerate thedevelopment and deployment of clean technologies in?