UN Secretary-General Ban Ki-moon expressed disappointment with the progress on climate change at the G8 summit in Italy, stating that the commitments made by leaders were inadequate. He emphasized the urgency of taking stronger action to combat climate change for the sake of humanity and the planet. Despite the G8 agreeing to cut emissions by 80% by 2050, Ban Ki-moon stressed the need for more immediate and substantial reductions. President Barack Obama also acknowledged the need for greater efforts to bridge the gap with developing nations on climate change. During the first day of a meeting of the Group of Eight major industrialized nations in L'Aquila, Italy, the G8 was unsuccessful in persuading China and India to commit to cutting greenhouse gas emissions by half by 2050. Despite this setback, Obama remained optimistic and believed that progress could still be achieved before the UN climate change treaty talks in Copenhagen in December. Obama, who aimed to lead a meeting on the environment during his first G8 summit, expressed to Brazilian President Luiz Inacio Lula da Silva that there was still time to resolve the disagreement before the crucial meeting. Obama was set to chair the Major Economies Forum (MEF), which was expected to aim for limiting global warming to 2 degrees Celsius compared to pre-industrial levels, although agreement on emission cuts was not reached. The absence of Chinese President Hu Jintao, who had left the summit to address ethnic conflicts in China, hindered progress. Temperatures have increased by approximately 0.7 degrees Celsius since the Industrial Revolution due to the widespread use of fossil fuels. British Prime Minister Gordon Brown expressed hope that all countries present, including the United States, Japan, Germany, France, Britain, Italy, Canada, Russia, China, India, Brazil, South Africa, Indonesia, and Mexico, would agree on a temperature target. However, a source from the G8 stated that reaching a deal on emissions was not realistic. India emphasized that developing countries wanted to see plans from wealthy nations to provide financing to help them deal with the consequences of climate change, such as floods, heatwaves, storms, and rising sea levels. Additionally, they called for richer nations to make more significant emissions cuts by 2020. The G8 countries have agreed to reduce global emissions by 50 percent by 2050, with the United States agreeing to this for the first time. They have also set a target of an 80 percent reduction in emissions for developed countries. However, Russia stated that it could not meet this target by 2050, and Canada's Environment Minister Jim Prentice referred to the 80 percent reduction goal as an "aspirational goal." The first day of the summit was dominated by discussions about the fragile state of the world economy, with rich nations acknowledging significant risks to financial stability. On the second day, China, along with Russia, India, and Brazil, argued for the long-term diversification of the global reserve currency system away from reliance on the dollar, a sensitive issue in currency markets. State Councilor Dai Bingguo suggested that there should be an improved system for the issuance and regulation of reserve currencies in order to maintain stability in their exchange rates and promote a diverse international reserve currency regime. The G8 and G5 were optimistic about progress in the stalled Doha trade talks, aiming to conclude them by 2010. The Doha round, initiated in 2001 to assist developing nations, has faced obstacles regarding proposed tariff and subsidy reductions. The G5 expressed their commitment to resolving issues related to Doha, which they believe will boost confidence in global markets. They also called on wealthy nations to eliminate trade barriers and provide financial support to poorer countries.