The G8 wealthy nations are looking to collaborate with nearly 200 countries involved in UN climate change discussions to establish a target of reducing greenhouse gas emissions by at least 50% by 2050, according to a draft communique. The document, obtained by Reuters prior to its official approval at a summit in Toyako, Japan, also emphasized the need for interim goals to achieve the long-term target. This statement highlights the importance of the UN-led negotiations to develop a new framework after the expiration of the Kyoto Protocol in 2012 and attempts to address differences among G8 members. The UN talks are scheduled to conclude in Copenhagen in December 2009. Despite efforts to carefully word the climate statement, which is typically a contentious issue in summit discussions, it may not satisfy those advocating for more specific targets. Last year, the G8 group of wealthy countries, including Japan, Britain, Canada, Germany, France, Italy, Russia, and the United States, agreed to consider halving global emissions by mid-century. The European Union and Japan have been pushing for this year's summit to set more ambitious goals and establish clear interim targets. However, President George W. Bush of the United States has stated that they cannot commit to binding targets unless major polluters like China and India also reduce their emissions. The European Union has welcomed the agreement on climate change, calling it a "new, shared vision" that keeps negotiations on track for a global deal in 2009. European Commission President Jose Manuel Barroso described it as a strong signal to people worldwide and stated that the EU's objectives for the G8 summit in northern Japan had been met. Global warming is connected to other important topics like rising food and fuel prices, which are being discussed at a three-day meeting in a luxurious mountain-top hotel on the northern Japanese island of Hokkaido. The leaders at the summit also acknowledged the uncertainty and risks facing the world economy, including the impact of high oil prices. They called for China to allow its tightly controlled exchange rate for the yuan to appreciate in order to help reduce global financial imbalances. Additionally, the G8 leaders agreed to convene a world energy forum to bring major oil producers and consumers together to discuss output and prices. The increased cost of food and oil, with oil reaching a record high of $145.85 a barrel last week, is having a significant impact on the world's poor. According to a recent World Bank study, the spike in food prices could push up to 105 million more people below the poverty line, including 30 million in Africa. World Bank President Robert Zoellick emphasized the importance of addressing this issue, stating that it is a crucial test of the global system's dedication to helping the most vulnerable. To mitigate the effects, the G8 is planning to announce a set of measures to support Africa, particularly its farmers, and has pledged to double aid to provide an additional $50 billion in aid by 2010, with half of it allocated to the world's poorest continent. The summit concludes on Wednesday with a Major Economies Meeting that includes the G8 as well as eight other significant greenhouse gas-emitting countries such as India, China, and Australia.