UN Secretary-General Ban Ki-moon expressed disappointment at the progress made on climate change at the G8 summit in Italy, stating that the commitments made so far were insufficient. He emphasized the urgent need for more significant efforts to combat climate change, calling it a crucial responsibility for the future of humanity and the planet. Despite the G8's agreement to reduce emissions by 80% by 2050, Ban stressed the necessity for immediate and substantial action. President Barack Obama also acknowledged the need to bridge the gap with developing nations on climate change, following Ban's criticism of the G8's inadequate response. During the first day of a meeting of the Group of Eight major industrialized nations in L'Aquila, Italy, the G8 was unable to persuade China and India to commit to reducing greenhouse gas emissions by half by 2050. Despite this setback, President Obama, aiming to have an impact on his first G8 summit, led a meeting of wealthy and emerging countries to discuss environmental issues and expressed optimism that progress could still be made before the UN climate change treaty talks in Copenhagen in December. The White House confirmed that Obama had discussions with Brazilian President Luiz Inacio Lula da Silva about bridging the gap on this disagreement before the crucial meeting. Obama was scheduled to lead the 17-member Major Economies Forum (MEF), which was expected to agree to limit global warming to 2 degrees Celsius compared to pre-industrial levels, but not on specific emission reduction targets. The absence of Chinese President Hu Jintao, who had to leave the summit to deal with violent clashes in China, was a hindrance to the progress of the discussions. The rise in temperatures of about 0.7 Celsius since the Industrial Revolution, due to the widespread use of fossil fuels, is a concern that British Prime Minister Gordon Brown hopes will be addressed by all countries present at the meeting, including the United States, Japan, Germany, France, Britain, Italy, Canada, Russia, China, India, Brazil, South Africa, Indonesia, and Mexico. However, there are doubts about reaching an agreement on emissions. Developing countries like India are waiting to see plans from wealthy nations to provide financing to help them deal with the effects of climate change before committing to deeper emission cuts by 2020. The G8 countries have agreed to a goal of reducing global emissions by 50 percent by 2050, with the United States agreeing to this target for the first time. They have also set a reduction goal of 80 percent for developed countries as a whole. However, Russia has immediately stated that it cannot meet this target by 2050, and Canada's Environment Minister Jim Prentice has described the 80 percent goal as "aspirational." 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. China, along with Russia, India, and Brazil, used the second day of the summit to argue 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 stated that there is a need for a more efficient system for issuing and regulating reserve currencies in order to ensure stability in exchange rates and promote a diversified international reserve currency regime. The G8 and G5 expressed hope for progress in the Doha trade talks, aiming to conclude them by 2010. The Doha round, initiated in 2001 to aid developing countries, has faced obstacles related to proposed tariff and subsidy reductions. The G5 emphasized their commitment to addressing these issues to boost confidence in global markets, urging wealthy nations to eliminate trade barriers and provide financial support to poorer countries.