The Associated Press is reporting that President Bush is calling upon the leaders of the fifteen nations with the greatest carbon dioxide emissions to meet and set emission targets by the end of 2008.
UPDATE: More from Reuters here. One part of the proposal that seems long overdue is a cut in tariffs and other trade barriers that inhibit the proliferation of cleaner technologies.
FURTHER UPDATE: Here are some excerpts from Bush's remarks today about the new approach.
Bringing progress and prosperity to struggling nations requires growing amounts of energy. It's hard to grow your economy if you don't have energy. Yet, producing that energy can create environmental challenges for the world. We need to harness the power of technology to help nations meet their growing energy needs while protecting the environment and addressing the challenge of global climate change.
In recent years, science has deepened our understanding of climate change and opened new possibilities for confronting it. The United States takes this issue seriously. The new initiative I am outlining today will contribute to the important dialogue that will take place in Germany next week. The United States will work with other nations to establish a new framework on greenhouse gas emissions for when the Kyoto Protocol expires in 2012.
So my proposal is this: By the end of next year, America and other nations will set a long-term global goal for reducing greenhouse gases. To help develop this goal, the United States will convene a series of meetings of nations that produce most greenhouse gas emissions, including nations with rapidly growing economies like India and China.
In addition to this long-term global goal, each country would establish midterm national targets, and programs that reflect their own mix of energy sources and future energy needs. Over the course of the next 18 months, our nations would bring together industry leaders from different sectors of our economies, such as power generation and alternative fuels and transportation. These leaders will form working groups that will cooperate on ways to share clean energy technology and best practices.
It's important to ensure that we get results, and so we will create a strong and transparent system for measuring each country's performance. This new framework would help our nations fulfill our responsibilities under the U.N. Framework Convention on Climate Change. The United States will work with all nations that are part of this convention to adapt to the impacts of climate change, gain access to clean and more energy-efficient technologies, and promote sustainable forestry and agriculture. . . .
Last week, the Department of Energy announced that in 2006, our carbon emissions decreased by 1.3 percent while our economy grew by 3.3 percent. This experience shows that a strong and growing economy can deliver both a better life for its people and a cleaner environment at the same time.
At the G8 summit, I'm going to encourage world leaders to increase their own investments in research and development. I'm looking forward to working with them. I'm looking forward to discussing ways to encourage more investment in developing nations by making low-cost financing options for clean energy a priority of the international development banks.
We're also going to work to conclude talks with other nations on eliminating tariffs and other barriers to clean energy technologies and services by the end of year. If you are truly committed to helping the environment, nations need to get rid of their tariffs, need to get rid of those barriers that prevent new technologies from coming into their countries. We'll help the world's poorest nations reduce emissions by giving them government-developed technologies at low cost, or in some case, no cost at all.
UPDATE: Daniel Drezner rounds up some of the coverage here.