Despite all the chaos (see my previous post), the G-8 summit in Italy ended up producing more deliverables than I thought. I made this point on CNBC on Friday to an unimpressed anchor:
The G-8 pledged $20 billion for food and farming aid. They came out with a strong statement on Iran which even Russia signed onto. And the G-8 agreed to cut their emissions by 80 percent by 2050 (although the developing economies did not go along with a set goal).
Another interesting development is that the G-8 tried to address its accountability problem. It issued its first report, prepared by experts, that tracked progress compared to pledges at the last summit. Food aid was quite behind schedule (except for you, Canada — kudos), as you can see comparing these two charts in the report:
I hope they do better on this year’s pledges.
Building in accountability mechanism is key for whatever G group emerges over the next year. This was a welcome start.
– Nina Hachigian