Major economies consider halving world's gas emissions

Major economies including the US and China are considering setting a goal of halving world greenhouse gas emissions by 2050 when they hold a summit in Italy next month, a draft document showed.

The text also says the 17-member Major Economies Forum will seek to double public investments in low-carbon technology by 2015 and boost funding from both public and private sources as well as from carbon markets to fight global warming.

The draft was put forward by the US and Mexico at talks in Mexico this week, without reaching accord before a MEF summit on July 9. US President Barack Obama launched the MEF to help toward a new UN climate pact due in December.

"We support an aspirational global goal of reducing global emissions by 50 per cent by 2050, with developed countries reducing emissions by at least 80 per cent by 2050," according to the draft text, obtained by Reuters and dated June 22.