G-8 Summit: The Battle of East vs. West

| Wed Jul. 8, 2009 4:38 PM EDT

As the world's most powerful leaders convene in L'Aquila, Italy for the largest G-8 summit ever, one wonders, will anything actually be accomplished?

The Associated Press reported that many of the leaders arrived to the summit in electric cars. (We presume that for security purposes, Obama arrived in a traditional American-made hyper-bulletproof gas guzzler.)

This begs the question, will America take the lead in initiating global change?

As Kevin Drum reported earlier:

The basic problem isn't the 80% reduction by 2050, which is supported by both Obama and congressional Democrats.  The problem is the 2020 goal.  Right now, the Waxman-Markey climate bill requires a 17% cut by 2020, but that's from a baseline of 2005.  Depending on how you crunch the numbers, that works out to a cut of only 0-4% from 1990 levels.
The Europeans, conversely, want to see a 20% cut from 1990 levels by 2020.  Obama, presumably, sees no chance at all of getting Congress to agree to that, and the Europeans aren't willing to compromise their more stringent goals.  So for now, no agreement.  And Copenhagen is only five months away.