G8 - Group of Eight - leaders have agreed on the long-term target of at least halving their greenhouse gas emission by 2050, participants of the G8 summit said Tuesday.

 "A new, shared vision by the major economies on the climate challenge within the UNFCCC framework has emerged from the G8 in Toyako," European Commission President José Manuel Barroso said in a statement shortly after the G8 working session in northern Japan.

"We have also agreed that we should also set up mid-term targets, as the EU is already establishing for 2020," said Barroso, who was present at the working session of G8 summit.

We need these ambitious targets. Why? Because targets provide transparency, a basis for political accountability and certainty for business.

Barroso said:"The EU will deliver on the ambitious targets we have set, in particular in the climate action and energy package proposed by Commission.

How can I be so confident about this? For three reasons:

- because there is so much more awareness of the costs of non-action, and the awareness of the benefits of first mover advantages. The political commitments made so far have generated strong business confidence in the carbon market. It is possible to have both more growth and to take action against climate change.

- because, also from an economic point of view, the fuel price has made it so clear that we have to move. At $140 a barrel, the annual savings from our package are estimated to be as high as 80 billion euros.

- And also because my colleagues in the Council are very determined to deliver under the French Presidency.

Most of the themes we have discussed at the summit are linked, one way or another to climate change. The EU has designed a comprehensive policy package to address the European and the international dimension of rising food and fuel prices.

Our climate action and energy package will further reduce our reliance on fossil fuels through diversification of energy sources while promoting energy efficiency. This matters greatly to our citizens: their energy bills will become more manageable as cars and houses become more energy efficient. We very much support the G8 conclusions on energy efficiency and in particular the idea of the G8 Energy Forum."

Japanese Prime Minsiter Yasuo Fukuda, the host of the G8 summit, said that the leaders of the world's major industrialized nations have agreed to push for the G8 emission cut target to become that of the world.

Barroso said he was happy about the results of the summit as "the European Union benchmark for success at the summit has been achieved" and that it sent"a strong signal to citizens around the world."

"We remain on track to reach a global climate deal in Copenhagen in 2009,"he added, referring to the next major international conference on climate change expected in the Danish capital late next year.

However, the G8 group has yet to set a target for the mid term reduction of greenhouse gas emissions by 2020.

Five big emerging economies on Tuesday urged the G8 countries to shoulder their own responsibilities on climate change by reducing their greenhouse gas emissions by 80-95 percent below 1990 levels by 2050.

Mexico, Brazil, China, India and South Africa also urged all developed countries to commit themselves to absolute emission reductions based on a medium-term target of a 25-40 percent cut below 1990 levels by 2020.

Negotiations for reductions of greenhouse gas emissions must take "into account historical responsibility and respective capacities as a fair and just approach", the five countries said in a joint declaration.

"We also urge the international community, especially developed countries, to promote sustainable consumption patterns and lifestyles responsive to mitigation requirements."

The five set out their position during a meeting prior to joining the G8 for discussions on Wednesday, the final day of the annual summit on the northern Japanese island of Hokkaido.

The South African environment minister said the G8 goal was an "empty slogan", while the five said developed countries must "take the lead in achieving ambitious and absolute greenhouse gas emissions reductions".

The five said rich countries should spend 0.5% of their gross domestic product on helping developing countries to adapt to climate change, and fulfill commitments to allocate 0.7% of gross national product to aid.