G8 fails on climate goals. Again.

G8 fails on climate goals. Again.

Berlin, 1st July 2009 – G8 countries have so far failed to take sufficient action to protect the world against climate change. The latest G8 Climate Scorecards report shows that Germany, followed by the UK and France, is performing better than the rest of the rich nations’ group. Italy and Japan are in a lower medium ranked group. Canada, the USA and Russia are lagging behind, despite the USA moving up one rank.

The report carried out by Ecofys for WWF and Allianz SE ranks the top eight industrialized countries and five major developing countries according to their climate change policy.

Only five months ahead of crucial climate talks in Copenhagen, the 2009 edition of the annual WWF-Allianz G8 climate scorecards shows that while some efforts had been made, action remains insufficient to set the world on a low carbon economy course.

The report states the lack of a clear leader among the ranked nations and while Germany has slightly improved, countries such as Canada and Russia have completely failed to pass the test.

In the foreword of the report, James Leape, the head of WWF and Allianz board member Joachim Faber urged the nations to take action now and help seal a good deal in Copenhagen.

“While there might be a bailout possibility for the financial system, no amounts of money will save the planet once climate change crosses the danger threshold,” Mr. Leape and Mr.

Faber wrote. “It is therefore crucial to limit the rise of global temperature to below two degrees compared to pre-industrial levels.”

The G8 Climate Scorecards 2009 measure countries’ performance and trends in areas such as development of greenhouse gas emissions since 1990, the distance to their Kyototargets, their share of renewable energies and the efficiency of their climate policies.

The evaluation is based on their progress and improvement made since 1990, is looking at the current status of emissions and the intended policies for the future.

page 2 According to the report, Germany, the United Kingdom and France have already achieved their Kyoto targets - but their long-term climate performance is not adequate to limit the global temperature rise below two degrees Celsius.

Climate initiatives so far planned or announced by the Obama-administration have helped the USA climb from the last rank to seventh place.

Canada and Russia which are at the bottom of the rank either do not have political plans to change this development or do not implement them.

Within the framework of the global WWF-Allianz partnership, Allianz in its position as an international finance service provider supports the G8 Climate Scorecards to better understand the consequences of climate change. That is vital for the investment and regulatory framework conditions that have to be adapted to the consequences of climate change as well as for the development of new climate compliant products and financial solutions.

Joachim Faber, board member of Allianz SE says: “A low carbon future holds growth potential for G8 countries as well as for emerging nations. Future investments and product development therefore require a sustainable political framework.”

The full report, an executive summary and a flash application are available at: www.allianz.com/ A flash application of the G8 Climate Scorecards is available here: www.knowledge.allianz.com/scorecards

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