Newspapers in Italy and around the world are reporting on preliminary agreements coming out of the G8 meetings in L'Aquila, Italy.  A good summary from the Wall Street Journal online is posted below. 

Two of the most significant statements from G8 leaders so far are: 1) developed nations will make 80% cuts by 2050 if needed for a global deal; 2) G8 leaders said they agree with the scientific view that the average rise in global temperatures must not exceed 2 degrees Celsius - something they had failed to do in the past.

However, the G8 agreements do not yet have the backing and full participation of developing nations, such as China and India, which is absolutely critical.

Not mentioned below, but in other news coverage - G8 leaders are also discussing building safeguards into the climate deal to protect global economic recovery.

By Luca Di Leo and Gabriele Parussini

Of DOW JONES NEWSWIRES

L'AQUILA, Italy (Dow Jones)--Leaders from the Group of Eight leading economies said Wednesday developed nations are ready to go as far as to cut their carbon output by 80% in the hope to strike a deal with developing nations and halve overall emissions by 2050.

However, it remains uncertain whether key emerging nations such as China and India, which meet to discuss climate change with the G8 on Thursday, will agree to the numerical targets. The G8 wording on which commitments will be required from developing nations was vague, leaving more leeway to negotiators.

"Major emerging economies need to undertake quantifiable actions to collectively reduce emissions significantly below business-as-usual by a specified year," the statement said.

None of the world's largest economies, including the U.S., Japan and the E.U., have so far agreed to cut their carbon emissions by between 25% and 40% by 2020, an effort United Nations scientists say is necessary to prevent a rise in sea levels and catastrophic climate disruptions.

Italian Prime Minister Silvio Berlusconi, who is hosting the meetings since his country holds the 2009 G8 presidency, said leaders were still negotiation whether to set a target for 2050 or 2020.

Developing countries claim industrialized nations ought to pledge major emission reductions when they meet in Copenhagen in December to discuss a new global climate change pact.

G8 leaders said they agree with the scientific view that the average rise in global temperatures must not exceed 2 degrees Celsius - something they had failed to do in the past - and that global emissions must peak soon.

They acknowledged that mid-term targets are a cornerstone to any agreements, and that they should be set to make sure engagements are maintained.

"Consistent with this ambitious long-term objective, we will undertake robust aggregate and individual mid-term reductions," the statement said, without mentioning any date for a progress check.

But without backing from developing nations - which worry that the U.S., the European Union and Japan are not serious about meeting their more ambitious commitments - there won't be a global agreement on climate change.

Environmentalists were disappointed.

"The World Wildlife Fund welcomes the leaders' initiative, but the lack of an agreement on ambitious mid term emissions reduction targets, clear financial commitments and a date for global peak and decline of emissions could turn the 2 degree Celsius commitment into an empty statement," said Kim Carstensen, a WWF official.