G8 Meeting Italy- World´s biggest industrial nations failed to come to a definite agreement on Wednesday on an important cut on heat-trapping gasses by 2050, making evident the necessity of a global agreement to fight climate drastic changes. Environment changes are a major issue that affects all major economies and their currency markets.

The leaders of G8 nations, including President Obama attended a three day meeting, where they turned in a proposal to commit the world on reducing greenhouse emission by 50 percent by 2050.

The discussion represented a top priority for the world´s leaders at their annual summit meeting, along with the economical crisis, development in Africa, nuclear weapons among others.

Developing countries refused the agreement´s limit as they wanted developed countries such as US to commit to midterm goals in 2020.

 “They’re saying, ‘We just don’t trust you guys,’ ” said Alden Meyer of the Union of Concerned Scientist, an advocacy group based in the United States. “It’s the same gridlock we had last year when Bush was president.” European leaders were really hoping President Obama would lead the process against climate change.

The pope also made harsh comments on capitalism, "today's international economic scene, marked by grave deviations and failures, requires a profoundly new way of understanding business enterprise," the pontiff said in his third encyclical letter, "Charity in Truth," which was released Tuesday.