The G8 climate change communiqué showed signs of progress from previous statements but it’s painfully slow. For the first time the world’s richest agreed that it would be a good thing if average global temperatures did not rise above 2 degrees. This is the level scientists say we shouldn’t go over if we are to avert dangerous climate change.

They also agreed that rich countries should try to cut their own emissions by 80% by 2050 in order to meet that target. However, they crucially faltered over the 1990 baseline for these cuts which is critical for them to have any credibility.

Most disappointing was the abject failure of the G8 to provide any leadership on the financing needed if these targets are to be reached.

Developing countries are currently unwilling to come to the UN negotiating table because they feel it is unfair to expect them to bear the financial burden for adapting to climate change and shifting their economies onto a greener footing.

It is critical that President Obama in his role of chair of the Major Economies Forum is able to increase the pace of progress today. Time is running out.

Today we need stronger language on the 2 degree limit, more stringent emission cuts and money on the table. Specifically, we need all MEF countries to agree to cut their emissions by 80% by 2050 based on 1990 levels and commit to reductions by 2020, otherwise we could reach a tipping point when abrupt and dangerous climate change will occur.

Currently, negotiations under the UN are deadlocked because of the weak commitments on emissions cuts but also crucially on finance.

Countries argue that they want to keep their position under wraps to give them a stronger negotiating position â€" this is a huge gamble.

Finance is needed for developing countries to adapt to the impact of climate change and put themselves on a green economic path (to avoid locking into a high-carbon one).

These are restitutional payments not aid and as such they must be additional to Overseas Development Aid (ODA). We need recognition that finance should be additional to aid, should prioritise the most vulnerable and include a serious assessment of potential sources for that finance.

Several weeks ago Gordon Brown showed much needed leadership with his statement of the UK’s position on climate finance. Yesterday the G8 as good as ignored this. We hope the MEF today will see it cannot afford to.

For a more detailed briefing, interviews and reaction quotes contact CAFOD Head of Policy Joanne Green who is representing Caritas at the G8 on +44 7823 555 642