The G8 summit of world leaders is making a last ditch bid to come up with a solution on climate change in the lead up to Copenhagen at the end of this year and former British Prime Minister Tony Blair, now with JPMorgan Chase & Co, says that governments should focus on energy efficiency and forest protection, not carbon trading. Which will probably go down like a brick parachute with various governments committed to cap and trade.

Just another sign that we are no closer to getting some agreement on fighting climate change so what hope is there of the G8 reaching some sort of agreement.

As the Carbon Positive newsletter suggests, there is still a standoff in negotiations between developed and developing nations, particularly China and India, which leaves the world with just five months to bridge some pretty important gaps.

Commentator Alan Kohler says much of the problem will revolve around how much the developed nations pay the developed nations in compensation. That's impossible to resolve given the diabolical state of the global economy. "It is a discussion between the bankrupt and the impoverished,'' Kohler writes.

There is another issue: can the developed nations cut their emissions sufficiently? American officials have told the BBC they can't cut emissions as fast as required.

While the G8's intentions are to be applauded, things don't look that promising at this stage