TOKYO, May 24 (Xinhua) -- Japanese Prime Minister Shinzo Abe announced later Thursday an initiative which is aimed at cutting global greenhouse gas emissions by 50 percent by 2050 to ease the global warming trend, local reports said.

    Abe unveiled the new initiative, which showed Japan's ambitious intention to create and lead a post-Kyoto Protocol framework, at a banquet for a conference of Asian political and business leaders.

    "I propose setting a long-term target of cutting global emissions by half from the current level by 2050 as a common goal for the entire world," the prime minister was quoted by Kyodo News as saying.

    He appealed for the participation of "all major emitters" and called for the development of innovative technologies for energy saving.

    To better protect the environment, Japan has been stressing the necessity of establishing "a new framework with a larger membership beyond the Kyoto Protocol," which covers only 30 percent of total current CO2 emissions in the world.

    A "flexible and diverse" post-Kyoto framework should be established, Abe said in his speech, underlining the insufficiency of the ten-year-old climate accord.

    The first ever treaty regulating emission cuts expires in 2012.

    Abe said his country will set up a new financial incentive mechanism to help developing countries make efforts for reducing emission while preserving economic development, Jiji Press reported.

    Earlier this month, the Japanese government announced its generous contribution of 100 million U.S. dollars to set up two funds aimed at promoting cleaner energy in the Asia-Pacific region.