From a new analysis  by the World Resources Institute on developed countries and the emissions cuts they've agreed to make:
WRI’s analysis reveals that commitments by these industrialized country parties to the U.N. Framework Convention on Climate Change  (UNFCCC) would result in a 10% to 24% reduction of global emissions below 1990 levels by 2020.
This is less than the 25% to 40% range of emission reductions that the Intergovernmental Panel on Climate Change  (IPCC) states would be necessary for stabilizing concentrations of carbon dioxide at 450 ppm, a level associated with a 52% risk of overshooting a 2˚C goal.
Both the G8 and the Major Economies Forum—representing the world’s 17 leading economies—recently agreed to a goal of limiting average global temperature rise to 2˚C over preindustrial levels.