China and India should have lower emissions targets than developed nations, a new United Nations report recommended, according to the Financial Times. The report by the UN Development Program sets the agenda for a summit in Bali next week to decide a successor to the Kyoto Protocol. The UNDP report says China and India should reduce their emissions by 20% by 2050, but industrialized nations must reduce emissions by 80% in the same time frame. The report found that the world needs to spend 1.6% of GDP annually until 2030 to prevent emissions rising to dangerous levels, and said that industrialized countries should reduce their emissions by 20% by 2020. The US has said that it will not participate in any agreement that doesn't include China and other rapidly developing countries. The Kyoto Protocol expires in 2012.