Finance ministers from the G8 nations started their two-day meeting in Japan yesterday as they discussed ways of limiting the economic damage from spiralling oil and food prices.

Alistair Darling met his counterparts from Japan, Canada, France, Germany, Italy, Russia and the US in Osaka. They are expected to say that the spike in commodity prices could pose a serious threat to global economic growth. The ministers are also expected to call for an increase in oil production in an attempt to stop the oil price rising further. Oil market speculation is likely to be discussed.

Giulio Tremonti, Italy’s Economy Minister, said that he would be proposing measures to curb speculation. “A certain amount of . . . speculation on the markets is inevitable, but what we see now is out of proportion, there are more contracts than barrels,” he said.

Mr Tremonti wants the International Monetary Fund to investigate rising oil and commodity prices.

Ministers are also focusing on environmental concerns, including a proposed fund for technology to combat climate change.

Henry Paulson, the US Treasury Secretary, said that Washington would help to raise up to $10 billion (£5 billion) for the new global fund, which is intended to help emerging economies to adopt technology that can combat climate change. “The biggest user of energy, in terms of the increase, is going to be the developing world,” Mr Paulson said.

G8 environment ministers have called for increased efforts to halve greenhouse gas emissions by 2050, although critics argue more immediate targets are crucial.

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