http://www.telegraph.co.uk/earth/environment/globalwarming/7765686/EU-to-unveil-most-ambitious-emissions-cuts-yet.html

Plans to be unveiled today will propose a massive increase in the target for cutting greenhouse gas emissions over the next ten years, according to a draft document seen by The Times.

The European Commission wants to cut emissions by 30 per cent on 1990 levels by 2020, which would cost the EU an extra £33bn a year, despite the global financial turmoil and weak euro.
The existing target of 20 per cent is already expected to cost £48bn.
Commission chiefs will argue that the recession has made the new target easier to meet because industries and business have closed down, according to a leaked draft document.
However business leaders fear that thousands of jobs could be lost and energy bills could rise.
Carbon taxes would be introduced with the money reinvested in renewable energies.
The EU hopes that its commitment would encourage countries in the rest of the world to impose similar targets.
Currently, the EU’s policy is not to raise its target until other countries commit themselves to equivalent action on their emissions.
A global deal on reducing emissions now looks unlikely before the end of the next year following the failure of the Copenhagen climate summit to agree a decisive plan.
Connie Hedegaard, the Climate Commissioner, is now expected to argue that the EU should commit unilaterally to a 30 per cent cut, to inspire other countries to follow suit.
The draft communication says: “The extra economic effort needed to reach 30 per cent — while still substantial — has fallen.”
It adds: “Both the international context and the economic analysis suggest that the EU is right to continue preparing for a move to a 30 per cent target.
"With the 20 per cent target reachable with less effort, and the carbon price low, it also acts as a much less powerful incentive for change and innovation.”