European Union leaders, seeking to set the pace for the world, plan to announce on Friday that they will convert their bold promises to fight global warming into law within 12 months.
Leaders of the 27-nation bloc intend to conclude a two-day summit with a pledge to adopt binding national targets for cutting greenhouse gas emissions and raising renewable energy use by March 2009.
According to a draft summit statement, the leaders will also address the financial market crisis by saying “prompt and full disclosure of exposures to distressed assets and off-balance sheet vehicles, and/or of losses by banks and other financial institutions, is essential”.
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