The European Commission is under pressure to shelve plans to raise its target for greenhouse gas emission cuts from 20% to 30% amid fears that further uncertainty would be too damaging to fragile world markets.
The EU is planning to publish a paper this week urging carbon emission reductions targets for Europe’s biggest polluters to be raised to 30% by 2020, an announcement that is likley to cause a sudden surge in the price of EU Allowances, the European carbon permits.
Until now Europe has agreed only to cut emissions by 20% from 1990 levels. However, the commission believes this is not enough. It argues in a paper to be given to the 27 EU member states on Wednesday that “an EU target of 20% by 2020 is not enough to put emissions on to the right path” to reach the goal of limiting the rise in average global temperatures to 2C.
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