The European Union will spend 270 Euro a year to cut greenhouse gas emissions by at least 80% by 2050 compared to 1990 levels, the European Commission said. The Commission set targets for 2030 and 2040, envisioning emission cuts of 40% and 60%, respectively. It proposed increasing its target for 2020 to 25% from the current 20%, acknowledging opposition from Eastern European countries to proposals by France, Germany, the U.K. and Denmark to raise that goal to 30%.
"The longer we wait, the higher the cost will be", sais Connie Hedegaard, the E.U. climate commisioner. As oil prices keep rising, Europe is paying more every year for its energy bill and becoming more vulnerable to price shocks. The road map recommends that Europe should achieve its goals largely through domestic measures, since by midcentury, international credits to offset emissions will be less widely available than today.
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