EU Sets Tough Targets to Clamp Down on Harmful Emissions

26 May 2010 (Last Updated May 26th, 2010 18:30)

The European Union plans to increase carbon emissions reduction targets to 30% by 2020, a 10% increase on current targets. The EU move will require EU member states to impose far tougher financial penalties on their industries than those currently being considered by other large econom

The European Union plans to increase carbon emissions reduction targets to 30% by 2020, a 10% increase on current targets.

The EU move will require EU member states to impose far tougher financial penalties on their industries than those currently being considered by other large economies, according to Timesonline.

The new plan could cost the union an additional £33bn ($47.5bn) a year by 2020, while the existing target is already due to cost £48bn ($469.9bn).

The Commission is expected to argue that the lower target has become much easier to meet because of the recession, which resulted in the EU’s emissions falling more than 10% in 2009 as thousands of factories closed or cut production.

Business leaders are concerned the new plans could increase energy bills, cut jobs and include new carbon taxes on road fuel, heating and other sources of emissions.