The European Union may finally agree on a deal this week to cut greenhouse gas emissions to 20% below 1990 levels by 2020.
The group of nations has been quarreling over the proposal for weeks, but European Commission President Jose Manuel Barroso said yesterday he was optimistic that the nations would reach an accord during their summit on Thursday and Friday.
Tough economic conditions have been at the heart of the disagreement with former communist bloc countries in eastern Europe expressing concerns that their coal-reliant economies would suffer under tighter emissions targets. Similarly, Germany and Italy have said they would like special consideration for heavy industries and car makers, who might fall behind competititors in nations without strict carbon rules.
Reports over the last few days suggest that compromises have been negotiated to keep the 20% target intact while exempting certain industries from the requirement to purchase carbon credits on the EU’s emissions trading scheme.
The ongoing dispute has had larger ramifications on the international climate change negotiations underway in Poland. In earlier negotiations, European Union members have been the strongest advocates of 25%-40% emissions cuts by the year 2020.
Reportedly the EU Commission is still open to the idea of a 30% cut by 2020, if other nations around the world make similar commitments.
Barroso during his comments Tuesday suggested that the EU’s emissions trading scheme, may one day link up with a similar scheme in the United States.
"If we reach agreement this week, we should propose a transatlantic emission market which should be the basis for a global carbon market," he said.
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The Australian government has endorsed a carbon emissions reduction target of 10% by 2020, the Australian Financial Review paper said on Wednesday.
Austrailia is set to introduce an emissions trading scheme in 2010.
According to a Reuters report, the Australian paper said government officials would consider a 25% reduction target, if the international community agrees to pursue similarly ambitious targets.
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