EU Deal on Climate Change

By ,

The Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), Yvo de Boer, welcomed today the news that the European Union has reached an agreement on climate change (Dec 12, 2008).

As described by Bloomberg, this agreement reflects the EU’s goal to reduce greenhouse gases by a fifth in 2020 compared with 1990. The new EU rules focus on the European emissions-trading system, the world’s biggest greenhouse-gas market, which requires companies that exceed their CO2 quotas to buy permits from businesses that emit less. The landmark EU deal demonstrates that, despite the financial crisis, governments can work together to take urgently needed action on global warming,” said Kate Hampton, head of policy at Climate Change Capital, a London-based fund management company.