Earth Equity News

Financial Crisis, Climate Change to Dominate EU Summit. By Simon Taylor, EuropeanVoice.com, October 15, 2008. "EU leaders meet in Brussels this [Wednesday] afternoon to issue further reassurances that the financial-markets crisis is being brought under control through a common approach to bank rescues and deposit guarantees. But the summit, will expose deep divisions over the EU's plans to cut greenhouse-gas emissions by 20% by 2020 and to increase the use of renewable energy sources to 20%... French Presidency Nicolas Sarkozy wants EU leaders to take stock of progress on the EU's ambitious package of measures to tackle climate change. But the financial-markets crisis and the prospect of recession in the EU has strengthened calls by some member states to reduce the EU's ambition because of the heavy cost of the measures. Germany is leading a group of countries that want energy-intensive industries to continue to be given free emissions permits to ensure that industries like chemicals and steel do not simply transfer production outside the EU to avoid the cost of climate change measures. Poland wants its coal burning power stations to be given free permits, warning that, otherwise, growth prospects for its economy would be destroyed. But European Commission President José Manuel Barroso has vowed to defend the targets. 'The financial crisis did not remove the threat of climate change...' he said."