Financial Crisis Threatens EU’s Carbon Plans

October 13, 2008

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Just last week, European legislators voted for a tougher emissions trading scheme but the financial crisis and slumping economic activities are threatening Europe’s plan to slash GHG emissions, AFP reports.

The EU’s French presidency wants European leaders to agree to abide by Europe’s ambitious plans to cut CO2 emissions. French President Nicolas Sarkozy also wants EU nations to confirm the objectives in the plan.

However, it seems governments are eager to avoid putting extra burdens on companies. A senior EU official told AFP that, “the governments are on the defensive, they are less favorable towards the agenda and discovered a lot of problems.”

Last week, New York Times reported that Poland was leading the charge to delay European climate reforms. It has reached an accord with Hungary, Slovakia, Bulgaria and Romania.

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