By Martin Banks - 28th October 2010
The EU must put new money on the table
Friends of the Earth
Campaigners have urged EU leaders meeting in Brussels on Thursday to "kick start" negotiations on reducing global CO2 emissions.
The demand comes ahead of the crunch UN conference on climate change in Cancun, Mexico later this year where EU and world leaders hope to reach agreement on new emissions targets.
A similar conference in Copenhagen last December famously broke up without agreement.
Economic "governance" will be top of the agenda at the EU summit taking place on Thursday but heads of government will also discuss the EU's negotiating position ahead of the next major round of UN climate talks in Cancun.
Friends of the Earth's senior international climate campaigner Asad Rehman said, "The EU has a crucial opportunity to kick-start the UN climate talks in Cancun when they open next month.
"It is vital that the EU reiterates its unconditional support for strong legally-binding emissions cuts under a second commitment period of the Kyoto protocol - anything less will leave the world in grave danger of catastrophic climate change and put the lives of billions of the world's poorest people in jeopardy.
"The EU must end its support for expanding carbon markets which could create a global speculative bubble in carbon trading - a double whammy of financial and environmental disaster.
"The EU must put new money on the table to enable developing countries to cope with the impacts of climate change and grown cleanly, and commit to cutting its emissions by at least 40 per cent by 2020 without offsetting.
"The EU was a world leader in tackling climate change and must find the political will to become one again - even if that means leaving the US outside of any subsequent climate agreement."
The gathering in Brussels on Thursday is also expected to decide on the EU's position for the G20 summit in Seoul next month.
The Brussels-based business organisation, Eurochambres, urged EU leaders to "achieve ambitious agreements on the main chapters of the official G20 agenda, so as to provide a decisive EU contribution to the global economic recovery."
It puts particular emphasis on the resolution of exchange rates' tensions.
It president Alessandro Barberis said, "Recent foreign exchange interventions distort markets and trade.
"The G20 must promote exchange rates that will help reduce balance of payment imbalances, reinforce sustainable growth and restore global confidence in the rules-based trading system.
"We expect EU leaders to take a strong stance in this respect."
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