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The Low Carbon Economy Ltd

27 Jan 2010 09:01:08

Business calls for higher targets



Business calls for higher targets
The EU should raise climate targets if it wants to stay 'competitive', according to major corporations.

Several multinationals have come together under the Cambridge Programme for Sustainability Leadership to write an open letter to EU commissioner Jose Barrasso ahead of the EU's submission of its formally agreed emissions goal under the Copenhagen agreement.

Business giants including Vodafone, Tesco and Shell said that targets needed to be raised from 20 per cent to 30 per cent in order to realise the idea of a low-carbon economy.

However, it is unlikely the EU will raise targets unless other nations - namely India and China - agree to similarly high carbon emission reduction goals.

"We are concerned that without the move towards significant short-term GHG [greenhouse gas] reductions, the EU risks having to make much deeper reductions in later years, proving far more costly," the letter said.

Signatories of the letter were also concerned that the UK and other EU nations will be left behind in the 'race' towards a low carbon economy if there is not increased investment in green technologies.

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