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EU Signs Climate Agreement; Makes Concessions to Industry

11:58 AM MST | December 22, 2008 | Alex Scott

European Union (EU) leaders meeting in Brussels have unanimously agreed to cut EU greenhouse gas (GHG) emissions 20% below 1990 levels by 2020. Members of the EU Parliament have also ratified the deal. The agreement will provide all firms subject to the EU’s emission trading scheme (ETS), including chemical producers, at least 30% of their carbon allowances for free until 2020. From 2013, companies must purchase the remaining GHG emission allowances needed via auctions. Industry leaders in the U.S. say the level of commitment made by European nations will...

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