FinSoul: European Union called on to increase emission targets by multinational companies.

Jan. 26, 2010 - PRLog -- FinSoul has learned that the heads of a number leading multinational firms including Shell, Tesco and Vodafone have called on the EU to increase its carbon emissions target from the present 20% to 30% below 1990 levels by 2020.

The European Union had intended raising its target to 30% ahead of December’s UN Copenhagen climate summit, but has since said the increase is now conditional on other countries agreeing to similar targets after the Copenhagen summit only yielded a non-binding bare minimum accord.

FinSoul understands that the group of businesses which also include Deutsche Telekom, Phillips, Unilever and King Fisher, in a letter to European Commission president Jose’ Manuel Barosso voiced their calls for the target to be raised.

The group also said they backed the carbon market approach and added that a strong, legally binding international agreement was needed by the end of 2010.

The EU’s policies for subsidizing green technologies were applauded by the group which called for the EU to facilitate long-term growth.

"Without continued leadership, the EU could see itself left behind in the clean technology race when we know that the US, China and other major emerging economies are already making large-scale investments in this area," FinSoul believes the letter states.

The business leaders went on to pledge their support to work with the European Union institutions, member state governments, NGO’s and other business groupings to ensure these objectives are met in the course of 2010.

"The EU should speed up the transition to a low-carbon society, as we firmly believe there is a wide range of benefits for consumers, the environment and the economy. This is why we urge EU policy leaders to maintain ambitious targets," FinSoul believes the chief executive of Phillips lighting was quoted as having said.

# # #

FinSoul structures and guides greenhouse gas emission reduction projects from beginning to end, working with both project developers and buyers of emission reduction credits.