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EU Presses Obama on Curbing Climate Change and Capping Bank Bonuses

| Monday September 21st, 2009 | 2 Comments

G20

The upcoming UN Climate Change Conference in Copenhagen in December, and the G20 Summit this week, are on the front burner for the European Union, which issued a plea Thursday pressing Obama on some of the matters the conferences will cover. Specifically, the EU asked Obama to increase emissions standards in the upcoming climate change pact, and to limit bankers’ pay, the Enquirer-Herald reports.

The EU countries agreed on the plea at a preparatory meeting for the G20 Summit, which is scheduled for September 24th and 25th. All 27 EU nations are reportedly unified against bonuses for bank executives, as the countries believe such bonuses prompted banks to take huge risks and, in turn, caused the recession. While the EU did not reveal the exact value of the cap on bonuses it is seeking, it did reveal a desire for G-20 nations to impose sanctions on banks that pay excessive bonuses to execs.

In the meeting, Swedish Prime Minister Fredrik Reinfeldt also reportedly said that the U.S. needs to do more “to reach the levels [they] have in Europe.” The EU is urging other developed countries to pledge to cut emissions by 20 percent by 2020, thereby matching the EU’s pledge. It is particularly important that the U.S. comply, since the U.S. and China are the world’s top two polluters. Failure to adopt an adequate climate bill could threaten the homes, food supplies, and lives of billions of people.


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  • hsr0601

    Amid sharp decline in fossil fuels all over the world, the world-wide overpopulation growing consistently is using up tremendous fossil fuels at an alarming pace. Especially when the own conventional resources in some dense countries is facing drastic dent, it adds up explicitly.

    For that reason, it is widely accepted that the price of fossil fuels is expected to go up and up simply, which is behind major states taking a bold and speedy action in a bid to put the global economy on a sustainable and solid ground.

    Relying on worthless, painful and wasteful oil wars, namely, the original source of this great recession, to waste time bickering on meaningless things and drag feet on a defining energy bill are sure to shake the embryonic effect of stimulus package that is an interim measure for build-out of a new foundation.

    As with “Inaction” cost, $9trillion over the next decade in health care and social security, supposedly the same is of inaction on the most-needed energy bill. For the global economy to reign in the runaway price of fossil fuels, sustainable option will be indispensable.

    As the overall oil reserve in Middle East is on the decline more that known, the region blessed with affluent sun rays also needs to ready for a new groundwork, particularly in this context AEU is beginning to concentrate on future energy and Iranian EV is rolling out recently, the countries in the region will never stand still on the surge, that means no matter what the result is, the repetitious mistake at the cost of invaluable lives and gigantic spending will end up with a heartbreaking tragedy once again.

    Presently, this great recession is pitching us a serious lesson to make sure we build a bridge for future generations, otherwise, our generation, too, is falling off the cliff for certain. Here I’d say only science and innovation can meet this challenge, and the science enough to weather this storm is awaiting final assembly by way of innovation. And I think the world is eagerly looking forward to Americans’ participation, and if it were not for world-wide massive job creation, the world can not pull the economy out of the recession.

    Thank You !

  • Person

    Huh?