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.