European Union to cut emissions 80 percent by 2050

The European Union will cut its greenhouse gas emissions 80 percent to 95 percent by 2050, its top leader said.

José Manuel Barroso, president of the European Commission, made the commitment in a speech Tuesday at the United Nations Climate Summit.

{mosads}“In line with our ambition, we are also ‘mainstreaming’ climate action into all our policies,” Barroso said. “Our agreed aim is to spend 20 percent of our overall 2014-2020 EU budget on climate action.”

Barroso said EU leaders will announce specific measures to reduce emissions in the first quarter of next year.

The EU also pledged 3 billion euros ($3.87 billion) to finance sustainable energy in developing nations.

In addition, Europe will give 14 billion euros ($18.1 billion) in public climate financing grants to countries outside the EU over the next seven years Barroso said.

The EU in 2005 created the world’s first and largest carbon emissions trading system.