The European Parliament has rejected a proposal to increase the carbon emission reduction target from 20% to 30% by 2020 from 1990 levels

The Members of European Parliament voted 347-258 votes against the proposal with 62 absentations.

The proposal was backed by France, Germany and the UK who had argued that the economic recession has presented an opportunity to reduce carbon emissions at a lesser economic cost. The proposal in the European Parliament had come after a report had predicted that a 30% emission reduction target by 2020 was essential for the long-term target of reducing carbon emissions by 80% by 2050 from 1990 levels.
The report had also defended an ambitious target claiming that the savings from reduced fuel consumption and improved air quality would more than offset the investments required for reducing carbon emissions. According to the report, about €270 billion investment would be required for achieving ambitious carbon emission reduction targets while the fuel savings would be worth about €360 billion and air quality improvements would be worth about €88 billion.
According to media reports, MEPs from the UK's Conservative Party voted against the proposal even through the party leader Prime Minister David Cameroon was in favour of the proposal. Many opponents believe that the European Union must not take an unilateral approach to reduce carbon emissions especially when other major economies like the United States, China and India have committed to no such targets.
The opponents also believe that the increased targets would result in added economic burden on many member states already reeling under the economic recession. Increased targets could result in increase in domestic energy prices which could even lead to companies shifting manufacturing bases out of Europe.
The vote comes two weeks after Poland, currently holding the European Union Presidency, opposed increasing the emission reduction target to 25% by 2020.