Initiating brave action and more ambitious emission reduction goals would not only make perfect environmental, but also business sense according to the announcement. Raising the emissions target is part of a necessary attempt to restrict the rise in global temperatures to 2°C. Though, it also appears as an essential measure if Europe is to build a sustainable and innovative low carbon economy.

The current target of a 20 percent reduction would be inefficient in driving a low carbon transition and would not enable Europe to remain competitive with countries like China, Japan and the US in creating an attractive setting for low-carbon investment. Moving to a 30 percent target would create the predictability much needed by private investors.

This would come at a very low cost, if any at all. A move up to 30 per cent is now estimated to cost only €11bn more than the original cost of achieving a 20 per cent reduction. Yet given predicted rising oil costs as a result of the recent Gulf of Mexico oil spill the direct economic effects of hitting the 30 per cent target by 2020 could actually turn positive, concludes the announcement.

To access the common announcement by the Environment Ministers of France and Germany and the Climate Secretary of the UK press here