Summit counts cost of climate chaos

When it comes to climate change, according to EU leaders, "the costs of inaction for the global economy will significantly outweigh the costs of action".

The summit’s conclusions point out that climate change "is assuming ever greater importance" and the EU emission trading scheme has a crucial role to play in meeting the challenge.

But Europe cannot halt climate change alone, they add, since the problem is global, calling for global solutions and a global carbon market.

A section of draft conclusions explicitly linking climate change policies with energy and employment policies was dropped.

EU leaders agreed to talk about options for a post-2012 global climate change agreement at the March 2007 summit.

When it comes to climate change, according to EU leaders, "the costs of inaction for the global economy will significantly outweigh the costs of action".