Today the European Commission released a comprehensive climate change proposal. The plan seeks to limit CO2 emission levels, at least 20% by the year 2020.
The plan aims to reduce CO2 emission levels by 600 - 900 million tons per year, which would slow the effects of climate change. The plan also revises the EU's current emissions trading system. The new system would allow companies in one country to buy emission allowances from another EU country, and would also include industry sectors that weren't previously covered. The plan also pushes for an increase in renewable energy.
For more information on the EU's plan, http://ec.europa.eu/energy/climate_actions/index_en.htm