The European Commission (EC) unveiled a new package of proposals on January 23, 2008 aimed to follow through its commitment to combat climate change and promote renewable energy. In March last year, EU leaders endorsed Commission proposals for a 20% reduction in carbon dioxide emissions by 2020, with a 20% binding target for renewable energy use. It also called for a 10% biofuel component in vehicle fuel by 2020. In order to follow through this commitment, the new proposals (summarized in the EC website) include: (1) an improved emissions trading system (ETS), which covers more emissions, (2) an emissions reduction target for industries not covered by the ETS, including buildings, transport and waste, (3) legally enforceable targets for increasing the share of renewable energy in the energy mix, and (4) new rules on carbon capture and storage and on environmental subsidies. The adoption of the new proposals (which hope to make Europe environment-friendly, industry-friendly, jobs-friendly and consumer-friendly) is targeted for the end of 2008..