Brussels (AP): European Union leaders inched towards a deal on Friday intended to set a worldwide example on fighting global warming by forcing industry to clean up and rewarding renewable energy.
The leaders were also near agreement on a USD 258-billion Europe-wide economic stimulus package to ease the effects of a recession. The downturn overshadowed talks on the costly climate deal.
Diplomats and experts haggled during the night over detailed and complex plans on how the 27-nation bloc will implement commitments to cut back emissions by 20 percent by 2020.
The EU's credibility on combating climate change is on the line at the two-day summit talks, which started yesterday. Current EU president France, trying to ensure that a deal is reached Friday, was offering sweeteners to newer EU members in Eastern Europe worried about the economic impact on their heavy industries.
An EU deal could breathe new life into UN global cimate talks in Poznan, Poland.
"I came from Poznan so I know that they are actually sitting and waiting for a European response," said Swedish Prime Minister Frederik Reinfeldt.
He said several EU countries still disagreed over how to share the costly burden the cuts will have on national economies, and on finding cleaner ways to produce energy.
The eyes of Europe's economic rivals are on the talks to see how the bloc manages to balance economic growth while keeping intact promises to rein in emissions.
The EU wants to get a deal now to rally others, like the United States, China, India, Russia and Brazil -- into a global agreement under debate at the Poznan UN talks.