Recent forecasts indicate serious hazards for our economies, the stability of ecosystems and sustainable development. A global temperature rise of 2°C compared to pre-industrial levels appears to be the very most that can be tolerated. In order to achieve this 2°C target, the current industrial nations with their very large per-capita emission levels will even have to cut their greenhouse gas emissions by as much as 80% by the middle of this century compared to 1990. As an intermediate target, the European Union should reduce by the year 2020 its emissions by 30%  against the 1990 level.