Faced with strong industry pressure, the European Commission is said to be considering setting a goal to cut EU carbon emissions by 35-40% up to 2030, a target that would mark a watering down of its earlier ambitions. A decision is due to be unveiled on Jan. 22. On that date, the Commission will set out its climate and energy policy for the next two decades, updating the 2020 targets that have been the benchmark since 2007.

These targets - which were held up as the gold standard for the world - called for three goals: 20% of energy from renewable sources, a 20% cut in emissions against the 1990 levels and a 20% improvement in energy efficiency.

The EU is expected to meet or exceed the 2020 emissions-cutting and renewable goals, both of which are legally binding. However, it is predicted to fall short of the efficiency target, which is not binding, and the Commission says it is too soon to debate a new energy savings goal. Once the Commission has laid out its thinking, negotiations will take place with EU member states and the European Parliament, but it could be years before the targets are law.