The EU is discovering that reducing CO2 during a financial crisis is not something with very wide support (via the Financial Post):

To prevent a financial crisis from turning into an economic calamity, the European Union has pulled the emergency brake on green policies. At last week’s EU summit in Brussels, seven eastern and central European countries, together with Italy, threatened to veto the Union’s climate pact. The rebel governments claimed that the originally agreed goal of cutting the EU’s CO2 emissions by 20% by 2020 was too expensive; economic turmoil and rising unemployment meant that implementing the CO2 goal was no longer affordable.

It is ridiculous to spend money on a problem that may not exist and it is especially ridiculous when the economy is sputtering. Let’s hope that the next President figures this out before imposing massive costs on the US economy.