Watered down but still a good place to start

The EU now has tools in place to help tackle climate change and to secure an ambitious agreement at Copenhagen next year, the Conservatives were able to secure amendments that exclude small businesses and hospitals from the Emissions Trading Scheme (ETS) and ensured funding for demonstration projects on carbon capture and storage technologies.
Conservative MEPs have pushed for ambitious measures to reduce our greenhouse gas emissions. A Conservative proposal for an Emission Performance Standard for new power stations was unfortunately defeated. This amendment would have ensured all new coal-fired power stations could only be approved if they were to capture the CO2 they emit.
My Conservative colleagues and I were disappointed that Europe's governments, including Britain, failed to provide a lead to the world and agreed to water down the proposals, particularly on emissions trading. Nevertheless, we have supported the package so that industry has greater certainty and can begin to meet the challenges we have set. We can look to the Copenhagen Climate Change conference next December with the tools in place to reduce the greenhouse gases that threaten our environment and health.
We were all disappointed that the Emissions Trading Scheme was watered down in principle areas, such as the amount of emission allowances to be allocated by auctioning and the complex methodology agreed for the allocating free allowances.
We were also dissatisfied that governments wouldn’t commit to allocating some of the revenues generated form auctioning for tackling climate change. That money will inevitably fade away into the Chancellor's reserves rather than supporting eco-innovation and new technologies, supporting adaptation in developing countries and protecting forests around the world.
This said, there have been welcome improvements on Renewable Energy, where our demand for rigorous sustainability criteria on biofuels has been agreed. It is time to act on our commitment to cut emissions by at least 20 per cent by 2020. It is a start. At Copenhagen we must set higher targets for the future.