a victim of the global economic mess

Looks like another victim of the ongoing financial/economic meltdown. The European Union is considering whether or not to delay its plan to reduce emissions to fight climate change.

The Stern Report and others have pointed out that we could slash emissions dramatically at the net cost of fractions of a percent of GDP. But we are so short-sighted and fixated on the here and now that we can't even recognize the real problem. Since unmitigated climate change will make a 700-loss day on the Dow Jones look like a picnic.