European environment ministers will meet in Brussels later today to debate whether the EU should increase its greenhouse gas emissions target for 2020 to a 30 per cent reduction against 1990 levels.

The meeting follows the release yesterday of a joint declaration by many of the largest businesses in Europe urging ministers to formally upgrade the EU target from the current 20 per cent cut.

The statement was signed by 29 European companies from across a wide range of sectors, including BNP Paribas, BSkyB, Capgemini, Centrica, Crédit Agricole, GE Energy, Johnson Controls Inc, Google, Marks and Spencer, Nike, Philips Lighting, Sony Europe, Swiss Re, Thames Water and Vodafone.