EU Parliament OKs plan to cut greenhouse gas emissions

STRASBOURG, France -- Lawmakers at the European Parliament have endorsed a package of bills to enable EU governments to reduce greenhouse gas emissions 20 percent by 2020.

The deal shares the burden of cutting emissions and aims to ensure that 20 percent of EU energy comes from wind, sun and other renewables by 2020. Emissions of new cars will also be capped.

The heart of the EU agreement is a system -- starting in 2013 -- of auctioning industrial emission permits that are now issued free of charge. Major polluters will eventually pay $66 billion a year for this permission to pollute.