The EU is lowballing the cost but that's how they do things.
From Earth Times:
The key numbers of the European Union's package of laws for fighting climate change:Twenty is the key figure for the whole package, which is based on the promise to cut emissions to 20 per cent below 1990 levels, boost the use of renewable energy to 20 per cent of total consumption and boost energy efficiency by 20 per cent, all by 2020. To hit the 20-per-cent target for reductions in carbon dioxide (CO2, the gas most linked with global warming), the EU will have to reduce its emissions by close to 700 million tons over the next 12 years - the equivalent of turning off every power station, factory, electrical appliance and car in Britain for 12 months.
Moreover, the bloc has promised to cut its emissions of CO2 by 30 per cent if other major economies sign up to similar legally-binding emissions cuts at a summit in Copenhagen in 2009. Taking into account the cuts that the EU has made since 1990, that target would require a reduction of over 1.2 billion tons - the equivalent of turning off every source of CO2 in Germany for a year.
The massive effort is likely to cost the bloc 0.5 per cent of its total economic output per year - over 75 billion dollars a year, or 3 euros (3.4 dollars) a week for every man, woman and child in the EU, according to figures from the European Commission. However, the package is also set to create up to 1 million jobs in the renewable-energy industry, and to save at least 50 billion euros a year by reducing oil and gas imports, commission staff say....MORE
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