EU finance ministers cast some doubt on the cost of the Commission's ambitious plans to combat climate change, saying at their monthly meeting that it must not harm competitiveness.

Finance Minister Brian Cowen said there must be a fair and transparent sharing of the burden of creating a low-carbon economy.

Ireland is claiming, in particular, that its carbon targets should be based on national income (GNP), rather than the usual output (GDP) figure. This is because in Ireland, uniquely, GNP is around 20pc less than GDP, because of the size of the foreign-owned sector.

Mr Cowen said there would have to be a lot more study before a final position was reached on EU targets on carbon emissions.

EU Monetary Affairs Commissioner Joaquin Almunia said he had told the ministers Brussels estimated the measures would cut "something like 0.5pc of gross domestic product" off the EU economy -- equivalent to €60bn a year.

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