It may seem strange, but the EU sees itself as a soldier of the common good. Why is a group of countries whose share in worldwide CO2 emissions is only 12% – and set to decline fast – aspiring to global leadership on the issue, despite US inaction and emerging-market countries’ reluctance to commit to binding emission-reduction targets?

In part, the EU’s stance reflects the preferences of European public opinion. In part, it arises from internal politics: to press ahead with its agenda enables the EU to strengthen its hand vis-à-vis the member states. In part, there is the hope that by moving fast, Europe will acquire a comparative advantage in low-carbon technologies.