16:45 Alex Cunningham (Stockton North) (Lab)

EU analysis suggests that further progress on resource efficiency is possible and identifies major environmental, economic and social benefits to greater efficiency. To that end, the Commission has identified net savings of as much as €600 billion for businesses in the EU, or 8% of annual turnover. That is quite a lot of money. Furthermore, the new package could reduce total annual greenhouse gas emissions by as much as 4%, which would be a major contribution to climate change measures.

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