I think it's important, because there's a principle I'd like to share. Your economies are linked. You even have a common currency. You're intricately linked, except the U.K., of course, which has its own currency. But Europe as a whole is very much linked.
I'm sure you're aware of our number one trading partner, and that's our neighbour to the south, the United States. Our economies are linked. As of last year, we have a new President in the United States, President Obama. Since his election, there has been ongoing work on climate change. A clean energy dialogue has been ongoing. Canada's position now is that we have a continental approach to climate change, as Europe has a continental approach, because our economies are linked. We have an ongoing commitment to a more efficient electricity grid, so that all the renewable types of energy used can be connected, and to a continental cap and trade system. Negotiations are ongoing.
Europe has its target. And different countries, as you've shared, have different challenges. Not all countries are able to meet these targets, but collectively they are. Also, as we approach the new international agreement, it has to be fair and practical. It is a very important issue that as a world, a global agreement, a framework, is achieved so we can all tackle the issue of climate change.
Canada's position is that we do it continentally, as Europe is doing it continentally. And the targets have to be fair.
I'd like to ask you where the developing countries play into this new international agreement. Again, in the spirit of fairness, it's not possible.... We've been discussing the issue of climate change in committee, in the House, for a number of years, and we realize that it is a very important and critical issue that has to be dealt with properly. Without all the major emitters participating, we cannot reduce greenhouse gas emissions globally. We've heard that from the scientists. So all the major emitters have to be participating in some way.
The EU is asking developing countries to limit their emission growth to about 15% to 30% below business-as-usual levels by 2020. Do you have views on how developing countries should share that responsibility to meet that aggregate target?