In the wake the Russian trade dispute that cut off oil supplies to parts of Europe, the European Commission is calling for an unprecedented common energy policy.

"Europe must lead the world into a new, or maybe one should say post-industrial revolution - the development of a low-carbon economy."

Citing European vulnerability to foreign imports of gas as a major factor, the plan calls for binding targets for increased efficiency, the development of alternate fuels, and a the reduction of greenhouse gas emissions. Specific highlights include:

Establishing a true internal energy market

Reducing greenhouse gas emissions 20% by 2020

Supplying 10% of vehicle fuel through biofuels &

Increasing energy efficiency

Making all new power stations carbon neutral in 13 years