Although there is still a chance that EU member states can reach an agreement on climate change before the end of the year, if this does not happen, the EU will lose its credibility and increases the risk of failure at the Copenhagen Summit on climate change scheduled next year, the Labour Party said yesterday.

Opposition spokesman for environment and climate change Leo Brincat said one understands that the financial crisis has dominated world events in recent weeks. But, with or without the financial difficulties, the climate change problems will remain.

Many countries are dragging their feet on practical ways with which climate change could be tackled, and this is even more so now that financial problems have hit them.

It is worrying to hear that countries are considering a veto on the final pact on climate change. It must be remembered that 18 months ago, all EU countries agreed that this pact should be binding on all member states, Mr Brincat said.