European environment ministers will meet in Brussels later today to debate whether the EU should increase its greenhouse gas emissions target for 2020 to a 30 per cent reduction against 1990 levels.

The meeting follows the release yesterday of a joint declaration by many of the largest businesses in Europe urging ministers to formally upgrade the EU target from the current 20 per cent cut.

The statement was signed by 29 European companies from across a wide range of sectors, including BNP Paribas, BSkyB, Capgemini, Centrica, Crédit Agricole, GE Energy, Johnson Controls Inc, Google, Marks and Spencer, Nike, Philips Lighting, Sony Europe, Swiss Re, Thames Water and Vodafone.

The three-page declaration, which was organised by The Climate Group think tank, The Cambridge Programme for Sustainability Leadership, and WWF Climate Savers Programme, argues there is a strong economic case for the EU to adopt more demanding targets.

"Moving to a 30 per cent emissions reduction target is a win-win for Europe, " it states. "As well as the numerous economic and social benefits of cutting greenhouse gas emissions, it will spur innovation and investment thus creating millions of new jobs in a low-carbon economy, with the global low-carbon goods and services sector estimated to be worth over €3.4tn (£2.97tn) and growing rapidly."

The statement counters a series of protests from industrial trade groups who have warned that increasing the EU's medium-term emission targets would drive up costs for carbon-intensive industries and damage European competitiveness, particularly if other countries such as the US and China fail to agree to more ambitious targets.

Mark Kenber, international policy director at The Climate Group said that those businesses opposing tougher emissions targets were looking increasingly isolated. "As a global clean tech race gets under way, a critical mass of European businesses and governments are beginning to see clear economic benefits of advancing European ambition to cut emissions," he said, adding that the support of EU businesses would strengthen Europe's negotiating position at the upcoming UN climate summit in Cancun.

Today's meeting is expected to see something of a stand-off between the UK, France, Germany and Denmark, who have all stated publicly that they want to see the 30 per cent target adopted, and several countries in Southern and Eastern Europe who have voiced concerns that upgrading the target would drive up the price of carbon and damage their economies.

Greg Barker, who will attend the meeting on behalf of the UK, signalled yesterday that ministers would also attempt to finalise where the EU stands on the Kyoto Protocol ahead of the Cancun summit, arguing that Europe's position was weakened at last year's Copenhagen summit as a result of its failure to develop a clear position on the future of Kyoto.