David Miliband, the UK environmental secretary, has proposed legislation to enforce a 26-32% cut in carbon emissions by 2020 which could have significant implications for energy companies. The bill aims to slash emissions by 60% by 2050 and would create a legal framework for transition to a low-carbon economy.In 2005, about 22.6 million tonnes of carbon emissions were produced from the UK continental shelf compared with 22.9 million tonnes in 2004.Under the climate change bill, the UK would set legally binding 5-year “carbon budgets” to give businesses guidance on key targets and encourage investments in low-carbon technologies at least 15 years in advance. The first period wo...