Jacqueline McGlade, lead author of the UNEP Gap Emission report, presented the last Gap Emission Report at the Climate Foundation on November 19 in Brussels,  indicating that the world is heading to severely overshooting the 1000 Gt CO2 limit that the IPCC report indicated as the figure beyond which the world temperature would increase with 2 degrees C.  The Emissions Gap, defined as the difference between emission levels at 2025 and 2030, consistent with meeting climate targets, versus the levels expected if country pledges is estimated to be up to 10 Gt in 2020 and 17 Gt in 2030. A quarter of the gap in 2020 could be reduced by a quarter if the recent pledges in the US and China agreement will be met, according to Michel den Elzen of PBL (Netherlands) who contributed to the report. Nils Torvalds, MEP (LIBE) rapporteur of the Fuel Quality Directive indicated that there are rumors the the EC wants to take back the land use dossier linked to the Fuel Quality Directive. As discussed at an EU Energy Policy Conference on November 17, 2014, energy companies are spending $600 billion a year to find more fossil fuels and governments are spending another $600 billion  subsidizing the consumption of fossil fuels. A $ 400 bln a year is spent globally on carbon reduction actions, equal to the level of annual revenue of Exxon, according to the IPCC Synthesis report that came out the end of October.