Germany has already reduced its greenhouse gas emissions by the 8% target agreed at Kyoto for 2010 and thus has no need for programs to reduce them further, including one for the promotion of renewable energies, argues the German oil industry federation, the Mineralölwirtschaftsverband (MWV). On the other hand, it continues, Germany is in a position where it could sell greenhouse gas credits to countries not able to meet the target. "In this case, Germany would be the economic winner as it will certainly achieve the 8% target," the MWV says. The opportunity has been wasted, however, says MWV. By pledging itself to a far higher target as part of the EU's emissions burden sharing agreement, Germany has let other countries achieve less and missed the chance for economic gains.