Watch live EU commissioners release draft of new climate policy proposals

The European Union is set to unveil its "Fit for 55" package of revised climate and energy laws on Wednesday morning.

With a draft of ambitious plans designed to cut emissions drastically over the next decade, the EU aims to take the lead in climate policy action among the world's biggest greenhouse gas emitters.

The policies, if approved, would put the EU's joint economy on track to meet its 2030 goal of reducing planet-warming emissions by 55% from 1990 levels.

It's expected that the package will face months of negotiations between the 27 member countries and the European Parliament.