A committee of EU lawmakers approved an ambitious climate change plan Tuesday, resisting heavy pressure from lobbyists who sought to water down the bill because of the financial crisis.

The European Parliament and each of the 27 EU nations has to approve the bill before it becomes law.

At issue is how the bloc will widen a cap-and-trade emissions program and encourage the use of technologies to capture and store carbon dioxide from coal power plants.

The committee voted to offer euro10 billion ($13.6 billion) in credits to fund carbon capture projects and recommended fines of euro100 ($136) per ton of carbon dioxide reductions be levied against those countries that fail to adhere to the emissions cuts.

EU lawmakers and governments, however, are facing increased pressure from industry and business owners to water down emissions targets amid the current financial crisis gripping Europe and slowing economic growth. Businesses have been warned the EU plan will cost billions to implement.

The approved bill will form the basis of future negotiations between EU governments and the EU assembly on cutting 20 percent of carbon dioxide emissions in the bloc by 2020.

France, which holds the EU presidency, wants to get the bill approved before the end of the year.

The EU’s cap-and-trade program could impose euro50 billion ($69 billion) a year in fees on major polluters such as coal-burning electricity generators, steel makers and cement producers.

They would have to buy permits to emit carbon dioxide _ and could sell those they don’t use if they release less CO2. The total cost is unclear, because there has been no decision yet on how many permits will need to be purchased. Most existing permits are given away by EU governments.

Businesses claim the extra licensing costs could drive them out of Europe.