On 19 October, the European Commission presented its action plan to cut Europe's energy consumption by twenty percent in the next fourteen years. If successful, the EU could save more than 100 billion euros annually. The plan would also contribute to reaching the Kyoto targets by cutting the EU's CO2 emissions. A "Covenant of Mayors", to be created in 2007, will involve Europe's largest cities in the efforts. The "Covenant of Mayors" will be created by the Commission in 2007 bringing together in a permanent network the mayors of 20-30 of Europe's largest and most pioneering cities. The aim is to exchange and apply best practices thereby improving energy efficiency significantly in the urban environment, where local policy decisions and initiatives are important, including transport.