![](https://investorshub.advfn.com/uicon/509452.png?cb=1489404229)
Saturday, July 10, 2021 6:30:06 PM
By Ewa Krukowska and Alberto Nardelli
July 9, 2021, 10:00 AM
The European Union is set to propose all new cars sold from 2035 should have zero emissions, as part of an unprecedented plan to align its economy with more ambitious climate targets.
The European Commission, the bloc’s regulatory arm, plans to require emissions from new cars and vans to fall by 65% from 2030 and drop to zero from 2035, according to an EU document seen by Bloomberg News. The tougher pollution standards will be complemented by rules that will oblige national governments to bolster vehicle charging infrastructure.
The clean overhaul of transport will be part of a swath of measures to be unveiled next week to enact a stricter 2030 climate goal of cutting greenhouse gases by at least 55% from 1990 levels. Europe aims to become the world’s first net-zero emissions continent by 2050, which will require overhauling every corner of its economy with transport and industry being the biggest challenges.
“There’s no way around it, reaching net zero by 2050 means phasing out combustion vehicle sales by 2035 at the latest,” said Colin McKerracher, head of advance transport research for BloombergNEF.
The new vehicle emission targets would be a significant tightening compared with the existing fleet-wide emissions goals, which require a 37.5% reduction from 2030 for cars. Passenger cars account for about 12% of total EU CO2 emissions.
The industry has been bracing for tough new measures. Barclays Plc said it will be difficult for carmakers to achieve a 60% emissions reduction target by 2030 even with plug-in hybrids, but the policy will drive further adoption of battery-electric models.
“These targets should not come as a surprise, although they clearly require an accelerated shift,” Kai Alexander Mueller, a Barclays auto analyst, wrote in a report Friday.
Automakers have in recent months announced plans for most or all of their sales in Europe to be battery-electric by the end of the decade. Volkswagen AG, the region’s largest manufacturer, plans for more than 70% of its namesake brand sales to be EV from 2030 onward. Renault SA’s main marque plans to reach 90% penetration by then, while Ford Motor Co. has said its passenger car business will be all-electric.
“Tightening the CO2 targets this much is a huge boost for Europe’s EV market,” said BNEF’s McKerracher. “The steady drumbeat of European automakers upping their EV commitments recently is probably an indication that they knew much tighter targets were coming.”
Recent QS News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/26/2024 08:05:57 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/24/2024 08:19:10 PM
- QuantumScape Reports Second Quarter 2024 Business and Financial Results • Business Wire • 07/24/2024 08:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/12/2024 09:00:06 PM
- Ericsson Reports 14% Profit Increase, UBS Downgrades Tesla Shares, Ozempic Linked to Reduced Dementia Risk • IH Market News • 07/12/2024 10:28:11 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/11/2024 08:34:36 PM
- PowerCo and QuantumScape Announce Landmark Agreement to Industrialize Solid-State Batteries • Business Wire • 07/11/2024 10:50:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/11/2024 10:49:26 AM
- QuantumScape Announces Timing of Second Quarter 2024 Business Results and Webcast • Business Wire • 07/10/2024 08:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/13/2024 08:53:45 PM
- QuantumScape Welcomes Sebastian Schebera to Board of Directors • Business Wire • 06/13/2024 10:30:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/12/2024 09:05:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/12/2024 09:05:10 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/12/2024 09:05:08 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 06/12/2024 08:55:56 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/10/2024 08:20:54 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/06/2024 10:08:57 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 10:59:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 10:44:35 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 10:43:28 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/20/2024 10:37:40 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/16/2024 10:51:58 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/16/2024 10:48:47 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/16/2024 10:47:25 PM
- QuantumScape Reports First Quarter 2024 Business and Financial Results • Business Wire • 04/24/2024 08:15:00 PM
Kona Gold Beverages, Inc. Announces Strategic Initiatives and Corporate Direction Changes • KGKG • Aug 2, 2024 2:00 PM
POET and Luxshare Tech Expand Product Offerings for Artificial Intelligence Networks • POET • Aug 1, 2024 9:28 AM
Management Discusses Financial Filings of Global Arena Holding Inc., for 10-K 2023 and 10-Q, 1st Quarter 2024 • GAHC • Aug 1, 2024 9:14 AM
VAYK Announces LOI to Acquire $1 Million Home Service Company to Support Airbnb Business • VAYK • Aug 1, 2024 9:00 AM
Duane Forrester Joins INDEXR as SVP of Search • MONI • Jul 31, 2024 11:46 AM
Lingerie Fighting Championships Help Fulfill Death-Bed Promise With First Major Motion Picture • BOTY • Jul 31, 2024 9:00 AM