The European Parliament approved a ban on the sale of new gas and diesel cars in the EU in a move designed to speed up the transition to electric vehicles. The goal is to have all new cars sold in Europe be electric by 2035, which is expected to help decrease emissions and combat climate change. The ban will apply to both new sales and resale of cars, and it’s expected that this will increase demand for electric vehicles overall.
In response to the new EU car emissions legislation, automakers are working on new, more environmentally-friendly vehicle models. Some companies, such as Tesla, have already announced plans to produce cars that run on renewable energy sources such as solar and wind. This could mean that soon there will be no carbon dioxide emissions from new cars sold in the EU.
The new EU emissions targets, which were passed with a narrow majority on Thursday, are more ambitious than previous plans and would require a larger shift in the way we use energy. New cars and vans sold from 2030 will have to meet a 55% and 50% cut in emissions, respectively, compared to 2021 levels. This would require large shifts away from gas and oil-powered vehicles and towards greener technologies like electric cars. While the targets are ambitious, they still face significant hurdles before they can be realized.
The law regulates how online content can be shared across the EU, and comes as part of an effort to protect citizens from harmful material being shared online. Sites that break the law could face fines of up to 100 million euros or 4% of their global annual revenue, whichever is greater.
The European Parliament has called for revisions to the EU’s target to achieve climate neutrality by 2050 in order to make the goal more achievable. By making tweaks to existing policies and taking into account new scientific understanding, the assembly believes that Europe can slash its CO2 emissions by up to 45% compared with 1990 levels. If successfully enacted, these target revisions will play a crucial role in ensuring that Europe meets its pledge under the Paris Agreement.
The Netherlands has announced that it will be withdrawing from the Paris Agreement. In reaction, seventeen other countries have announced their intention to continue the agreement and enforce its provisions domestically. The Netherlands joins Syria and Nicaragua as the only countries who have withdrawn from the Paris Agreement. The decision was made by Dutch Prime Minister Mark Rutte after consideration of scientific data compiled by his government which suggests that acting in accordance with the terms of the agreement would not benefit either country
Renault’s resistance to the proposed ban on internal combustion engine vehicle sales in the EU has been met with increasing backlash from industry players, governments, and consumers across the continent. Many Renault fans feel that pushing to extend the transition period by two decades would provide more affordable cars for electric vehicle buyers, while also allowing automakers more time to develop alternatives to ICE vehicles. However, many other major automakers and countries are firmly behind Brussels’ proposed timeline, raising doubts about whether Renault will be able to push its proposal through officially.
In order to appease the manufacturing lobby, the final deal includes a number of flexibilities, including a caveat for small carmakers producing fewer than 10,000 vehicles per year to be able to negotiate weaker targets until 2036. This may help companies that are struggling with high inventory levels and which have seen their share prices decline in recent months.
