Gasoline and diesel-powered vehicles may soon become obsolete across the European Union, as regulators push for more stringent emissions-reducing rules.
According to Politico, which cited EU officials familiar with the latest proposals, new vehicles that are powered by internal combustion engines may soon be banned across Europe come 2035, as the bloc heightens its efforts in meeting zero-emission targets. The officials said that the drastic rule is being considered as an inclusion in the EU’s upcoming ‘Green Deal,’ which would make the bloc “climate neutral” in the next 30 years.
The European Commission is mulling raising its target for 2030 to require a 60% reduction in vehicle emissions, which is significantly more aggressive than the current proposal that calls for a 37.5% carbon emission reduction. In fact, according to the officials, that target could even reach 100% by 2035— thus completely outlawing all new cars with combustion engines in less than 15 years time.
However, it still remains unclear if the proposal will actually come to fruition in the final version of the bloc’s 2030 plan, which is slated for debut come July 14. The Green Deal, along with its roadmap, will then be sent to the European Parliament for approval.
Although gasoline and diesel-powered vehicles still dominate the car market, several prominent automakers, including Volkswagen and Volvo, have already announced their transition towards fully electric models before the end of decade. The EU is also not alone in mulling a complete ban on carbon-producing automobiles; at last week’s G7 summit, the UK pushed other member states to phase out vehicles that use combustion engines over the next ten years.
Information for this briefing was found via Politico. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.