The European Commission has proposed an amendment to Regulation (EU) 2019/631 to align EU laws with its target of cutting greenhouse gas emissions by at least 55% in 2030 compared to 1990 levels and its 2050 ambition. The amended regulation will require 100% emissions reduction fleet-wide for new cars and vans by 2035, effectively banning the sale of new petrol and diesel cars and vans from that year. The amended regulation also aims to reduce ownership costs for consumers and stimulate innovation in zero-emissions technologies. The Commission will develop a common EU methodology for assessing the full life cycle of CO2 emissions and fuels consumed by new cars and vans by 2025. The progress towards the 2035 target will be reviewed in 2026, and an incentive mechanism for zero- and low-emission vehicles will be abolished from 2030. Adequate funding mechanisms are in place to finance the EU Green Deal and ensure a just and inclusive transition.
Source KPMG
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