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Investing.com -- The European Parliament has moved towards swift approval of more lenient CO2 emissions targets for cars and vans. This decision will provide automobile manufacturers additional time to meet these targets, potentially reducing the amount of fines they could face.
European car manufacturers had previously expressed concerns that the current targets set for this year could lead to penalties amounting to as much as 15 billion euros ($17.0 billion). These targets were largely dependent on the sale of more electric vehicles, an area in which European manufacturers are currently trailing behind their Chinese and U.S. counterparts.
In response to intense lobbying, the European Commission suggested that automakers could meet these targets based on their average emissions over the period from 2025 to 2027, instead of focusing solely on this year.
European Union lawmakers supported a motion for the quick approval of this change, choosing this route over a lengthy debate. The lawmakers are expected to vote again on the Commission’s proposal on Thursday. However, for the proposal to be implemented, it still requires the approval of EU governments.
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