EU Bans the Sales of New ICE Vehicles Starting in 2035
The European Union has taken earlier and more drastic steps to stem the tide of climate change than many other parts of the world. Fuel economy and emissions standards are stricter there, and yesterday, the EU announced the passage of its most restrictive gas vehicle policies yet. The updated law bans selling new internal combustion vehicles starting in 2035.
It’s worth noting that the law has another regulatory approval step before becoming official. Once the process is complete, the updated legislation bans new gas and diesel vehicles starting in 2035 and aims to cut 55 percent of CO2 emissions for new cars starting in 2030, up from an earlier 37.5 percent target.
The plan also looks to slash emissions from vehicles like trucks and buses. Officials are targeting a 45 percent reduction in emissions starting in 2030, followed by a 65 percent drop starting in 2035 and a 90 percent cut starting in 2040. City buses must go full zero-emissions beginning in 2030. The rules won’t ban the use of gas vehicles, so the EU will still have a significant number of used ICE vehicles on the roads.
The United States is a hodgepodge of legislation, but several are moving toward gas vehicle bans. California and New York have announced plans for ICE prohibition, and several other states tend to follow suit. Massachusetts and Washington have legislation requiring them to follow the Golden State’s lead, so the trend may grow quickly once it begins.
[Image: Matej Kastelic via Shutterstock]
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Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.
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Tesla has sold carbon credits to a number of car manufacturers, including Chrysler, as a way for them to comply with the standards. It’s reported that Chrysler bought US$2.4 billion worth of Tesla’s Carbon Credits, accounting for the majority of the company’s sales in years past.
In 2018 Tesla sold $419 million in carbon credits. The big move came in 2020 with $1.58 billion in revenues from the sale of credits. Tesla then stunned the carbon markets with its landmark $679 million credit sales in Q1 of 2022.
The carbon credit market is a way for companies to offset their carbon emissions by investing in renewable energy and other carbon reduction projects.
Companies that exceed emissions standards set by regulatory bodies can purchase carbon credits from companies like Tesla that are generating carbon offset credits through the reduction of greenhouse gas emissions. By doing so, they can comply with regulations without having to make significant changes to their own operations. https://carboncredits.com/tesla-carbon-credit-sales-reach-record-1-78-billion-in-2022/
People asking why the big car companies are investing in EVs its not just the 2030 and 2035 deadlines its the cost of the carbon credits they have to buy.
MaintenanceCosts: Start with WEF's manifesto and Davos '23 highlights.
VoGhost: Sounds more like self projection on your part. Globalists are multinational and corporate entities of all types who want control through the disguise of saving the environment. ADDING; you didn't include any evidence I attack Jews - because I never did. But that doesn't stop you from spreading those lies, like all the other lies you spread.
Slavuta: The good old days aren't going to around much longer if people all over allow it to keep expanding. At Davos 2023, they were openly bragging about their plans. They're not hiding it any more. Remember the Holodomor? 2.0 will come to those that won't comply.