‘Fit For 55’: Here’s What To Expect As The EU Unveils Its Ambitious New Climate Legislation

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Here's what to expect as the EU unveils its ambitious new climate legislation:

The European Union is set to unveil sweeping new legislation Wednesday that will focus on slashing the region’s emission of greenhouse gases by 55% over this decade and include measures to phase out the sale of gasoline and diesel-powered vehicles within 20 years as the bloc charts out its ambitious new climate goals.... [+]

carbon economy dubbed"European Green Deal" during a press conference at the EU Parliament in Brussels on July 14, 2021.

The proposal also includes a contentious plan called “Carbon Border Adjustment Mechanism” which would impose tariffs on imported products based on the greenhouse gas emissions associated with them, effectively shielding EU-based companies from goods made in countries with less strict emission policies.Reuters, the proposal is set to also include a measure that will effectively eliminate the sale of new gasoline or diesel-powered vehicles from 2035, forcing a complete switch to all electric cars.

Carmakers, who have preemptively announced large investments in electric vehicles in line with the EU’s 2030 goal, are seeking investments from the bloc in building public charging stations as well as commitments on the fate of hybrid vehicles—a technology on which many of them have made major medium-term investments.The proposed laws are likely to face varying challenges from the 27 member nations who have extremely varied energy production capabilities.

 

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