EU presses carmakers to accelerate emissions cuts


The European Union told carmakers including Volkswagen AG, Toyota Motor Corp. and Hyundai Motor Co. to step up voluntary reductions in carbon-dioxide emissions or face possible mandatory targets. The EU said European, Japanese and South Korean auto manufacturers risk missing their goal of cutting carbon-dioxide pollution in Western Europe by 25% in 2008-09 compared with 1995. The bloc said emissions from new cars in 2004 were about 13% below the 1995 level. „New efforts are needed by the industry,” Gregor Kreuzhuber, a spokesman for the European Commission, the EU's executive arm in Brussels, told reporters. „We won't hesitate to replace the carrot with the stick.” Cars account for more than a tenth of the EU's emissions of carbon dioxide, the main gas blamed for global warming. The EU relies on accords with European, Japanese and Korean automakers to cut emissions in Western Europe to 140 grams of carbon dioxide a kilometer in 2008-09. In Western Europe in 2004, emissions from new cars averaged 161 grams of carbon dioxide a kilometer for European automakers, 168 grams for Korean manufacturers and 170 grams for Japanese companies, the commission said in an annual report on the subject. Under the EU agreements, the 140-gram target is supposed to be reached by European manufacturers in 2008 and Japanese and Korean producers the following year.

The latest figures „are to a certain extent worrying,” Kreuzhuber said. „The efforts which have been made so far are not satisfactory.” The commission is reviewing ways of curbing carbon-dioxide emissions from cars and plans to publish a report for lawmakers on possible measures by the end of the year. The EU also relies on fuel-efficient car labeling and tax breaks to cut auto emissions of carbon dioxide. A European auto-industry group called for more fiscal incentives. „There is now a need to link the taxation of cars and of alternative fuels more vigorously to carbon-dioxide emissions,” Ivan Hodac, secretary general of the European Automobile Manufacturers Association in Brussels, said in a statement. „This will be an effective strategy.” The EU is aiming to reduce greenhouse-gas emissions by 8% in 2008-2012 compared with 1990 under the global Kyoto Protocol. As part of that goal, the 25-nation bloc plans to extend to airlines a system of caps on factory and power-plant emissions and says carmakers should aim to cut carbon-dioxide releases to 120 grams a kilometer in 2012. (Bloomberg)


MBH Bank Closes Acquisition of Duna Takarék Bank Banking

MBH Bank Closes Acquisition of Duna Takarék Bank

Orbán Augurs Economic Rebound From Q3 Government

Orbán Augurs Economic Rebound From Q3

Corvinus Uni, ExxonMobil Sign Cooperation Deal Deals

Corvinus Uni, ExxonMobil Sign Cooperation Deal

Budapest Muni Council Clears Rác Baths Renovation Tourism

Budapest Muni Council Clears Rác Baths Renovation


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.