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EU legislators set to accelerate softer CO2 emissions targets for cars

The European Parliament has cleared the way for a rapid approval of EU CO2 emission targets for cars and vans, which will give automakers more time and reduce potential fines.

European automakers warned that failing to meet existing targets this year could lead to fines up to 15 billion euro ($17.0 billion), as the goals depend on selling more electric cars, a segment in which they are behind their Chinese and U.S. competitors.

After heavy lobbying by automakers, the European Commission has proposed that they meet their targets using the average emissions for the period of 2025-2027 rather than this year.

Instead of debating for months, EU legislators voted to approve a motion that would have allowed the change to be approved quickly. On Thursday, they will vote on the proposal from the Commission itself. The EU still has to approve the proposal.

Ursula von der Leyen, President of the European Commission, said that this change will give European automakers a "breathing room". Volkswagen stated last week that the longer compliance period will still be a burden by 2025.

E-Mobility Europe, a group representing the electric transport industry in Europe, has warned that changing the CO2 target period to 2025 will further put Europe behind China on EVs as well as deter investment in charging infrastructure. Reporting by Philip Blenkinsop, Benoit van Overstraeten and Kirby Donovan.

(source: Reuters)