“European carmakers could pay hundreds of millions of euros to Chinese rivals for carbon credits as the auto sector seeks to avoid fines for failing to meet pollution rules set by Brussels until 2025.”, — write: epravda.com.ua
European carmakers could pay hundreds of millions of euros to Chinese rivals for carbon credits as the auto sector seeks to avoid fines for failing to meet pollution rules set by Brussels until 2025. The Financial Times writes about it. Under EU rules that require automakers to cut emissions, manufacturers that are lagging behind in the transition to electric vehicles face a choice: pay billions of euros in fines, boost sales of electric cars by lowering prices, or buy credits from less polluting competitors. The European Commission plans to fine automakers €95 per car for every gram of CO₂ emissions per kilometer above the 93.6g limit, based on average emissions from the company’s car sales in 2025.Advertisement: Analysts estimate some European groups could be forced to buy hundreds of millions of euros worth of carbon allowances from Chinese rivals such as BYD, which has one of the largest pools of allowances to sell thanks to high sales of electric cars in the EU. According to recent documents filed with the EU, Tesla plans to consolidate loans with companies such as Stellantis, Ford and Toyota. In the first nine months of last year, the American manufacturer of electric cars has already earned more than $2 billion from the sale of credits in global systems of combining emissions. In another pool, Mercedes-Benz joined forces with Polestar and Volvo – both companies belong to the Chinese Geely. The founder of Geely, Li Shufu, owns about 10% of the shares of Mercedes, and the Beijing company BAIC – another 10%. Advertisement: We will remind: Chinese officials and car companies are showing interest in the German Volkswagen plants, which are planned to be closed.