The lawmakers from Europe have recently cast a vote, which is alarming news for the investors investing money into gasoline car manufacturing companies.
European Lawmakers Call a Vote
The voting was cast among the lawmakers of Europe surrounding the future of gasoline and diesel cars. The voting was in favor of completely banning the production and distribution of gasoline and diesel cars in Europe.
However, the banning is not to be enforced on an immediate basis. Instead, the ban will be imposed in the year 2035. According to the new voting, 2035 will be the year when gasoline/diesel cars will be banned completely in Europe.
This is simply going to make things a lot difficult for the companies aiming to achieve goals in the region. The majority of the companies aiming to make the region green have been
339 MEPs Voted in Favour of the Ban
It was on Wednesday when the European Parliament held a vote to support the ban on gasoline and diesel cars. There were a total of 339 MEPs who did vote in favor of the ban. The proposal for the ban was made by the EU’s executive branch, the European Commission.
Against the voters saying yes to the ban, the proposal was opposed with 249 votes by the MEPs. Out of the total MEPs, there were 24 MEPs who refrained from casting vote on either side.
EU Comes Closer to Achieving its Goal
Now, the EU has come to a step closer to reaching its target of carbon emission reductions. With the passing of the proposal, gasoline and fuel-running cars will be banned 100% by 2035. It has been decided that by 2030, the reduction of carbon-emitting vehicles will be reduced by 55% for cars and 50% for vans.
In the past, the Commission has claimed that passenger vans and cars only account for 2.5% and 12% of the overall emissions of CO2 in the EU. Following the voting going in favor of banning CO2 emitting cars by 2035, the 27 member states of the bloc will go through negotiations with the MEPs.
Impact on Fuel-Powered Vehicles
With the new resolution being passed at the EU for the banning of gasoline and diesel running cars, things will become very difficult for car manufacturing companies.
Although the majority of the car manufacturing giants have started manufacturing all-electric cars, they haven’t fully shifted to space. Still, the majority of their revenues come from the cars that run on gasoline and diesel.
Now, the companies that had once decided to go all green by 2040 or 2050 will have to speed up their efforts. There will definitely be a downtrend in the stock prices of the major car manufacturers who manufactured gasoline and diesel-powered vehicles.