Started by PocketOption, Feb 15, 2023, 11:43 am
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The European Union plans to propose strict limits for CO2 emissions for trucks on Tuesday. The officials stated that if the proposal gets approved, the heavy goods vehicles will have to cut harmful emissions by 90% by 2040. They hope that such measures will help to mitigate global warming.
The EU wants to achieve zero net greenhouse gas emissions in the eurozone. The goal is to reach such a standard by 2050. The bloc unites 27 countries under its umbrella. The majority voted last year to manufacture and use CO2-free new cars, setting a deadline for 2035. This new proposition about emission cuts for trucks will help authorities regulate CO2 levels. It will incorporate the transport sector in the EU's endeavor.
According to two EU officials, the European Commission will propose to cut 90% of emissions for new heavy goods vehicles sold in the eurozone. However, if approved, this change will occur only from the year 2040. The officials aim to encourage investments in zero-emission vehicles, as well as support innovation in this sector. They hope to hinder climate change with such a policy.
The European Union highlighted the fact that if the countries failed to act in coordination, it would increase the risk of market fragmentation. While the Netherlands, Denmark, Belgium, and Luxembourg are on board with the EU's plans, some other countries noted that manufacturers mightn't be able to meet a zero emissions target for 2040.
On Tuesday, Singapore declared that it discovered narrower fiscal deficits in a budget intended to aid households in managing the soaring cost of living. Finance Minister Lawrence Wong noted that the fiscal position was appropriate for the forecasted economic conditions in 2023.
According to him, the authorities collected higher-than-expected revenue in 2022. That caused a smaller deficit of S$2 billion for the last fiscal year. The authorities now plan to hike taxes. The changes will affect only citizens with higher-income and large companies, though. On the other hand, it will support families with low income.
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