Top EU countries spend $45 billion subsidizing fossil-fuel company cars, study says
- The EU's five biggest members spend 42 billion euros annually subsidizing fossil-fuel company cars, according to a study commissioned by environmental group Transport & Environment , which called for more subsidies for EVs instead.Italy provides 16 billion euros in subsidies for fossil-fuel company cars, followed by Germany, which provides 13.7 billion euros, the study by consultancy Environmental Resources Management , released on Monday, showed.
"This is completely illogical and completely unacceptable, that we're still pouring billions of taxpayer money into a technology that's completely contradictory to the European Commission's green transition agenda," T&E's director of fleets Stef Cornelis told Reuters. Sales of fully electric cars slumped 43.9% in the European Union in August, as its biggest EV markets Germany and France recorded drops of 68.8% and 33.1% respectively, according to industry data.
European Commission President Ursula von der Leyen told the European Union's new climate chief Wopke Hoekstra in a letter dated Sept. 17 that one of Hoekstra's priorities will be to propose how to phase out fossil-fuel subsidies.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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