The European Union has approved a law that will essentially ban the sale of new combustion engine vehicles in the region from 2035.
The EU joins a growing list of major economies that have set an end
date for new sales of gasoline and diesel-powered vehicles. The move is
expected to cause a significant shift in the investment and production
of EVs.
- The law requires new cars sold
in 2030 to have 55% lower carbon emissions compared with 2021 levels and
have zero emissions by 2035.
- The law also requires the European Commission to review the region’s progress toward zero-emission targets in 2026.
- Other
nations which have passed similar laws or announced target dates for
combustion engine bans include Canada, the U.K., and Norway.
- In 2022, EV sales rose about 55% to more than 10 million vehicles, accounting for about 13% of total new cars sold.
