NetBet: Auto manufacturers to face fines of €11.4 billion for exceeding EU carbon targets
None of the top ten car manufacturers are close to meeting EU carbon targets and could face annual fines of €11.4 billion each as a result, new research shows.
The Auto Emissions Report found that Daimler AG is the carmaker that’s furthest away from achieving the 2021 EU target of 95CO2g/km average fleet emissions, while Toyota Industries is the closest to lowering its carbon footprint - but still faces significant fines.
Automakers need to substantially reduce their annual carbon footprint in order to meet EU emissions standards, or else face fines of €95 per CO2g/km that exceeds the target, multiplied by unit sales. Based on the fleet emissions and unit sales of top manufacturers over the last year, this equates to a staggering €11,462,337,802 on average in penalties each.
As well as paying fines for exceeding EU targets, auto manufacturers would also have to offset the emissions of their annual sales. In 2019, top ten car makers would have had to pay a collective €424 billion - or an average of 39.5% of their annual revenue each.
Manufacturers and distance from EU target
Distance from EU target - CO2g/km
Distance from EU target - CO2g/km
Ford Motor Company
Mazda Motor Corporation
Hyundai Motor Group
Fiat Chrysler Automobiles
An analysis of the best-selling models of each brand reveals that Group PSA produced the most polluting cars on average last year, which would cost €1.3 billion to offset. Based on EU sales, the most polluting model sold last year was the Renault Clio.
Dissecting the running costs of manufacturers’ flagship models shows that the Mercedes-AMG GT was the most polluting model on the market last year, while the Peugeot 508 was the most environmentally friendly. Despite this, the 508’s carbon footprint is still equivalent to consuming 12,208 litres of gas, or 10,659 litres of diesel.
The transport industry is one of the largest contributors to the global carbon footprint, accounting for an estimated 24% of the world’s greenhouse gas emissions last year. Although many manufacturers are electrifying their fleet to reduce emissions, the car making sector is facing more pressure than ever to tackle their contribution to climate change.
To see the results of the Auto Emissions Report, visit: https://www.netbet.co.uk/auto-emission-report/
Data gathered from a range of sources, including auto manufacturers’ annual reports, EUROPA, transportenvironment.org and Carbon Engineering. Tonnes are metric.
For more information or a list of sources:
Please contact: Claudia Georgevici
Tel: +44(0)20 7921 3810
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Axway named a Leader in Gartner 2020 Magic Quadrant for Full Life Cycle API Management. For the fifth time.29.9.2020 03:05:00 CEST | Press release
Axway (Euronext: AXW.PA), a leading provider of API Management and integration software, today announced it has been positioned by Gartner in the Leaders quadrant of the Gartner 2020 Magic Quadrant for Full Life Cycle API Management.¹ This is the fifth time Axway has been positioned as a Leader. “When it came to the quality of their support and strategic partnership, Axway really stood out from the crowd,” said Chris Hengst, Lead API Architect/API Evangelist, HM Health Solutions. “As well as satisfying all our core technical criteria around API governance, discovery and developer self-service, Axway went above and beyond to help us succeed.” “We believe this evaluation validates the importance of an open API platform like AMPLIFY to help companies create new customer, partner, and employee experiences that drive business growth,” said Patrick Donovan, Axway CEO. “This announcement comes on the heels of Axway being named a Leader in The Forrester Wave™: API Management Solutions Q3 2020.
Epic Fantasy 3DMMORPG Forsaken World: Gods and Demons Open for Pre-registration Today28.9.2020 15:00:00 CEST | Press release
Forsaken World: Gods and Demons is an open-world fantasy MMORPG on an incredible scale. Dive into a world of never-ending adventure where treasure and glory awaits the victor. Raid a dragon's lair, search for lost artifacts, or kick back, relax and catch some fish in between epic adventures. The world around you will be influenced by your in-game decisions, with a storyline that allows you to determine the future of Calindor. Leave your mark and become a legend! This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200928005293/en/ Pre-register now on the App Store and Google Play (Graphic: Business Wire) Endless Character Customization Change your class at any time and specialize your character just the way you want it. Mix and match abilities and talents to fit your combat style, and customize your appearance to bring out the true you, right down to the facial expression. No two players are the same in FW: GD. A Stunning World Im
Rimini Street Celebrates 15 Years of Delivering Client Success28.9.2020 15:00:00 CEST | Press release
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of business software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that September marks the 15th anniversary of the Company’s founding in 2005 to redefine the enterprise software support market. The Company set out to deliver a premium, ultra-responsive support model, and bring choice and value to software licensees around the world. Since its inception, Rimini Street has continually set the premium standard on what Oracle and SAP licensees should expect from their support experience. The Company is responsible for delivering a long history of innovative “firsts” for the enterprise software support market, including guaranteed ultra-responsive SLA’s, support for customizations at no additional cost, support for at least 15 years without required upgrades or updates and saving clients nearly $5 billion in total maintenance and support cos
Hyprevention Raises New Financing to Commercialize Spinal Implant Product V-STRUT© in the USA.28.9.2020 14:55:00 CEST | Press release
Hyprevention has raised new financing to support the V-STRUT© Vertebral Implant product. The financing will be used to execute the commercialization plans for the US spinal fracture market. The V-STRUT© Vertebral Implant is indicated for use in the treatment of vertebral fractures. In May 2019, a US patent was granted for V-STRUT© and in March 2020, the device received FDA-510(k) clearance. “We are delighted that our existing investors have shown confidence in our product development efforts and commercialization plans for the US market by increasing their investment in the company,” says Cecile Vienney, CEO. The Hyprevention team has entered into a commercial relationship with DAWA Medical and has received several orders for the product from enthusiastic customers. DAWA Medical, a regional distributor of medical products, will promote sales in Florida, Illinois, Texas and Oklahoma. In addition to DAWA the company is in discussion with other commercial partners to bring the innovative
Mavenir acquires ip.access to expand OpenRAN radio portfolio for CSPs and Enterprise Private Networks28.9.2020 14:00:00 CEST | Press release
Mavenir, a leading provider of end-to-end cloud-native Network Software Provider for Communications Service Providers (CSPs) announces today that it has acquired ip.access Ltd, a leading 2G, 3G, 4G and 5G-ready small cell solutions provider. This acquisition extends Mavenir’s leadership in OpenRAN radio on three fronts: Communication Service Providers: Adding 2G and 3G capabilities to the OpenRAN portfolio Enterprise: Adding a full suite of enterprise radio solutions for Mavenir’s Private Network offerings, including OnGo/CBRS certified solutions Nontraditional Networks: Leveraging market leading software defined vRAN solutions for Aviation, Maritime, Rural and Remote networks with next generation solutions in the air, on land and at sea. “Operators are looking to transform their 2G/3G networks as they migrate to 4G and 5G,” said Pardeep Kohli, President and CEO, Mavenir. “We expect to provide a seamless, multi radio access technology single RAN offering for those operators that allows
PCI Pharma Services Introduces First-of-its-Kind Digital Platform to Provide Clients with Real-Time Supply Chain Data and Analytics28.9.2020 12:00:00 CEST | Press release
PCI Pharma Services (PCI), a leading pharmaceutical and biopharmaceutical global outsourcing solutions provider today announced the launch of pci | bridge, an innovative digital platform that will give customers immediate visibility into their clinical and commercial supply chain, and provide instantaneous data and insights to inform decision-making. Created using an agile development process whereby key clients collaborated and provided input, PCI built an industry-leading digital interface that delivers greater transparency to clients – saving time and resources to ultimately help bring life-changing therapies to patients faster. The launch of pci | bridge is one of many initiatives that PCI has undertaken to incorporate digital transformation as core to its business strategy. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200928005059/en/ pci | bridge digital platform logo (Photo: Business Wire) “At PCI, we are always loo
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom