A European legislation is on road to create 400,000 employment opportunities and save tens of billions of euros in annual fuel costs. The proposed legislation which went for an initial vote in the European Parliament, has divided the industry.
The home of luxury cars, Germany, wants supercredits, which the European Commission says wouldn’t be a good idea as it would lower down their plans. According to a study by the British-based consultancies Cambridge Econometrics and Ricardo-AEA, fuel-efficient cars and vas could save around 57 billion to 79 billion euros per year in fuel costs (they based their study using Commission and industry data ).
Phil Summerton, the research project coordinator at Cambridge Econometrics said that realizing how cost-effective the transition to fuel-efficient can generate loads of jobs across the European auto sector. He also said that it would improve the spending power of European consumers.
“It will also reduce Europe’s dependency on oil imports and the economy’s exposure to possible increases in future oil prices,” he explained. Estimations by consultants pen down 356,000 and 443,000 job opportunities by 2030 if more efficient conventional engines as well as hybrid and battery-powered cars and vans are brought into the picture.
The Commission’s plan is to make Europe less dependent on oil imports. The European Union, as of now, spend roughly 1 billion euros per day for oil imports.