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Italy and the Czech Republic will work together to block the EU’s 2025 CO2 emission rules in a bid to protect the automotive industry, Reuters reports. Both countries will present their concerns at the upcoming EU leaders’ meeting in Budapest.
REMEMBER- France just called for flexibility on incoming EU emission fines: France wants more “flexibility” with the implementation of the EU’s incoming stricter car emissions next year, which could lead to over EUR 10 bn in fines for European carmakers, such as Renault and Volkswagen, which are already struggling due to cooling demand on EVs.
And Europe’s EVs factories are already struggling: German carmaker Audi’s EV factory in Brussels may close after failing to secure a viable investor. Despite interest from 26 parties, none offered a “viable and sustainable concept” for the factory’s future, Audi COO Gerd Walker said. The factory, hindered by high costs and logistical challenges, has struggled with poor demand for the electric SUV produced there.
US green energy demand is expected to rise regardless of the outcome of today’s presidential elections, wind energy companies Vestas and Orsted expect, according to Reuters. Despite challenges, including rising raw material costs, high interest rates, and supply chain bottlenecks, the need for renewable energy remains strong. A US trend of reshoring industries is expected to drive this demand, noted Orsted’s CEO Mads Nipper.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- LingoSat goes to space: Japanese researchers have launched the world’s first wooden satellite LignoSat into space. LignoSat, made from honoki wood, will orbit the Earth at about 400 km altitude for six months, measuring how wood endures the harsh space environment. The wooden satellite aims to address the growing concern about space debris in orbit — which can threaten spacecraft and space stations. (Reuters)
