Final hours! Save up to 55% OFF InvestingProCLAIM SALE

Democratic lawmakers want Biden to sign global EV memorandum at COP27

Published 11/04/2022, 11:56 AM
Updated 11/04/2022, 12:52 PM
© Reuters. U.S. President Joe Biden delivers remarks to highlight electric vehicle manufacturing in America, during a visit to the Detroit Auto Show in Detroit, Michigan, U.S., September 14, 2022. REUTERS/Kevin Lamarque

By David Shepardson

WASHINGTON (Reuters) - A group of 16 Democratic U.S. lawmakers on Friday urged President Joe Biden to back a global memorandum that aims to shift to zero-emission medium- and heavy-duty vehicles.

The lawmakers want the United States at the COP27 climate summit to sign the non-binding memorandum of understanding (MOU) that sets a target for 30% of those new vehicles to be zero-emission by 2030 and 100% by 2040.

The lawmakers led by Senator Martin Heinrich note medium and heavy trucks represent 10% of vehicles but account for 28% of total on-road greenhouse gas emissions.

"We believe United States participation in the Global MOU will send clear market signals to industry," said the letter, also signed by Senators Dianne Feinstein, Alex Padilla, Ed Markey, Cory Booker, Elizabeth Warren, Tom Carper, Jeff Merkley, Bob Menendez and others.

The letter notes the memorandum "does not require U.S. federal agencies to adopt new emission standards, targets, or requirements."

The White House did not immediately comment.

The $430 billion climate, tax and drug policy bill passed in August includes new commercial electric vehicles tax credits, with up to $7,500 for light- and medium-duty vehicles and up to $40,000 for heavy-duty vehicles.

The memorandum has been signed by 16 countries and endorsed by over 60 state and local governments, manufacturers, financial institutions and others.

Reuters reported Thursday the U.S. Environmental Protection Agency plans to issue tougher greenhouse gas emissions rules for heavy duty trucks and other vehicles through at least the 2030 model year by the end of 2023.

© Reuters. U.S. President Joe Biden delivers remarks to highlight electric vehicle manufacturing in America, during a visit to the Detroit Auto Show in Detroit, Michigan, U.S., September 14, 2022. REUTERS/Kevin Lamarque

Under the EPA's revised schedule, the agency plans to issue proposed rules in March and final rules by the end of December, a move the agency said will allow it "to put in place ambitious GHG standards for heavy-duty vehicles as soon as possible."

The EPA in March had proposed tighter standards for 17 of the 33 sub-categories of vocational and tractor vehicles, including school buses, transit buses, commercial delivery trucks, and short-haul tractors.

Latest comments

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. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.