EU lawmakers back ban on new fossil fuel cars from 2035

Lawmakers supported a proposal, made by the European Commission last year, to require a 100 percent reduction in CO2 emissions from new cars by 2035, which would make it impossible to sell fossil fuel-powered vehicles in the EU from that date. AP
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Updated 08 June 2022
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EU lawmakers back ban on new fossil fuel cars from 2035

BRUSSELS: European Parliament lawmakers on Wednesday voted to support an effective EU ban on the sale of new petrol and diesel cars from 2035, rejecting attempts to weaken the proposal to speed Europe’s shift to electric vehicles.

The vote upholds a key pillar of the EU’s plans to cut net planet-warming emissions 55 percent by 2030, from 1990 levels — a target that requires faster emissions reductions from industry, energy and transport.

Lawmakers supported a proposal, made by the European Commission last year, to require a 100 percent reduction in CO2 emissions from new cars by 2035, which would make it impossible to sell fossil fuel-powered vehicles in the EU from that date.

Attempts by some lawmakers to weaken the target to a 90 percent CO2 cut by 2035 were rejected.

The law is not yet final. Wednesday’s vote confirms the parliament’s position for upcoming negotiations with EU countries on the final law.

The aim is to speed Europe’s shift to electric vehicles and embolden carmakers to invest heavily in electrification, aided by another EU law that will require countries to install millions of vehicle chargers.

“Purchasing and driving zero-emission cars will become cheaper for consumers,” said Jan Huitema, parliament’s lead negotiator on the policy.

Carmakers including Ford and Volvo have publicly supported the EU plan to stop combustion engine car sales by 2035, while others, including Volkswagen, aim to stop selling combustion engine cars in Europe by that date.

But emails seen by Reuters show industry groups including German auto association VDA lobbied lawmakers to reject the 2035 target, which they said penalized alternative low-carbon fuels and was too early to commit to, given the uncertain rollout of charging infrastructure.

“Our positions are transparent. It is our mission to develop the best solutions with everyone involved,” a VDA spokesperson said.

Electric cars and plug-in hybrid vehicles made up 18 percent of new passenger cars sold in the EU last year, although overall car sales dropped in the year amid semiconductor shortages, according to the European Automobile Manufacturers’ Association.

Transport produces a quarter of Europe’s planet-heating emissions, and greenhouse gases from the sector have increased in recent years, threatening efforts to avert dangerous levels of climate change. 


Closing Bell: Saudi main index rises to close at 11,251 

Updated 12 February 2026
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Closing Bell: Saudi main index rises to close at 11,251 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 84.27 points, or 0.75 percent, to close at 11,251.81. 

The total trading turnover of the benchmark index was SR5.38 billion ($1.43 billion), as 188 of the stocks advanced and 67 retreated.    

Similarly, the Kingdom’s parallel market Nomu gained 157.22 points, or 0.67 percent, to close at 23,643.74. This comes as 44 of the stocks advanced while 32 retreated.    

The MSCI Tadawul Index gained 10.88 points, or 0.72 percent, to close at 1,517.43.     

The best-performing stock of the day was Saudi Kayan Petrochemical Co., whose share price surged 9.96 percent to SR5.30.   

Other top performers included Ataa Educational Co., whose share price rose 9.94 percent to SR57.50, as well as Rabigh Refining and Petrochemical Co., whose share price surged 5.74 percent to SR7.55. 

Saudia Dairy and Foodstuff Co. recorded the most significant drop, falling 5.93 percent to SR220.50. 

Abdullah Saad Mohammed Abo Moati for Bookstores Co. also saw its stock prices fall 2.77 percent to SR43.56. 

Zahrat Al Waha for Trading Co. also saw its stock prices decline 2.30 percent to SR2.55. 

On the announcement front, Multi Business Group Co. reported its annual financial results for the year ended Dec. 31. According to a Tadawul statement, the firm recorded a net profit of SR352,172 during the year, down 98 percent from the previous year. 

The company attributed the decline primarily to a 2 percent drop in building contracting revenues and a 73 percent decrease in gross profit.  

Multi Business Group Co. ended the session at SR9.90, down 1 percent. 

Hamad Mohammed Bin Saedan Real Estate Co. announced the signing of a memorandum of understanding with Saudi Awwal Bank to enhance collaboration in financing solutions, advance real estate development projects, and expand access to customer financing programs. 

Hamad Mohammed Bin Saedan Real Estate Co. ended the session at SR6.67, up 1.21 percent.