EU backs incentives to motorists for taking old cars off the road
European commission has extended its support to industry’s call to provide incentives to the motorists across European Union for scrapping their old cars and buying fuel-efficient low carbon emission new models.
The Commission also suggested the European Investment Bank (EIB) to extend soft loan offers up to €40bn (£32bn) to car industry for designing green technologies. The initiative was the outcome of a meeting between ministers, and motor industry chief executives, commissioners and MEPs to help the industry which was hard hit by sales downturn and being forced to huge production cuts and layoffs.
Christian Streiff, chief of Peugeot Citroen, also heading car industry lobby group ACEA informed that west European third quarter sales slumped by 10% and could fall further. Credit freeze had resulted in bringing down car sales to a10-year low.
36% of western European cars, even in hi-tech Germany, were more than 8 years old. Thousand of vehicles are reported to older than 15 years.
EU industry commissioner, Gunter Verheugen stated that national governments would have to finance the proposed scheme on pan-European basis. However green campaigners are opposing use of taxpayer’s money on industry which did not fulfil fuel-efficiency requirements. Verheugen insisted not to subsidise loans.
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