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CHINA PBOC CONDUCTS CNY149.1 BILLION VIA 7-DAY REVERSE REPOS TUES

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Headline Consumer Sentiment Softens, House Price Expectations Rise Further

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EU Environment Ministers Agree 2035 for Zero Emission Cars

OIL PRODUCTS

EU environment ministers struck a deal this morning after long discussions that from 2035 onwards, only new cars and vans with zero CO2 emissions will be permitted.

  • "The Council also agreed to introduce a 100% CO2 emissions reduction target by 2035 for new cars and vans," the ministers said in a statement.
  • A final compromise must now be negotiated with the European Parliament — which also supports a complete ban on the sale of combustion engine vehicles as of 2035. It will from the ground work for the blocs Fit for 55 landmark greenhouse gas reduction package.
  • Italy, Portugal, Slovakia, Bulgaria and Romania had initially pushed for a delay in the ban but eventually conceded.
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