California lawmaker to float zero emissions vehicle bill
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Cars travel north towards Los Angeles on interstate highway 5 in San Diego, California February 10, 2016. REUTERS/Mike Blake
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
By Rory Carroll
SAN FRANCISCO (Reuters) - A California lawmaker next week will introduce a bill requiring 15 percent of all vehicles sold in the state to be emissions-free by 2025, her spokeswoman said on Friday.
Assemblywoman Autumn Burke says the legislation is needed to ensure that California's current zero emissions vehicle target is met with actual vehicles and not just clean car credits, which environmentalists claim have flooded the market.
"Governor (Jerry) Brown has set an ambitious goal of 1.5 million electric vehicles by 2025, but unless we take action, the state won't come close to meeting this goal," said Burke, who represents the city of Inglewood in car-centric Los Angeles county.
"That's why we need to reform the rules to require that 15 percent of all cars sold in California have zero emissions by 2025. This is about clean cars, not credits," she said in a statement to Reuters.
The bill will require the California Air Resources Board to adopt a regulation by the end of next year to reach the 15 percent goal.
CARB has for years operated a zero emission vehicles program, which has helped the state achieve its current level of about 200,000 ZEVs on the road.
But a complex system of clean car credits, designed to give automakers flexibility in meeting the sales target, has led to a glut of credits, according to experts.
Environmental groups like the Natural Resources Defense Council and electric car manufacturer Tesla Motors told CARB at a recent meeting that auto companies may be able to reach the state's target by simply submitting credits, and said changes to the program's credit system are required.
About 4 percent of vehicles sold in California are zero emissions vehicles, which include full battery electric, hydrogen fuel cell, and plug-in hybrids. The NRDC estimates that under the current rules and credit system, California would have only 6 percent of all vehicles emission-free by 2025.
(Reporting by Rory Carroll; Editing by Jonathan Oatis and Dan Grebler)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Gambia's President Jammeh says rejects outcome of December 1 election
- Investors in delisted oil ETNs sell, but at a price
- Credit Suisse lowers hurdle to redeem delisted oil ETNs
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!