Ford Motor Company (NYSE: F), General Motors Company (NYSE: GM) – Volkswagen CEO calls G7 coal result “disappointing” and says coal-powered electric vehicles are “regulatory nonsense”
German automaker of the Volkswagen Group (OTC: VWAGY) CEO Herbert Diess on Tuesday berated the Seven Nations Group for not setting an end date for the coal phase-out and called for more measures to be taken to meet the 2030 climate target of reducing greenhouse gas emissions to at least 55% lower the level of 1990.
What happened: Diess tweeted that the G7 had not done enough and that the recently concluded political forum was a “disappointing result” and pushed for the need to phase out coal much sooner.
“Electric cars are the key to achieving the 2030 climate targets. But electric cars only make sense with green electricity, while electric cars run on coal is regulatory nonsense,” tweeted Diess.
That is not enough, @ G7. Disappointing result. We have to get out of the coal a lot sooner! Electric cars are the key to achieving the 2030 climate targets. But electric cars only make sense with green electricity, while electric cars run on coal is regulatory nonsense. @ COP26 @BorisJohnson @EU_Kommission https://t.co/mOpqn2pJTW
– Herbert Diess (@Herbert_Diess) June 15, 2021
Why it matters: The recently concluded G7 summit of nations like Canada, France, Germany, Italy, Japan, Great Britain and the United States failed to set an end date for phasing out coal, which is vital to achieving global climate change goals.
The political forum turned down a proposal to stop production of diesel and gasoline cars and did not do enough to set an end date for the use of coal in their own countries.
The German automaker is looking beyond the Dieselgate emissions scandal and has ramped up plans to electrify its portfolio under Diess, who took over as CEO in 2018.
The company expects more than 70% of European sales of its Volkswagen brand to be in electric vehicles by 2030, up from an earlier target of 35%. In the USA and China, the company expects half of its sales to come from electric vehicles by then.
See also: General Motors will only offer electric vehicles until 2035
Volkswagen and other global automakers, including General Motors Co (NYSE: GM) and Ford Motor Co (NYSE: F) are tightening deadlines and allocating billions of dollars for a quick move to an all-electric vehicle range, a disruption led and accelerated by Elon Musk Tesla Inc (NASDAQ: TSLA).
See also: Ford Raises 5-Year EV Investment Target to $ 30 Billion After Soaring Launch of F-150 Lightning: Everything You Need To Know
Price action: VW OTC stock closed 0.72% lower at $ 35.95 on Monday.
Photo by Matti Blume on Wikimedia
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