In its goal to reduce air pollution, the European Commission’s European Green Deal contains a proposal to include road transport in the EU emissions trading system (ETS), which sets a cap and the possibility to trade carbon emissions for a price. However, including road transport in such a scheme has pros and cons, and may not be the most effective means of managing pollution reduction targets. Not only would it limit possibilities for national carbon taxes, but it could also have the negative effect of raising fuel price for consumers. On the other hand, the use of this system could remove the need for vehicle CO2 standards, a move supported by car manufacturers.
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IMPLEMENTING FINAL BASEL III REFORMS IN THE EU
Leaseurope responded to the European Commission consultation on implementing the final Basel III reforms (Basel IV) in the EU. In our response, we call on the European Commission to support a form of finance that has been proven over the years to be both low risk and sustainable, critical for future growth, European SMEs and the move towards achieving Europe’s environmental goals. We sent the European Commission a number of proposals in order to adjust the prudential framework in Europe so that it reflects the low risk nature of leasing. Following our comments, we will be meeting in the short term with relevant officials and policy makers to discuss further our key messages.
MULTIPLE ISSUES AT STAKE IN RECAST OF CROSS-BORDER ENFORCEMENT DIRECTIVE (CBED)
As a result of Leaseurope’s efforts during 2019, a recast of the Cross-Border Enforcement Directive (CBED) is incorporated in the European Commission work programme. Firstly, Leaseurope aims to ensure the cross-border fines implementation mechanism shifts liability away from the leasing/rental company and directly onto the driver responsible for the fine. Secondly, in light of the ever-increasing number of low emission zones (LEZs) being created across Europe, Leaseurope is advocating for a platform to automate the exchange of vehicle information required to grant access to LEZs. As next steps on this, a study for the Impact Assessment of the CBED is being conducted for the Commission by a consortium which includes Ecorys and a law firm (Grimaldi Studio Legale), whom Leaseurope is now engaging with. In parallel, the Commission has agreed that they will carefully examine any Leaseurope amendments proposed, before the official public consultation due to take place in the course of 2020.
LEASING HAS KEY ROLE TO PLAY IN CIRCULAR ECONOMY ACTION PLAN
Leaseurope recently provided feedback to the European Commission on their circular economy plan. Leaseurope highlighted that many core characteristics of the leasing and rental industries made them inherently compatible with the goals of the circular economy action plan. It was also noted that leasing and rental facilitate shared use of vehicles and equipment, encourage less frequent purchase of new assets, and help to ensure efficient use of assets over their lifespan, including recycling.
UPCOMING EVENTS
FINTECH AND DIGITAL INNOVATION: DELIVERING FOR THE FUTURE
On 3 March 2020 in Brussels, key aspects of FinTech regulation will be discussed at the 4th Annual Conference on ‘FinTech and Digital Innovation: Delivering for the Future’ hosted by Afore Consulting. Speakers will be presenting on how to satisfy concerns over data, oversight, cybersecurity, outsourcing and operational resilience in financial markets; open finance and the developments of open infrastructure in retail financial services; the role of FinTech in Capital Market Union and capital market integration. Finally, the appropriate policy response to crypto assets and stable coins will be debated. Please find the full programme and registration
2020 FUTURE OF TRANSPORT CONFERENCE
Also on 3 March 2020 in Brussels, high-level speakers from the EU institutions will be presenting at the 2020 Future of Transport Conference hosted by ForumEurope. They will touch upon key themes such as connected and automated vehicles, the WiFi versus C-V2X debate, transport safety and climate change and decarbonization.
SUSTAINABILITY IS POSSIBLE!
On 19 February in Brussels, the final conference of the SMART project, Sustainability is Possible!, will be taking place. The SMART project is a consortium of international stakeholders (coordinated through the University of Oslo) working in various research areas with the goal of producing a set of policy reforms to promote the transition to sustainable business practices, including financial sector support of sustainability.
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