Over the 9 year span from 1995 to 2004, European, Japanese and Korean automakers have reduced their carbon dioxide emissions by, on average, 12.4 percent in Europe. However, they still run the risk of falling short of meeting their voluntary target of reducing emissions 25 percent by 2008 for the European manufacturers and 2009 for the Asian car makers.
In light of these statistics, the European Union warned auto manufacturers that if they don't pick up the pace, the EU won't "hesitate to replace the carrot with the stick" and impose mandatory requirements.

Reducing CO2 emissions is a major aspect in the EU's strategy to reduce greenhouse gases under the Kyoto Protocol. Since 1990, overall CO2 emissions levels from automobiles has increased 22 percent.

In response, the European Automobile Manufacturers Association, the European version of the Alliance of Automobile Manufacturers, emphasized the success of the voluntary agreement and stated they would be willing to work with the EU to develop new ideas. However, at this point the car manufacturers will need to average reductions of more than 3 percent per year to meet their voluntary targets.

[Source: Associated Press via Detroit News]

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