Business community asks Trump Administration not to weaken CAFE standardsWe Mean Business
We Mean Business regrets President Trump’s decision to review and ultimately weaken the Corporate Average Fuel Economy (CAFE) standards which have been consistently and effectively working for the last four decades. These standards have enabled the automotive industry to reduce energy consumption by increasing the fuel economy of cars and light trucks. It has meant that the US has enjoyed increased fuel security and consumers have saved money at the pumps.
Rescinding these standards undermines the stated objective of the current administration to create an environment that stimulates economic competitiveness, job creation, infrastructure investment and public health.
We Mean Business is a coalition of organisations working with thousands of the worlds most influential businesses committed to taking action on climate change. Businesses which are generating US$8.1 trillion revenue and with investors managing US$20.7 trillion of investment. All of these businesses and investors are working towards a transition to a low carbon economy and see it as the only way to secure sustainable economic growth and prosperity for all.
A strong and consistent federal fuel economy and emission standards creates the market certainty for an automotive industry that needs stability and encourages investment in innovation and technology to create more fuel efficient vehicles. The CAFE Standards have been behind the increasing innovation and growth in fuel efficient vehicles, notably in Electric Vehicles (EVs). A Bloomberg study forecasts that sales of electric vehicles will hit 41 million by 2040, representing 35% of new light duty vehicle sales. It estimates that EVs will be a quarter of the cars on the road by that date.
Innovation in the automotive industry not only reduces emissions but leads to significant cost savings for businesses, for example Walmart which has a fleet of trucks each averaging 100 thousand miles a year has been working on many initiatives including a concept truck which will reduce fuel consumption by 55 percent over long routes and by 241 percent over shorter routes. To date these measures have eliminated 28.2 million metric tons of greenhouse gases which is the equivalent of taking 5.9 million cars off the road and already saves over $1 billion per year.
For More Information:
Senior Communications Manager
We Mean Business
+44 7391 512090
About We Mean Business:
We Mean Business is a coalition of organizations working with thousands of the world’s most influential businesses. These businesses recognize that the transition to a low carbon economy is the only way to secure sustainable economic growth and prosperity for all. To accelerate this transition, we have formed a common platform to amplify the business voice, catalyze bold climate action by all, and promote smart policy frameworks.All Press Releases