Vehicle pollution standard: On Sunday, Australia unveiled its "preferred model" for new vehicle emissions standards, marking a step toward finalising regulations aimed at promoting the adoption of electric cars. The proposed roadmap for fuel efficiency standards, initiated by the centre-left government elected in 2022 with a commitment to climate policy reforms, aligns with the standards observed in most developed economies.

Australia, apart from Russia, stands as the sole developed country without established or evolving fuel efficiency standards, according to the Labor government. The government's "preferred model," disclosed on Sunday, leans towards aligning Australia with US standards by 2028, aiming for optimal cost-benefit outcomes for Australian car buyers.

The proposed standard, targeted for implementation on January 1, 2025, is anticipated to yield substantial benefits, saving motorists an estimated A$100 billion ($65 billion) in fuel costs until 2050, as highlighted by Energy Minister Chris Bowen. The initiative aims to empower Australian families and businesses to choose from the latest and most efficient vehicles, including petrol and diesel engines, hybrids, or electric options.

Despite record-breaking electric vehicle (EV) sales in Australia in 2023, particularly noteworthy according to the country's automotive association, the market still predominantly features emissions-intensive trucks and sports utility vehicles (SUVs). Acknowledging the importance of tackling emissions from the transportation sector, the government envisions a higher uptake of electric vehicles to fulfil its commitment to reducing emissions by 43 per cent by 2030.

(With Reuters inputs)