Citigroup Says Senate Fuel Economy Standards Attainable, Profitable for Automakers Global Banking Giant's Findings Rebuts Auto Industry's Doom-and-gloom on 35 MPG Standard The report can be found by clicking HERE (pdf). WASHINGTON (October 25, 2007) - Global banking giant Citigroup released a report this week that concludes the fuel economy targets included in the energy bill currently being considered in Congress are both achievable and can result in profits for automakers. Citigroup's conclusions regarding the financial impact of the Senate CAFE provisions that require that the combined fleet of cars and trucks achieve 35 miles per gallon in 2020 are quite the opposite from the doom and gloom scenarios being put forth by auto industry lobbyists. "When you have the world's number one bank, which has financial ties to many major automakers, saying fuel economy standards are a good economic play, it drives a stake through the heart of the auto industry's scare tactics," said Chairman Edward J. Markey of the Select Committee on Energy Independence and Global Warming. The report, "CAFE and the U.S. Auto Industry; A Growing Auto Investor Issue, 2012-2020", was created in partnership with Ceres and the Investor Network on Climate Risk, along with industry experts at the Planning Edge, University of Michigan Transportation Research Institute, and NRDC. It evaluated potential changes to the U.S. Corporate Average Fuel Economy (CAFE) program.
Global Banking Giant's Findings Rebuts Auto Industry's Doom-and-gloom on 35 MPG Standard
The report can be found by clicking HERE (pdf).
WASHINGTON (October 25, 2007) - Global banking giant Citigroup released a report this week that concludes the fuel economy targets included in the energy bill currently being considered in Congress are both achievable and can result in profits for automakers. Citigroup's conclusions regarding the financial impact of the Senate CAFE provisions that require that the combined fleet of cars and trucks achieve 35 miles per gallon in 2020 are quite the opposite from the doom and gloom scenarios being put forth by auto industry lobbyists.
"When you have the world's number one bank, which has financial ties to many major automakers, saying fuel economy standards are a good economic play, it drives a stake through the heart of the auto industry's scare tactics," said Chairman Edward J. Markey of the Select Committee on Energy Independence and Global Warming.
The report, "CAFE and the U.S. Auto Industry; A Growing Auto Investor Issue, 2012-2020", was created in partnership with Ceres and the Investor Network on Climate Risk, along with industry experts at the Planning Edge, University of Michigan Transportation Research Institute, and NRDC. It evaluated potential changes to the U.S. Corporate Average Fuel Economy (CAFE) program.
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