Australia implements new fuel efficiency standards to boost electric vehicle availability

Australia has introduced new fuel efficiency standards for cars, aiming to provide cheaper and cleaner electric vehicles. The new vehicle efficiency standard (NVES) limits the average emissions of carmakers' fleets and imposes penalties for exceeding these limits. The rules, effective January 1, 2025, align Australia with other developed economies, excluding Russia. They are expected to increase the availability of electric and efficient combustion-engine vehicles, potentially saving new car buyers $1,000 annually in fuel costs by 2028. Additionally, new regulations require large companies to report their greenhouse gas emissions and climate-related financial risks. This change aims to enhance transparency and accountability in corporate environmental practices.