42 Billion Euros Spent Annually by 5 Largest EU Countries to Subsidize Fossil Fuel Company Cars, Study Finds [Video]

The five biggest countries in the European Union spend 42 billion euros each year on subsidizing fossil-fuel-powered company cars, a new study commissioned by Transport & Environment (T&E) says.

The report by Environmental Resources Management (ERM), “Company car fossil fuel subsidies in Europe,” called for increased subsidies for electric vehicles (EVs).

“This is completely illogical and completely unacceptable, that we’re still pouring billions of taxpayer money into a technology that’s completely contradictory to the European Commission’s green transition agenda,” Stef Cornelis, T&E’s fleet director, told Reuters.

About 60 percent of new cars sold in Europe are company cars.

“Company carsare seen as perks provided to employees as a part of their salary. While they are partially intended for work travel, they are also used privately – such as for commuting – to the benefit of the driver,” a press release from T&E said. “This is the first study of its kind that calculates these subsidies for …