US imposes $145.8 million fine on General Motors for excess emissions
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Depositphotos_46487557_S.jpg)
General Motors will pay a $145.8 million fine and forfeit credits valued at hundreds of millions of dollars following a US government inquiry that revealed excessive emissions from about 5.9 million GM vehicles.
The Environmental Protection Agency (EPA) announced on Wednesday that GM agreed to retire around 50 million metric tons in carbon allowances.
The investigation found that vehicles from model years 2012-2018 emitted over 10% more carbon dioxide on average than initially reported in GM’s compliance filings.
Also read: ECB may take “remedial action” against firms failing to meet emissions reduction targets
GM said Wednesday that the figure is “consistent with the costs of the final resolution of these matters with the federal government.”
Earlier this year, GM revealed ongoing discussions with the EPA and other regulators about adjustments to its credits.
The company disclosed that through 2023, it had expensed $450 million related to the issue, reflecting its “current best estimate of the probable loss.” This estimate suggests the forfeited credits are valued at approximately $300 million.
“GM’s admission that they cheated on federal emissions and mileage rules shows why automakers can’t be trusted to protect our air and health and why we need strong pollution rules,” Dan Becker, director of the Center for Biological Diversity’s Safe Climate Transport campaign, told Reuters.
In June 2023, NHTSA announced that GM paid $128.2 million in penalties for failing to meet fuel economy requirements for 2016 and 2017. This marked GM’s first fine under the 40-year-old fuel economy program.
Initially planning to use credits to cover the compliance gap, GM ultimately chose to pay the penalties instead, according to NHTSA.
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-4.33.30 PM-150x150.png)
CalPERS allocates nearly $10 billion to climate action...
-
The California Public Employees’ Retir...
- 05/07/2024
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Asset-Management-150x150.png)
Eco-gamers launch online video game to target asset...
-
A team of eco-gamers known as Serious Pe...
- 01/07/2024
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/06/Depositphotos_73537517_S-150x150.jpg)
EU regulators push for revisions in landmark ESG...
-
Regulators overseeing the markets, banki...
- 19/06/2024
Related News
ERM, a sustainability consultancy company, announced that it has commenced offshore trials to test the key elements of its Dolphyn Hydrogen process. The trials mark […]
European Energy announced that it had acquired grid connection approvals for nearly 500 megawatts (MW) of solar and wind energy projects across Romania. The approvals […]
In its second-quarter update, Shell announced that it would incur an impairment charge of up to $2 billion following the sale of its Singapore refinery […]
The California Public Employees’ Retirement System (CalPERS) announced a commitment of almost $10 billion to advancing global efforts to transition to a low-carbon economy. This […]
The European Commission announced that it has approved a €10.82 billion French scheme to support offshore wind energy deployment. It aims to help foster a transition […]
ENGIE announced that it signed a 7-year Biotmethane Purchase Agreement (BPA) with BASF. According to the agreement, ENGIE will supply the chemicals company with 2.7 […]