EU lawmakers set to fast-track softer car CO2 emission targets

BRUSSELS (Reuters) -The European Parliament cleared the way on Tuesday to rapid approval of softer EU CO2 emissions targets for cars and vans that will allow automakers more time to comply and should reduce potential fines.

European car manufacturers warned existing targets to be met this year could result in fines of up to 15 billion euros ($17.0 billion), given the goals rely on selling more electric vehicles, a segment where they lag Chinese and U.S. rivals.

Following heavy lobbying, the European Commission proposed allowing automakers to meet the targets based on their average emissions over the period 2025-2027, rather than just this year.

EU lawmakers voted in favour of a motion for rapid approval of the change, rather than proceeding with months of debate. They will vote again on the Commission's proposal itself on Thursday. The proposal still needs approval from EU governments.

European Commission President Ursula von der Leyen has said the change would give European automakers "breathing space". Volkswagen said last week the longer compliance period would still result in a burden in 2025.

Electric transport industry group E-Mobility Europe has warned changing the 2025 CO2 emissions target period will put Europe further behind China in EVs and deter investments in charging infrastructure.

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(Reporting by Philip Blenkinsop and Benoit Van Overstraeten; Editing by Kirsten Donovan)