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Auto-sector innovation could help revitalize Europe's growth.
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In a new report - Fuelling Europe's Future: How auto innovation leads to EU jobs it is shown that Europe could improve its growth prospects and create 500,000 to 1.1 million net additional jobs in 2030 through auto sector innovation. Increased technology to cut fuel consumption would allow the EU to reduce its dependence on foreign oil and deliver between 58 and 83 billion a year in fuel savings for the EU economy by 2030. Jobs are created by increased spending on vehicle technology (like lightweighting), but more importantly by a shift in spending away from imported fossil fuels and back towards other areas of the European economy.
The technical study was conducted by Ricardo-AEA and the economic modelling by Cambridge Econometrics. The report was supported by various organisations, such as the European Climate Foundation, the European Aluminium Association, Eurelectric, CLEPA as well as individual companies like General Electric and Nissan.
The report acknowledges lightweight materials as one of the key enablers to more energy efficient vehicles in the future. This has also been shown in several studies from The European Aluminium Association earlier.
Source: www.alueurope.eu
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