For today we decided to take a look at data related to CO2 emissions and new cars in the EU.

To start with, according to ACEA, the average CO2 emissions from new passenger cars in the European Union are down by 22.4% since 2010 (CAGR of -2.5%). To be specific, average CO2 emissions from new cars in the EU reached 108.2g CO2/km, indicating a decrease of 11.3% YoY.

Average CO2 emissions from new cars in the EU

Source: ACEA, InterCapital Research

When looking at Croatia, that figure reached 112.2 g CO2/km, showing a decrease of 6% YoY. Meanwhile, Slovenia noted a decrease of 7.8%, amounting to 114.1 g CO2/km. Although not an EU member state, Norway reported by far the lowest CO2 emission of 38.2 g CO2/km (-36.2% YoY). On the flip side, average CO2 emissions from new passenger cars are highest in Bulgaria, standing at 133 g CO2/km.

ACEA also reports that 80% of all new passenger cars sold in the EU emit less than 130 g CO2/km, while 21%, of all new passenger cars sold in the EU emit less than 95 g CO2/km.

We have recently published a blog on emissions trading in the EU, which can be found on the link here.

The value of last week’s taxable invoices in Croatia (11th Oct – 17th Oct 2021) increased by 22.4% YoY, reaching HRK 4.06bn.

According to the latest announcement published by the Tax Administration of the Republic of Croatia, the value of the last week’s taxable invoices (11th Oct – 17th Oct 2021) was up by 22.4% YoY or HRK 743.6m. Compared to the same period in 2019, the value of taxable invoices was up by 9.2%.

The value of taxable invoices in wholesale and trade in the same period increased by 14.1% YoY, while compared to the same period in 2019, it was up by 11.7%.

Meanwhile, the value of taxable invoices from accommodation and food services recorded solid growth of +65.6%, amounting to HRK 365m. This segment is down by 4.5% compared to the same period in 2019.

The National Committee for Macroprudential Oversight (NCMO) General Board decided not to extend the period of implementation of NCMO Recommendation for the implementation of Recommendation on restriction of distributions during the COVID-19 pandemic.

Taking into account the substantial capital reserves and the prospects for the distribution of dividends in the case of credit institutions in Romania, resuming a microprudential approach is deemed appropriate as concerns the assessment of capital adequacy and the dividend distribution plans.

This approach is also substantiated by the small number of such credit institutions and the significant differences in the financial and prudential statements of banks, so that a microprudential approach could be more effective in this context.

It is worth noting that the European Central Bank announced, in July 2021, that it decided not to extend the recommendation that limited dividend distributions beyond 30 September 2021. The decision was adopted after the stress test results were published on 30 June 2021, showing that the European banking sector had sufficient capital reserves to withstand adverse shocks.