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EU to set 30 pct reduction CO2 target for cars and vans by 2030

BRUSSELS, Nov 8 (Reuters) - The European Commission will propose on Wednesday carbon dioxide reduction targets for new cars and vans of 30 percent by 2030 compared with 2021 and a crediting system to promote electric vehicles, EU sources said.

Under the draft proposal, if carmakers are found in breach of rules, they face penalties of 95 euros for every gram of CO2 above the limit and for each new vehicle registered in a given year.

The EU executive, due to unveil the proposal later on Wednesday, is also set to earmark 800 million euros ($927.7 million) to support the roll out of charging points for electric vehicles and 200 million euros for battery development. ($1 = 0.8624 euros) (Reporting by Alissa de Carbonnel zAdeCar; editing by Philip Blenkinsop)