New Vehicle Efficiency Standard Act 2024

The New Vehicle Efficiency Standard Act 2024 aims to establish a vehicle emissions standard to reduce carbon dioxide emissions. The Act sets emissions targets for covered vehicles, including passenger and light commercial vehicles, that are registered for the first time during a specified period. The standard defines covered vehicles as Type 1 and Type 2 vehicles, and outlines conditions for vehicle classification. The Act requires manufacturers to ensure their final emissions value is zero or less, with penalties for non-compliance. The Minister may determine additional matters relevant to the standard through legislative instruments, subject to public consultation.