Photo: Sean Gallup/Getty Images

France is aiming to lower carbon emissions by raising its pollution tax on large vehicles with a new law adopted by parliament earlier this week, Bloomberg reports.

By the numbers: Cars that emit carbon dioxide above a certain threshold will be subject to a 20,000 euro penalty — more than the current fine of 12,500 euros. France's finance ministry is projecting 50 million euros annually in revenue from the tax — those yields will be used to support automakers' shift to cleaner energy.

The government is meanwhile looking to incentivize the purchase of electric vehicles, per Bloomberg.

Between the lines: The new legislation comes as the European Union prepares to phase in new emissions standards that will fine automakers if their yearly sales exceed an average carbon limit.

The bottom line: "The measures show policy makers are still finding their way on how best to back a shift to cleaner cars," Bloomberg writes.

Our thought bubble: European regulations are tougher than the U.S., and they're coming much faster. This is why the French are enacting these measures, aimed at forcing the shift to electric vehicles.

  • If you give people an incentive to buy an EV and a disincentive to buy an SUV, you can really push the market quickly. Substituting one for the other may not make much of a difference.
  • Eventually, you should be able to take the EV incentives away, but not yet. The market is still in its infancy.

Go deeper: Electric vehicles are coming, but no one is sure how fast

Go deeper

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 20,755,406 — Total deaths: 752,225— Total recoveries: 12,917,934Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 5,246,760 — Total deaths: 167,052 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.