Home StocksBoeing Co (NYSE:BA) France Dumps Planes for Railroads

French parliament has voted to cut domestic flight routes where the same destination can be reached by train in under 2.5 hours, in order to reduce carbon emissions.

The measure, approved by MPs over the weekend, is part of a wide-ranging package of measures to fight climate change backed by President Emmanuel Macron.

The bill, which now goes before the Senate before a final vote in parliament, calls for routes between Paris and Nantes, Lyon and Bordeaux to be abandoned, except for corresponding flights.

The move falls short of demands by a citizens’ climate convention set up by Macron, which had called for flights to be banned if trains could cover the same distance in under four hours.

The government already told Air France it had to cut short-haul flights in return for a public aid package to help it weather a downturn caused by Covid restrictions.

The draft law means that competitors cannot lay a claim to those routes either.

The bill ran into fierce resistance from MPs from southwestern France, home to the Airbus aircraft maker and many of its sub-contractors.

Joel Aviragnet, a Socialist lawmaker from the Haute-Garonne region, said the law would lead to job losses and a “disproportionate human cost”.

His party colleague David Habib said the law would lead to “negative growth” and “unemployment”.

But some parliamentarians said the ban did not go far enough, with left-winger Daniele Obono saying that a stricter law could rid the country of some of the most polluting flight routes, such as those between Paris and Nice, Toulouse and Marseille.

According to the draft law, the government will be able to cut further routes by decree.

It also calls for a carbon-offset tax on domestic routes.

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

© 2024 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.