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A press release from the Parliament said the compromise backs the European Commission's proposed target of an average of 120g ofCO2/km for the whole car industry by 2012, compared to the current levels of 160g/km.
Under the agreement, a target of 130g/km is to be reached by improvements in vehicle motor technology. A further 10g/km reduction, to reach the 120g/km target, should be obtained by using other technical improvements such as better tyres or the use of biofuels.
The deal was reached following a series of meetings between members of the European Parliament and the French Presidency of the European Council late on Monday.
However, the measure needs to be endorsed by the full session of the European Council and put to a first reading vote at Parliament's December plenary session in Strasbourg.
The informal compromise concerns a draft regulation which sets emission performance standards for new passenger cars registered in the EU. These account for 12 percent of overall EU emissions ofCO2, the main greenhouse gas, according to European Commission's figures.
The new regulation is part of the EU's effort to reduce CO2 emissions by 20 percent by 2020.
The press release said that manufacturers will be given interim targets to ensuring that average CO2 emissions of 65 percent of their fleets in January 2012, 75 percent in January 2013, 80 percent in January 2014 and 100 percent in 2015, comply with the car manufacturer's specific CO2 emissions target.
Manufacturers exceeding the carbon dioxide targets set by the regulation will have to pay fines of 5 euros for the first gram ofCO2, 15 euros for the second gram of CO2 and 95 euros from the fourth gram of CO2 from 2012 to 2018. From 2019 manufacturers will have to pay 95 euros for each gram exceeding the target.
