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EIB Seeks Probe into Renault Loans for in Diesel Development
The European Investment Bank has asked the French government to determine whether Renault SA used a portion of €800 million ($865 million) in EIB loans to develop cheater diesels.
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The European Investment Bank has asked the French government to determine whether Renault SA used a portion of €800 million ($865 million) in EIB loans to develop cheater diesels.
The EIB points out that Renault is among several carmakers identified last November by French consumer fraud agency DGCCRF as manipulating emission control systems to work mostly or exclusively during pollution tests. Renault insists that its diesels were built to conform to EU rules.
EU standards allow carmakers to install software that switches off emission controls if necessary to protect the engine when intake air temperatures fall outside a fixed range. But Reuters cites Renault documents in which the carmaker concedes its system turns off nitrogen oxide controls for about seven months per year.
European carmakers have received more than €8 billion in EIB loans over the past eight years to develop “green” vehicles, including those powered by diesels. The bank notes it has a zero-tolerance policy toward the illegal use of its loans.
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