The European Union unveiled sweeping new legislation Wednesday to help meet its pledge to cut emissions of the gases that cause global warming by 55% over this decade, including a controversial plan to tax foreign companies for the pollution they cause. The legislation presented by the EU’s executive branch, the European Commission, encompasses about a dozen major proposals, ranging from the de-facto phasing out of gasoline and diesel cars by 2035 to new levies on gases from heating buildings. They involve a revamp of the bloc’s emissions trading program, under which companies pay for carbon dioxide they emit, and introduce taxes on shipping and aviation fuels for the first time. Most of the proposals build on existing laws that were designed to meet the EU’s old goal of a 40% cut in greenhouse gas emissions by 2030 compared to 1990 levels — and must be endorsed by the 27 member countries and EU lawmakers. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake