Proposed European legislation to cut CO2 emissions from Europe’s new-car fleet to 95g/km by 2020 could create about 400,000 jobs and save tens of billions of euros in fuel costs, a study said.

The new CO2 goal across is set for an initial vote in the European Parliament today. The plan has split the industry. Germany, home to luxury carmakers, has pressed for supercredits, which the European Commission says would dilute its plans.