On the occasion of the Motorshow in Geneva the UN Environment Programme (UNEP), the International Energy Agency (IEA), the International Transport Forum (ITF) and the FIA Foundation launched the ’50 by 50′ Global Fuel Economy Initiative  to promote the development of a global car fleet that runs on 50% less fuel by 2050. The Initiaitve seeks to  boost the efficiency of all new cars by 50% by 2030, with the entire global fleet expected to reach this goal by 2050. The plan is set to reduce annual CO2 emissions by two gigatonnes (Gt) by 2050, while saving six billion barrels of oil. With the number of cars expecting to triple by 2050, the organisations behind the initiative say that achieving their goal could stabilise CO2 emissions at just above 2005 levels.