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Originally Posted by cRiPpLe_rOoStEr
Euro-4 was actually skipped due to the 2008 asset bubble crisis, while Euro-5 was anticipated in order to compensate for the higher emissions that vehicles which would otherwise comply to Euro-4.
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Diesel Net's emissions page (great source on global emission standards) says.
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PROCONVE P-6 standards, based on Euro IV, were scheduled to become effective from 2009. However, because low sulfur diesel fuel was not available, the P-5 stage remained in effect until the end of 2011.
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That could be based on the 2008 financial crisis. Brazil wouldn't have wanted to pay to upgrade their refineries to make ultra-low sulfur diesel nor pay to import it from other countries.
Mexico's adoption of Euro V was also delayed due to lack of ULSD.