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The rapid decline in battery prices for electric vehicles will make them far more affordable in the near term, and as a result, the age of gas-powered vehicles may end sooner than experts previously thought, according to a new report from Bloomberg NEF. In the annual Bloomberg outlook on electric vehicles, they predict that by 2040, 57% of all new passenger vehicles sold (estimated at 56 million) and 30% of all vehicles on the road globally will be fully electric vehicles.
Because the price of batteries has dropped so quickly in less than 10 years, they now predict that there will be price parity between electric and conventional internal combustion engine (ICE) vehicles by the mid-’20’s, with the ICE vehicles declining after 2030.
That means peak oil demand will also arrive sooner than expected — which in turn means ambitious climate goals will be more affordable and achievable than previously thought. This trend is already being seen in auto markets, with a surge of new electric vehicles set to come to market in the next 5 years. For example, another manufacturer, Mercedes-Benz, announced on Monday it plans to make its new passenger car fleet carbon-neutral within two decades, based on sales of electric vehicles and renewable energy. According to CNN Business, the company described its decision as a “fundamental transformation of our company,” and is aggressive compared to similar carbon-neutral targets announced by other major automakers. By 2030, they intend to have all-electric models and hybrids make up more than half of its total car sales.
Why This Matters: The faster we go to EVs, the sooner our air will be clean and GHG emissions lowered. We CAN tackle the climate challenge. All of this rapid change is happening without significant US government investment. Imagine what a difference a Green New Deal could make.Bloomberg concludes that with a strong government push, aggressive carbon emission reduction targets can be met sooner. And fossil fuel use to power autos will begin to decline forever within a decade.
To Go Deeper: Check out the Bloomberg NEF Report here. It is very cool and worth your time. It will make you feel at least a little optimistic!
By Amy Lupica, ODP Daily Editor A new study published by the UN Environmental Program (UNEP) reports that the world must cut its coal, oil, and gas production by more than half by 2030 to limit global temperature rise and meet the goals of the Paris Agreement. The world’s fossil fuel industry currently plans to […]
By Natasha Lasky, ODP Staff Writer President Biden announced a plan to develop seven new offshore wind farms along US coastlines. He aims to deploy 30 gigawatts of offshore wind power by 2030 — enough energy to power over 10 million homes. Why this Matters: The proposed wind projects could avert 78 million metric […]
By Ashira Morris, ODP Staff Writer A peak in fossil fuel use is expected by the middle of the decade and according to the International Energy Agency’s (IEA) latest annual World Energy Outlook report:There’s still a clean energy gap when it comes to limiting global temperature rise. Released in the lead up to the COP26 […]
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