The EV industry has sworn that electric vehicles will rule the road in the future. According to scientists, vehicles fueled by gasoline and diesel must be discontinued if there is any chance of preventing the worst effects of a climate disaster, as transport accounts for about 25% of all carbon pollution produced by humans.
According to a report issued this week by Greenpeace, the transition to electric cars is progressing slowly to avoid dangerous climate change. The report went on to say that the industry’s leading manufacturers, Toyota and Volkswagen (VW), are moving too slowly toward electric vehicles, which would have serious consequences for the climate and would lead to a climate conflict.
Analyzing the electrification report of the major EV producers, which account for 40% of those producing cars, it is noted that two of them, GM and Kia, are set to go fully electric by 2035 and 2045, respectively. The report further revealed that Toyota and VW had yet to give dates for when they were to go electric. VW has set the year 2040 as a likely date for going electric, whereas Toyota has not identified a date, claiming that the EV transition will take longer than many expect.
If these findings by Greenpeace are to be believed, then pollution from all the excessive vehicles would match the pollution released by buildings across the globe. And this will be a huge spread over time, one that will be hard to offset.
The report also noted that climate laws could dictate the market for these vehicles. All across the globe, climate laws want to gradually reduce diesel and gasoline vehicle sales. Consequently, car producers that do not transition to electric vehicles on time risk having their cars not sold once they are produced, which will mean staring at grounded vehicles and a huge loss. The report said that there was a risk of $2 trillion in losses.
For this reason, bankers as well as investors must take the initiative to call out the internal combustion engine bubble and use their power to hasten car producers’ shift to electric vehicles.
This truth has caused several countries and jurisdictions to be more ambitious in their goals for discontinuing gas vehicles. For example, the United Kingdom and California intend to gradually stop the sale of fossil-fuel vehicles by 2030 and 2035, respectively. By the end of 2030, Greenpeace wants legacy automakers to follow this example and stop using gas-powered engines and join EV startups such as NIO Inc. (NYSE: NIO) in churning out only electric vehicles.
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