It is becoming increasingly clear that more than a century of industrialization has had a major adverse effect on the earth. Extreme weather, including heat waves, forest fires and freezing temperatures, are becoming more common, and several countries have pledged to phase out internal combustion engine (“ICE”) vehicles and take up zero-emission electric cars to combat this phenomenon. Vehicular transportation is responsible for nearly 30% of America’s carbon emissions, and electric vehicles represent a way for the United States — and the world at large — to cut down on emissions.
However, it has been said that electric vehicles (“EVs”) aren’t much cleaner than internal combustion engines vehicles. The longstanding myth has been that producing these vehicles leaves a significant carbon footprint, and since they rely on electricity grids that are mostly powered by fossil fuels, EVs result in minimal, if any, emissions reductions. Fortunately for electric vehicle and green energy proponents, a new study has provided evidence showing that this is actually the contrary. Over the course of EV usages, from sourcing for raw materials and EV production to the very end of their lives, electric vehicles will produce far fewer greenhouse gases compared to petrol and diesel-powered cars.
This doesn’t just apply to America but the world at large, the study found, regardless of whether the electric vehicles are plugged into a fossil fuel reliant grid such as India’s or a grid that employs renewable emery sources such as some European countries. The research, published by the International Council on Clean Transportation (“ICCT”), found that over time, the assumption that electric vehicles are only as clean as the grids they rely on isn’t true. Georg Bieker, a researcher at the ICCT, says the automotive industry has been largely responsible for this myth via lobbying, with the argument being that fossil-fuel-reliant grids coupled with battery production cancel out the benefits of electric vehicles.
But according to the research, electric vehicles are crucial for countries that wish to meet emission standards. Even when they were plugged into grids that rely heavily on fossil fuels, EVs still produced fewer emissions than those from ICE vehicles. In Europe, where the grid incorporates renewables such as solar and wind, an electric vehicle’s lifetime emissions are 66–69% lower compared to a gas-powered car while in the U.S., they produce 60–68% less emissions. In China, whose grid is significantly powered by coal, an EV will result in 37–45% fewer emissions, and in India, emissions will be 19-34% lower.
By recycling EV batteries and increasing the amount of renewable energy going into the grid, the EV sector can help countries significantly cut down on carbon emissions and meet their emission standards.
It is well and good that the study has ended the debate on the green credentials of electric vehicles. This provides proof that companies such as Net Element (NASDAQ: NETE) that value environmental sustainability are on the right track when they enter the EV sector.
NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE
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