Adoption of zero-emission vehicles is accelerating, but a stronger push is needed

At COP27 held this year in Egypt, research firm BloombergNEF (BNEF) published its study for the 2022 Zero-Emission Vehicles Factbook. The ZEV Factbook shows that adoption of zero-emission vehicles has accelerated over the past year in nearly every market and vehicle segment.

Findings from the ZEV Factbook show that the global momentum has accelerated towards zero-emission road transport throughout 2022. Sales of electric passenger vehicles in 2022 are on track for more than 10 million units, while in 2021, this figure was 6.6 million units sold.

Global new electric car sales in 2021 were 8.7%, while in the first half of 2022, new electric car sales accounted for more than 13% of sales. There has also been a significant increase in global lithium-ion battery manufacturing capacity, which has increased by 38% since 2021, and overall spending on clean road transport worldwide is expected to exceed $450 billion this year.

The Zero-Emission Vehicle Factbook was created by BNEF with the Accelerating to Zero Coalition and in partnership with Bloomberg Philanthropies, to coincide with COP27 – the 2022 UN Climate Change Conference. The first ZEV factbook has been released at COP26 in Glasgow with the 2022 factbook showing the progress that has been made towards achieving net zero global emissions for the electric transport sector.

The study shows that the adoption of zero-emission vehicles has already reduced oil consumption and carbon dioxide emissions, with an estimated 1.7 million barrels of oil idle by the end of 2022. This represents an increase from the 1.5 million barrels per day in 2021 that was not used or needed. The figures included the use of several types of electric vehicles, including cars, buses, motorcycles, scooters, vans and trucks. These electric vehicles currently eliminate 152 million metric tons of CO2 per year, with the large fleet of electric two- and three-wheelers in Asia making the biggest contribution.

The Zero-Emission Vehicle Factbook was warmly welcomed by Alok Sharma, President of COP26: “We are delighted to welcome the publication of BloombergNEF’s Zero-Emission Vehicles Factbook, to mark the launch of the Accelerating to Zero Coalition. The Accelerating to Zero Coalition is a new partnership between initiatives to align activities and amplify messaging to grow the group of leaders committed to an accelerated transition to zero-emission vehicles.

“The BNEF Factbook shows that, despite the global energy crisis, the zero-emission vehicle transition has steadily accelerated since we launched the ZEV Declaration at COP26. It also underscores that the ZEV transition is key to ending our dependence on oil for good,” Sharma said.

While the report looks promising, it notes that new commitments to ZEVs from automakers and governments have slowed over the past year. National targets set by automakers and governments to phase out internal combustion engines (ICEs) cover nearly 41% of the global passenger vehicle market by 2035, which has not changed significantly since the last year.

Automakers with 2035 ICE phase-out targets account for 23% of the market, up slightly from 19% a year ago. If you include automakers’ targets for 2040, it jumps to 30%.

Aleksandra O’Donovan, lead author of the report and head of BNEF’s electric vehicle research team, noted that there is a growing gap between wealthy and emerging economies regarding the adoption of ZEVs. “While many indicators in this report point in the right direction, most countries still have a long way to go before we can be confident that we are on track for a net-zero transport sector. mid-century here,” O’Donovan said.

National, regional and local governments must continue to be ambitious and implement stable, long-term policies that promote the growth of zero-emission transport and manage the phase-out of ICE vehicles, the report concludes.

Nigel Topping, UN High Level Champion on Climate Change for the UK, COP26 added: “We are calling on more actors to come forward next year and make and implement ambitious commitments to shift to zero-emission vehicles and reap the benefits of cleaner air, jobs, economic growth and keeping the Paris Agreement goals within reach.

The complete ZEV Factbook is available for download via this link.

Source: BNEF

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