Electric vehicles to accelerate to 54% of new car sales by 2040
Electric Vehicle Outlook 2017
BNEF’s annual long-term forecast of global electric vehicle (EV) adoption to 2040 is out. It forecasts passenger EV sales out to 2040 and the impact that electrification will have on automotive and power markets, as well as on fossil fuel displacement and demand for key materials.
“The EV revolution is going to hit the car market even harder and faster than BNEF predicted a year ago. EVs are on track to accelerate to 54% of new car sales by 2040. Tumbling battery prices mean that EVs will have lower lifetime costs, and will be cheaper to buy, than internal combustion engine (ICE) cars in most countries by 2025-29.”
Clean energy investment – 2Q 2017 figures
The second quarter of 2017 saw $64.8 billion invested in clean energy around the world, up 21% from 1Q this year, but down 12% compared to 2Q 2016. The financing of two huge photovoltaic projects in the United Arab Emirates helped to drive a recovery in global clean energy investment, the highest for any quarter since 2Q 2016. Other highlights of the data include bounce-backs in investment in the April-to-June quarter in China and the U.S., and sharply increased funding for projects in Mexico, Australia and Sweden.
U.S. utilities offer multiple electric car charging rates
Major U.S. utilities such as PG&E, DTE Energy and Consolidated Edison now offer special electric vehicle charging tariffs. Designed to shift demand to off-peak hours, these tariffs offer steep discounts to consumers who charge their EVs at night. However, if solar PV deployment continues to rise, daytime power prices will fall and off-peak times will shift. This would make it more difficult for home charging tariffs to line up with off-peak times. The utilities, which are just beginning to experiment with EV grid services, will need more pilot programs to determine the true costs and benefits of boosting off-peak EV charging.
An integrated perspective on the future of mobility
Mobility is the lifeblood of our cities and essential for urban life. What, then, will be the future of urban mobility? This report, co-produced by Bloomberg New Energy Finance and McKinsey & Company, seeks to answer that question. To do so, it explores how a number of existing social, economic, and technological trends will work together to disrupt mobility at the local level.
Source: Bloomberg
