Goldman Sachs, a leading investment bank, predicts a global increase in electric cars sales to 75 million by 2040. In addition, the European Union’s ambitious plans towards 2050 demonstrate the plausibility of this projection. The EU has recently decided to ban the sale of fossil fuel-powered cars by 2035. Europe is at the forefront of the shift towards electric vehicles.
Goldman Sachs estimates that 75 million electric cars will be sold in 2040, compared to the 2 million sold in 2020. The share of electric vehicles in the world is expected to reach 60% in 17 years, with the Western world’s share expected to be 80%. This significant increase indicates a shift towards electric vehicles. Europe will lead the way in electric car sales, with China and the United States following closely behind. Goldman Sachs has also projected that the share of electric cars sold in Europe in 2035 will be 100 per cent. This development is positive for the environment, but it requires significant investment in charging infrastructure and increased production of electric vehicles.
European Union decides to switch to electric vehicles
The EU has taken a substantial step towards reducing greenhouse gas emissions and promoting cleaner modes of transportation by proposing a ban on new fossil fuel cars by 2035. This is an effort to speed up Europe’s shift to electric vehicles. They hope that starting from 2035, all new cars sold in the EU must be zero-emission vehicles. The goal is to promote electric or hydrogen-powered cars. There are several pushbacks by Germany, Italy, and several Eastern European countries who propose a separate category of combustion-engine cars that could run on synthetic, carbon-neutral fuel after 2035.
The proposed ban is expected to significantly boost the electric car market and help drive down the cost of batteries. This move will make electric cars more affordable for consumers. The EU is also investing in a network of charging stations across the continent to support the growing number of electric vehicles on the road.
In addition to the fossil fuel car ban, the EU is also proposing to cut CO2 emissions from trucks by 90% by 2050. The proposed regulation aims to reduce the carbon footprint of the freight sector. Freight transportation is responsible for a significant portion of the EU’s transport emissions. Under the plan, truck manufacturers must reduce the CO2 emissions of their vehicles by 15% by 2025, 30% by 2030, and 90% by 2050, compared to 2019 levels. The proposal also includes incentives for manufacturers to produce cleaner vehicles and penalizes those who fail to comply with the new rules. EU member states and the European Parliament have yet to approve this plan.
The shift towards electric vehicles and cleaner transportation is critical to addressing climate change and achieving a more sustainable future. While it will require a comprehensive strategy to ensure success, the benefits of this change will be significant for the environment and public health. The EU’s efforts to reduce emissions and promote cleaner transportation are huge steps in the right direction, and it is important that other countries follow suit to tackle the global issue of climate change.
Nimbnet will help power electric cars
To support EU’s initiatives, Nimbnet, in collaboration with Kempower and Virta, is building cutting-edge charging stations for electric vehicles in Sweden. Nimbnet’s charging stations will feature Kempower’s state-of-the-art chargers that support adaptive voltage control that can provide 350kW continuously. Furthermore, with the partnership with Virta, current drivers in their network may access Nimbnet’s stations hassle-free. These charging stations will help support the growing number of electric vehicles, promoting cleaner modes of transportation, and reducing greenhouse gas emissions.
Certainly, as the EU moves towards a future with 100% electric cars and reduced carbon emissions from trucks, the charging infrastructure provided by companies like Nimbnet will play a critical role in ensuring the success of this transition. With its commitment to innovation and sustainable transportation, Nimbnet is ready to contribute significantly to the EU’s efforts to promote cleaner modes of transportation and reduce the transportation sector’s carbon footprint.
To learn more:
Investerardygnet: Analys: 100 procent elbilar i Europa inom 12 år
Reuters: EU proposes 90% CO2 emissions cut by 2040 for trucks
Reuters: EU approves effective ban on new fossil fuel cars from 2035
Automotive News: Germany forms alliance to change EU’s planned combustion engine ban
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Image source: Virta Global