At this year’s COP27 in Egypt, research firm BloombergNEF (BNEF) released its study for the 2022 Zero-Emission Vehicles Factbook. The ZEV Factbook shows that the introduction of zero-emission vehicles has accelerated in almost all markets and vehicle segments in the past year.
The result of the ZEV Factbook shows that the global momentum towards zero-emission road traffic has accelerated in 2022. EV sales in 2022 are on track for more than 10 million units, while that figure was 6.6 million units sold in 2021.
Global new electric car sales accounted for 8.7% in 2021, while new electric car sales accounted for over 13% of sales in the first half of 2022 alone. Global lithium-ion battery production capacity has also increased by 38% since 2021, and total clean road spending worldwide is expected to surpass $450 billion this year.
The Zero-Emission Vehicle Factbook was produced by BNEF together with the Accelerating to Zero Coalition and in partnership with Bloomberg Philanthropies to coincide with COP27 – the United Nations Climate Change Conference 2022. The first ZEV factbook was released at COP26 in Glasgow, with the 2022 factbook showing the progress made towards achieving global net-zero emissions for the electric transport sector.
The study shows that the introduction of zero-emission vehicles has already reduced oil consumption and carbon emissions, with an estimated 1.7 million barrels of oil remaining unused by the end of 2022. That’s an increase from 1.5 million barrels per day unused or needed in 2021. The figures include the use of different types of electric vehicles, including cars, buses, motorcycles, scooters, vans and trucks. These electric vehicles currently save 152 million tons of CO2 annually, with the large fleet of electric two- and three-wheelers in Asia being the largest contributors.
The Zero-Emission Vehicle Factbook was warmly welcomed by COP26 President Alok Sharma: “We are delighted to welcome the release 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 of initiatives to align activities and amplify messages to grow the community of leaders committed to accelerating the transition to zero-emission vehicles.”
“The BNEF Factbook shows that despite the global energy crisis, the transition to zero-emission vehicles has continued to accelerate since we presented the ZEV statement at COP26. It also underscores that the ZEV transition is key to permanently ending our dependence on oil,” Sharma said.
While the report sounds promising, it notes that new commitments for ZEVs from both automakers and governments have slowed over the past year. National targets set by automakers and governments to phase out internal combustion engines (ICE) cover nearly 41% of the global passenger car market by 2035, which hasn’t changed significantly since last year.
Automakers with ICE phase-out targets by 2035 account for 23% of the market, up slightly from 19% a year ago. If you include the automakers’ targets for 2040, it rises to 30%.
Aleksandra O’Donovan, lead author of the report and leader of BNEF’s electric vehicle research team, noted that there is a growing gap between wealthy and emerging economies in ZEV adoption. “While many of the 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 to a zero-emission transport sector by mid-century,” he told O ‘Donovan.
National, regional and local governments must remain ambitious and implement stable, long-term strategies that encourage the growth of zero-emission transport and regulate the phase-out of ICE vehicles, the report concluded.
Nigel Topping, UN High-Level Climate Change Advocate for the UK, COP26, added: “We call on more stakeholders to come forward and make and implement ambitious commitments for the transition to zero-emission vehicles over the next year and the benefits of clean air and Seizing jobs, economic growth and meeting our Paris Agreement goals within reach.”
The complete ZEV Factbook is available for download under this link.
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