Quantcast
Popular
Wikimedia

Bad News for Big Oil: Electric Vehicle Sales to Surpass Gas Guzzlers by 2038

Despite the Koch brothers' best efforts, it looks like gas guzzlers are on the way out. Sales of electric vehicles will surpass those using internal combustion engines by 2038, a new analysis has found.

Bloomberg New Energy Finance (BNEF) projects that "electric cars will outsell fossil-fuel powered vehicles within two decades as battery prices plunge, turning the global auto industry upside down and signaling economic turmoil for oil-exporting countries ... [displacing] about 8 million barrels a day of oil production—more than the 7 million barrels Saudi Arabia exports today."


"This is economics, pure and simple economics," BNEF's lead advanced-transportation analyst Colin McKerracher said. "Lithium-ion battery prices are going to come down sooner and faster than most other people expect."

The report's bold forecast was also bolstered by surging investment in lithium-ion batteries, higher manufacturing capacity at companies like Tesla Inc. and Nissan Motor Co., as well as rising demand for EVs in China and Europe.

BNEF admitted that its report is the "most bullish to date and is more aggressive than projections made by the International Energy Agency."

Here are other notable projections for the booming category, according to BNEF:

  • In just eight years, electric cars will be as cheap as gasoline vehicles, pushing the global fleet to 530 million vehicles by 2040
  • Electricity consumption from EVs will grow to 1,800 terawatt-hours in 2040, or 5 percent of global power demand, from 6 terawatt-hours in 2016
  • There's around 90 gigawatt hours of EV lithium-ion battery manufacturing capacity online now, and this is set to rise to 270 gigawatt hours by 2021.
  • Charging infrastructure will continue to be an issue with bottlenecks capping growth in key Chinese, U.S. and European markets emerging in the mid-2030s

The report is another sign of the shifting energy landscape. Just this month, France joined Norway, Germany and Kenya's efforts to ban gasoline- and diesel-powered cars. Also, Volvo became the first major carmaker to phase out vehicles powered by fossil fuels. Finally, Tesla CEO Elon Musk announced that his company is building the world's largest lithium ion battery to solve in South Australia's energy woes.

Meanwhile, DeSmog reported that conservative oil billionaires Charles and David Koch are funding a campaign called Fueling U.S. Forward to squash the rise of electric vehicles. The group released a video called the Dirty Secrets of Electric Cars., featuring "blatant factual errors, misleading statements, and glaring omissions," DeSmog writes.

Interestingly, the BNEF points out that the world's "Electric Car Revolution" could be well underway except for one major factor: Donald Trump.

According to the report:

"In Europe, almost 67 percent of new cars sold will be electrified in 2040, and 58 percent of sales in the U.S. and 51 percent in China, BNEF said. Though there's uncertainty in the U.S., where President Donald Trump could dramatically disrupt electric vehicle growth by withdrawing support for the technology in the world's second biggest car market."

Show Comments ()
Sponsored
Shutterstock

September 2017: Earth's 4th Warmest September on Record

By Dr. Jeff Masters

September 2017 was the planet's fourth warmest September since record keeping began in 1880, said the National Oceanic and Atmospheric Administration's (NOAA) National Centers for Environmental Information (NCEI) and NASA this week. The only warmer Septembers came during 2015, 2016 and 2014. Minor differences can occur between the NASA and NOAA rankings because of their different techniques for analyzing data-sparse regions such as the Arctic.

Keep reading... Show less

Shocking Photo of Dehorned Black Rhino Wins Top Award

Africa loses an average of three rhinos a day to the ongoing poaching crisis and the illegal rhino horn trade. In 2016 alone, 1,054 rhinos were reported killed in South Africa, representing a loss in rhinos of approximately six percent. That's close to the birth rate, meaning the population remains perilously close to the tipping point.

This year, the Natural History Museum in London awarded photographer Brent Stirton the 2017 Wildlife Photographer of the Year grand title for his grisly image of a black rhino with its two horns hacked off in South Africa's Hluhluwe-Imfolozi Park.

Keep reading... Show less
Popular
Smallholder agriculture in southern Ethiopia. Smallholder farmers are particularly vulnerable to food insecurity. Leah Samberg

How Climate Change and Wars Are Increasing World Hunger

By Leah Samberg

Around the globe, about 815 million people—11 percent of the world's population—went hungry in 2016, according to the latest data from the United Nations. This was the first increase in more than 15 years.

Between 1990 and 2015, due largely to a set of sweeping initiatives by the global community, the proportion of undernourished people in the world was cut in half. In 2015, UN member countries adopted the Sustainable Development Goals, which doubled down on this success by setting out to end hunger entirely by 2030. But a recent UN report shows that, after years of decline, hunger is on the rise again.

Keep reading... Show less
Pixabay

Two Graphs Explain Why California’s Wildfires Will Only Get Worse

By Molly Taft

The deadly wildfires ripping through Northern California are just the latest in a season of record-defying natural disasters in the U.S. As the death toll passes 40, reports of Californians hiding in pools as their houses burn and scenes of devastated homes and vineyards add to 2017's apocalyptic picture of how climate change is impacting America today.

As the Trump administration guts environmental protections and undermines science, California is one of the states leading the way on climate action. Ironically, experts agree the state can expect devastating fires like the ones in Napa to become the new normal. Drier and drier conditions and creeping temperatures in the American Southwest, definitively linked to climate change, serve to create tinderbox conditions for massive, catastrophic fires to explode.

Keep reading... Show less
Sponsored
Leonardo DiCaprio / Facebook

Leonardo DiCaprio Invests in Plant-Based Food Company

Animal agriculture is responsible for more greenhouse gas emissions than the entire transportation sector, but eating a burger doesn't have to come with a side of guilt.

Actor and environmentalist Leonardo DiCaprio has invested in Beyond Meat, the makers of the world's first vegan burger that's famously known to look, smell and even taste a lot like the real deal.

Keep reading... Show less
www.facebook.com

Guard Dog Wouldn’t Leave Goat Flock During California Fires—And Lived to Tell the Story

By Andrew Amelinckx

The fire the Hendels barely escaped was part of the Northern California firestorm that has so far claimed 40 lives—including one of their neighbors, Lynne Powell—destroyed countless homes, and caused billions of dollars in damage.

"Later that morning when we had outrun the fires I cried, sure that I had sentenced Odie to death, along with our precious family of bottle-raised goats," Roland Hendel wrote in a recent Facebook post.

Keep reading... Show less
Sponsored
Climate activists Emily Johnston and Annette Klapstein shut down Enbridge's tar sands pipelines 4 and 67 in Minnesota on Oct. 11, 2016. Shutitdown.today

Judge Allows Vital 'Necessity Defense' for Climate Activists

By Jessica Corbett

In a decision that is being called "groundbreaking" and "precedent-setting," a district court judge in Minnesota has ruled that he will allow oil pipeline protesters to present a "necessity defense" for charges related to a multi-state action by climate activists last October.

In his decision last week, Judge Robert Tiffany ruled that four activists who participated in the #ShutItDown action—in which pipelines across five states were temporarily disabled, halting the flow of tar sands oil from Canada into the U.S.—may present scientists and other expert witnesses to explain the immediate threat of climate change to justify their action.

Keep reading... Show less
www.youtube.com

Why Are Incarcerated Women Battling California Wildfires for as Little as $1 a Day?

As raging wildfires in California scorch more than 200,000 acres—roughly the size of New York City—more than 11,000 firefighters are battling the blazes, and a number of them are prisoners, including many women inmates.

Keep reading... Show less
Sponsored

mail-copy

Get EcoWatch in your inbox