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."
By Andy Rowell
The decades-long struggle for social and environmental justice in the Niger Delta continues, largely unseen by the wider world.
On Aug. 11, hundreds of people from the Niger Delta stormed the Belema flow station gas plant owned by Shell in the Rivers State region of the Delta. The plant transports crude oil to the Bonny Light export terminal, from where it is shipped overseas.
The National Academy of Sciences, Engineering and Medicine said in a statement the Interior Department has directed it to cease its study on the potential health risks for people living near surface coal mines in Central Appalachia.
The Interior Department, which committed more than $1 million to the study last year, has begun an agency-wide review of grants over $100,000 because of the "Department's changing budget situation."
California and North Carolina's electricity grids faced no disruptions during Monday's solar eclipse, which many saw as a test for the future when solar power will command a greater share of the energy mix.
"It bodes well for renewable energy on the grid during an event like this," said Eric Schmitt, a vice-president at California Independent System Operator that delivers most of the state's electricity.
By Thursday the Trump administration's project of dismantling the public domain will burst into full bloom when Interior Sec. Ryan Zinke announces a wholesale reversal of more than a century of public lands protection through presidential designation of national monuments under Antiquities Act of 1908.
Are you ready to watch the Great American Eclipse of 2017? Will you be in the path of totality? Do you have your safety glasses ready?
Well, however you decide to watch the solar eclipse today, NASA TV will be showing the "Eclipse Across America" with live video of the celestial event. The feed is already live with lots of handy information about today's unprecedented eclipse. So be sure to watch above.
"One out of three Americans lives within 50 miles of high-level nuclear waste, some of which, like Plutonium, is lethally dangerous and will be around for an incredible longtime," John Oliver explained last night on Last Week Tonight.
According to the Nuclear Energy Institute, there is more than 71,000 tons of nuclear waste stranded at 104 reactors. "It was a problem we should have solved in the 1980s," Oliver said, "much like a Rubik's Cube."
Despite years of using nuclear energy, the country still doesn't have a permanent facility for its storage, the comedian said. Oliver proposed what the U.S. really needs is some kind of "nuclear toilet."
By Andy Rowell
As Trump's presidency spirals like a toxic vortex from one crisis to another, and with the global news media reacting to one venomous tweet after another, it is easy to miss the slow assault against science and the environment that continues below the radar.
The crisis for Trump could get a whole lot worse, with his ex-Chief of Staff, Steve Bannon, who was sacked last week, promising that he was "prepared to go to war with his adversaries in the White House."