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 Tim Radford
Scientists have calculated yet another item on the human shopping list that makes up the modern world: plastics. They have estimated the mass of all the plastic bottles, bags, cups, toys, instruments and fabrics ever produced and tracked its whereabouts, as yet another index of the phenomenal change to the face of the planet made by recent human advance.
Altogether, since about 1950, with the birth of a new industry, more than 8.3 billion tonnes (or 9.1 tons) of synthetic organic polymers have been generated, distributed and discarded. Of that total, 6.3 billion tonnes are classified as waste.
By Jessica Corbett
As Senate Democrats stay silent on an energy bill that environmental groups call "a pro-fracking giveaway to oil and gas interests that would commit America to decades more of dangerous fossil fuel dependence," Sen. Bernie Sanders (I-Vt.) is receiving applause for speaking out against it.
"As a nation, our job is to move away from fossil fuels toward sustainable energy and energy efficiency. This bill does the opposite," Sanders said in a statement.
ExxonMobil filed suit against the federal government last week, claiming that a $2 million fine levied against the company by the Treasury Department is "unlawful" and "capricious."
The Treasury Department fined Exxon Thursday morning, alleging that the oil giant displayed "reckless disregard" of U.S.-Russian sanctions in its dealings with Russian company Rosneft in 2014 under CEO Rex Tillerson.
By Andy Rowell
For years, environmentalists have warned that due to climate change, there will be billions of barrels of oil that we will never be able to burn. These reserves will become what has increasingly been called "stranded assets."
To give you one example: In a new report, Friends of the Earth argued that "The coal, oil and gas in reserves already in production and development globally is more than we can afford to burn. There is no room for any new coal, oil or gas exploration and production.
Late last year, the tiny house community celebrated a watershed moment—an official appendix in the 2018 version of the International Residential Code, the model building code used by most jurisdictions in the U.S.
"There are many things that are monumental in the adoption of tiny house construction codes by the IRC," cheered Thom Stanton, the CEO of small space developer, Timber Trails. "Among them, that architects, designers, builders, community developers and (maybe most importantly) zoning officials have a means of recognizing tiny houses as an official form of permissible dwelling."
The colossal mass of throwaway plastic—from straws to bags to bottles—has grown much faster than recycling and disposal efforts can contain it. You might even say this is obvious, no matter where you look.
Check out this video from National Geographic to watch underwater photographer Huai Su film a diver collecting an endless amount of plastic bottles that litter the seafloor off Xiaoliuqiu Island, Taiwan.
A reef off the coast of Cancún will become the first in the world with its own insurance policy, testing a new strategy meant to encourage local investment in the wellbeing of the reef.
Under the policy, created by insurance company Swiss Re and the Nature Conservancy, local hotels and other organizations dependent on tourism will pay into the policy, receiving reimbursements to repair the reef and local beaches after natural disasters.
The Northeast Organic Farming Association of New York (NOFA-NY) denounced the USDA's permit for the world's first open-air trials of the Genetically Engineered (GE) Diamondback moth to be released in Geneva, New York.
This announcement came concurrently with the availability of a final environmental assessment and finding of no significant impact for the field release of the GE Diamondback moths. NOFA-NY considers the Environmental Assessment lacking comprehensive health and environmental details.