The best of EcoWatch, right in your inbox. Sign up for our email newsletter!
Electric Vehicles Will Soon Be Cheaper Than Gas Guzzlers
Good news for car drivers looking to go electric. In a handful of years, these zero-emission vehicles will be cheaper than traditional gas guzzlers, according to a new report from investment bankers Cowen & Co.
The analysis, compiled by Cowen managing director and senior research analyst Jeffrey Osborne, determined that electric vehicles will cost less than gasoline-powered cars by the early- to mid-2020s due to falling battery prices as well as the costs that traditional carmakers will incur as they comply to new fuel-efficiency standards.
These factors, Osbourne notes, will spur EV adoption from 1 percent of all global sales this year to 3 percent in 2020 and 7.5 percent in 2025.
Bloomberg New Energy Finance reported similar findings in May.
"Falling battery costs will mean electric vehicles will also be cheaper to buy in the U.S. and Europe as soon as 2025," the report said. "Batteries currently account for about half the cost of EVs, and their prices will fall by about 77 percent between 2016 and 2030."
Osbourne pointed out that a number of major car brands are hopping onto the electric bandwagon to compete in a space carved out by industry disrupter, Tesla.
"We see the competitive tides shifting in 2019 and beyond as European [car makers] roiled by the diesel scandal and loss of share to Tesla in the high margin luxury segment step on the gas and accelerate the pace of EV introductions," he wrote.
And earlier this month, Volkswagen Group, the world's biggest automaker, announced plans to offer an electric version across the company's 300 models by 2030 and will be rolling out 80 new electric cars under its multiple brands by 2025. The German company, which is trying to rebound after its emissions-cheating scandal, is investing more than 20 billion euros ($24 billion) in zero-emission vehicles to challenge Tesla.
Not only that, the Cowen report comes as an increasing number of countries such as China, Scotland, France and India announced intentions to ban diesel and gasoline cars in order to cut fossil fuel emissions.
EcoWatch Daily Newsletter
Corporations that flouted environmental regulations and spewed pollutants into the air and dumped them into waterways will not be required to pay the fines they agreed to during the pandemic, according to The Guardian.
- Cost of Polluter Penalties at 20-Year-Low Under Trump's EPA ... ›
- Penalties Against Polluters Drop 60% Under Trump - EcoWatch ›
- Oil Companies Were Not Held Accountable for 10.8 Million Gallons ... ›
By Hans Nicholas Jong
The Indonesian government has backed down from a decision to scrap its timber legality verification process for wood export, amid criticism from activists and the prospect of being shut out of the lucrative European market.
Viruses, pollution and warming ocean temperatures have plagued corals in recent years. The onslaught of abuse has caused mass bleaching events and threatened the long-term survival of many ocean species. While corals have little chance of surviving through a mass bleaching, a new study found that when corals turn a vibrant neon color, it's in a last-ditch effort to survive, as CBS News reported.
- Coral Reef Tipping Point: 'Near-Annual' Bleaching May Occur ... ›
- Coral in Crisis: Can Replanting Efforts Halt Reefs' Death Spiral ... ›
- 2020 Great Barrier Reef Bleaching Event Is Most Widespread to Date ›
During summer in central New York, residents often enjoy a refreshing dip in the region's peaceful lakes.
But sometimes swimming is off-limits because of algae blooms that can make people sick.
- Algal Blooms Can be Deadly to Your Dogs - EcoWatch ›
- Every Mississippi Beach Is Closed Due to Toxic Algae - EcoWatch ›
- Toxic Algal Blooms Connected to Climate Change and Industrial ... ›
More than 40 million doctors and nurses are in, and they are prescribing a green recovery from the economic devastation caused by the new coronavirus.
- A 'Green Stimulus' Could Battle Three Crises: Coronavirus ... ›
- German Business Leaders Call for Climate Action With COVID-19 ... ›
- Canadian Groups Fight for a Just Covid-19 Recovery - EcoWatch ›
The U.K. government has proposed delaying the annual international climate negotiations for a full year after its original date to November 2021 because of the coronavirus pandemic.
By Jared Kaufman
Upcycled food is now an officially defined term, which advocates say will encourage broader consumer and industry support for products that help reduce food waste. Upcycling—transforming ingredients that would have been wasted into edible food products—has been gaining ground in alternative food movements for several years but had never been officially defined.
- Chefs Are Going Back to Their Roots for Local, Sustainable Foraged ... ›
- This Montreal Company Turns Juice Pulp Into Food - EcoWatch ›