BloombergNEF Predicts Surging EV Sales Though Additional Policy Action Is Needed

July 7, 2021 08:57:29

Despite all we have achieved over the last century due to the internal combustion engine, vehicles powered by this technology are also responsible for a large percentage of global carbon emissions. Consequently, most countries have pledged to replace internal combustion engine (“ICE”) vehicles with zero-emission electric cars in a bid to achieve net-zero emissions by 2050. Rather than “dirty” fossil fuels, electric vehicles (“EVs”) are powered by rechargeable lithium-ion batteries and, theoretically, making them our primary modes of transportation could cut carbon emissions by a wide margin.

The EV industry is barely a decade old and makes up less than 2% of global vehicle sales, but according to research company BloombergNEF, electric vehicle sales are going to increase exponentially within the next few decades. The caveat is that the nascent industry will need additional…

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