With some progress on electric vehicles and energy, two academics consider what could drive change elsewhere
— less than 1 per cent of market share. By 2021, all leading manufacturers were offering EVs and the market share of new sales had risen to 8 per cent. Last year, worldwide electric vehicle sales jumped to 13 per cent of the total, according to the EVvolume.com database. Businesses that rely on vehicles should prepare by the end of the decade for a world in which most new cars are electric.
Volkswagen has set a goal that 80 per cent of cars sold in Europe will be all electric by 2030 © Jens Schlueter/Getty Images For other pivotal sectors — such as buildings, industrials and agriculture — green technologies are either available but still too costly to adopt, or are emerging and far from commercialisation. Steel, cement and petrochemicals are significant greenhouse gas emitters and difficult to replace in global supply chains. High temperature renewable energy sources and new green chemistries are nascent and need further investment.
Fortunately, much has changed in recent years. In the US, there has been a sharp turn towards industrial policy to accelerate decarbonisation — notably reflected in the 2022. Government tax credits and other public investments are helping drive down the cost of clean tech alternatives and allow them to compete with fossil fuel on price and performance.
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