May 27, 2020: European electric vehicle registrations doubled in the first quarter of 2020 over the previous year, while overall passenger vehicle sales declined by more than 25 percent. Houston will transition its municipal operations to 100 percent renewable energy five years ahead of schedule. The European Commission’s $825 billion coronavirus economic recovery proposal includes financing for renewable energy, electric vehicles and other low-carbon investments. Spending $2.9 trillion in economic recovery dollars in the U.S. could yield over nine million jobs per year over the next decade and reduce pollution 45 percent by 2045.
QUOTE OF THE WEEK “A few years ago Europe was nowhere in the race for electric vehicle supremacy,” said Saul Lopez, an electric mobility researcher at Transport and Environment. “But EU CO2 targets concentrated carmakers and governments’ minds.”
Electric vehicle registrations in Europe doubled in the first quarter of 2020, while overall passenger car sales fell by more than 25 percent, according to the European Alternative Fuels Observatory. An increase in the number of models with higher ranges and lower prices are making electric vehicles more accessible to drivers. In addition, major markets like Germany, France, the U.K. and Italy are offering financial incentives for electric vehicle purchases. Although electric cars still only accounted for four percent of the overall market, the industry is expected to produce 3.5 million of them in 2020 and 2021. (Forbes)
Houston, the global oil and gas hub, will transition to 100 percent renewable energy five years ahead of schedule. The city signed a new five-year contract with NRG Energy to power all of its municipal properties with renewable energy -- in part due to renewable pricing that is at or below market costs. Known for fossil fuel companies like Chevron, Shell and Exxon, Houston is also the leading city in terms of renewable energy purchased in the U.S., in part due to mayoral leadership dating back to 2004. It already powers 92 percent of its properties with a combination of wind and solar power. (Bloomberg)
Europe took the lead over China in attracting electric vehicle investments, securing a record €60 billion last year. Aided by Volkswagen’s €33 billion in pledged investments in electric vehicle technology, the €60 billion investment is nearly 20 times higher than the previous number calculated two years ago. Automakers in Europe are working to meet a mandate that calls for fleet-wide carbon emissions to fall to an average of 95 grams per kilometer by 2021. Despite the coronavirus pandemic, automakers are pushing ahead with their electric vehicle plans. (Financial Times $)
The European Commission released its $825 billion coronavirus economic recovery proposal, which includes financing for low-carbon investments. The “Next Generation EU” plan includes financing for renewable energy, electric vehicle charging infrastructure and appears to be the biggest attempt to date to include low-carbon investments in recovery packages. All EU member states along with the European Parliament will have to back the proposal. (Axios)
An economic recovery report by the Sierra Club finds that nine million U.S. jobs could be created every year for the next decade under a $2.9 trillion stimulus plan. The cost is less than half the stimulus dollars spent in March and April, and would also lead to a 45 percent reduction in pollution by 2045. The proposed plan includes 4.6 million jobs per year building out infrastructure in clean water, clean energy and clean transportation; 3.2 million jobs in renewable energy and over 700,000 jobs in energy efficiency. The plan also proposes hiring nearly 200,000 fossil fuel workers to close orphaned oil and gas wells. (electrek)
Regulators in Ohio have included a provision in the approval of the Great Lakes’ first wind power project that could prove fatal to it. The added provision calls for nightly shut-offs of the wind turbines for the majority of the year, which would make the project economically unviable. The order by the Ohio Power Siting Board “reneges” on a previous agreement with the Lake Erie Energy Development Corporation, the developer building the wind farm. The move follows other hostile actions taken against the wind industry by the state of Ohio, including a ruling that wind projects must comply with building regulations -- contrary to laws that indicate otherwise. (U.S. Energy News)
The fallout from the coronavirus is resulting in the biggest drop in global energy investments ever recorded, including a ten percent drop for renewable energy. Fossil fuels are seeing the largest decline, with a 30 percent expected drop in oil investments and a 15 percent decline for coal. Renewable energy investments have been more resilient overall, although rooftop solar has been particularly impacted. The downturn in investments is leading to a drop in carbon emissions, but the International Energy Agency warns that emissions could spike once the crisis is over due to a rebound in fossil fuel use. (BBC)
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