A new report released by Carbon Tracker states that argument to switch to EV solutions has never been more compelling, particularly for countries which are reliant on oil imports.
Most governments have strong incentives to electrify their transport systems. Emerging markets – India, China, South East Asia and most of Africa – spend huge sums on oil imports every year, and two thirds (68%) is used for transport. EV adoption boosts the case for investing in local renewable energy generation, reducing fuel dependancy and strengthening the local economy.
“This is a simple choice between growing dependency on what has been expensive oil produced by a foreign cartel, or domestic electricity produced by renewable sources whose prices fall over time. Emerging market importers will bring the oil era to an end.”
The study also finds that cost of importing oil for the average car is ten times higher than the cost of the solar equipment needed to power an equivalent EV, and that the annual cost per car of imported gasoline is almost the same as the total cost of local charging infrastructure for an EV.
Read more here:
https://carbontracker.org/shift-to-electric-vehicles-in-emerging-markets-will-end-oil-era/
https://carbontracker.org/reports/nothing-to-lose-but-your-chains/
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