Recent data has revealed that global emissions from transport have peaked 25 years earlier than predicted thanks to electric vehicle adoption. Fully electric cars first hit the market more than one and a half decades ago and soon became the main alternative for countries looking to replace their carbon-emitting fleets of internal combustion engine (ICE) vehicles with cleaner alternatives.
Although electric vehicles still make up a minute portion of total vehicle sales, EV adoption has surged significantly over the past several years. As a result, the International Council on Clean Transportation estimates that worldwide emissions from road transportation could peak at 9 gigatons by the end of the year before gradually declining to 7.1 gigatons in 2050.
The peak in global transportation emissions followed by the two-and-a-half-decade-long decline from the sector is occurring around 25 years earlier than the International Council on Clean Transportation (ICCT) forecasted. Robust decarbonization policies across several countries have been largely responsible for the decline in emissions from the global transport sector.
With emissions from transportation increasing by nearly 100% from 1990, this data shows that electric vehicle adoption could finally reverse the trend of increasing transportation emissions. From 2021, six major markets have adopted decarbonization policies that played a key role in cutting global emissions from the transport sector.
Furthermore, the emission reductions in China, the U.S., and Europe, currently the three largest markets on the globe, are large enough that experts predict that they will be sufficient to offset carbon emissions from transport in other nations. China produces the most emissions on the globe followed by the U.S. and Europe.
As the most prolific greenhouse gas emitter in the world, China has invested hundreds of billions of dollars into developing its green infrastructure ecosystem. Chinese firms have all but monopolized the global electric vehicle sector and the East Asian country currently has the largest fleet of electric cars in the world. Europe has also made a lot of progress in electrification, especially in countries like Norway, and has set ambitious electrification targets.
According to the ICCT, favorable government policies boosted EV deployment over the past 4 years. This deployment will eventually prevent the emission of 23 tons of greenhouse gases from 2025 to 2050. Cumulative greenhouse gas emissions will drop by an extra 13 tons if national decarbonization targets for transport are achieved. Since transport contributes to around one-third of global emissions, this would bring the world a step closer to reaching its carbon neutrality goals.
Manufacturers like Workhorse Group Inc. (NASDAQ: WKHS) hope to make their contribution towards enabling the transport system to switch to electrified vehicular transport means within the timelines stipulated for ending carbon emissions in the transport sector.
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