Experts have said that only two of the world’s 12 largest automakers plan to produce enough electric cars by 2030 to meet the climate goals of the Paris Agreement. Globally, more than half of all new vehicles coming off production lines in 2029 must be electric for the sector to be compliant with the goal of capping global warming at 1.5°C above pre-industrial levels, according to Influence Map, a non-governmental research organization. A government agency that evaluates corporate climate objectives and policies.
At the same time, 11 of the 12 car companies — while publicly supporting the Paris Agreement — have opposed government policies to accelerate the transition to electric vehicles, particularly the phase-out of internal combustion engines, according to Influence Map.
Japanese auto giants Toyota, Honda and Nissan are particularly far away, the report said, with unpolluted cars accounting for only 14, 18 and 22 percent, respectively, of their planned production in 2029.
South Korea’s Hyundai, US manufacturer Ford and France’s Renault – with 27, 28 and 31 percent of their global fleets expected to go electric within seven years – were marginally on track.
The notable exception is US-based Tesla, a “pure player” manufacturer that has only made electric cars and trucks.
– lag –
“Almost all automakers are failing to keep pace with the transition to zero emissions,” said Ben Yuriev, director of the Influence Map program. “Those who are left behind are also the most passive when it comes to advocating for climate policy.”
Ford, Stellantis, Volkswagen and BMW are all close to the 52 percent threshold to meet the temperature target in Paris, where 36 to 46 percent of their fleets are scheduled to be electric in 2029. In addition to Tesla, only Mercedes-Benz – 56 percent – Expect transmission in line with this goal.
To evaluate automaker tracks, the Influence Map cross-references different data sets.
The researchers used an International Energy Agency (IEA) scenario to decarbonize the transportation sector fast enough not to jeopardize the 1.5°C target, which would need 57.5 percent of all cars produced in 2030 to be electric.
The International Energy Agency’s Net Zero by 2050 report assumes that the share of renewables in global electricity generation will be around 60% in 2030.
The Influence Map report then compared that target to production forecasts from IHS Markit through 2029, which corresponds to 52 percent of electric vehicles in the IEA’s chart.
Collectively, the combined global production of battery electric vehicles by all automakers is expected to reach just 32 percent by 2029.
This means the auto industry will need to increase production of zero-emissions cars by 80 percent in order to meet the IEA’s 2030 production target.
– Impact of government policy –
The report’s findings reveal the critical impact of government policy on the pace of the transition away from internal combustion engines, which account for about 16 percent of global energy-related carbon dioxide emissions, according to the UN’s Intergovernmental Panel on Climate Change (IPCC).
In the European Union, which aims to cut greenhouse gas emissions to 55 percent below 1990 levels by 2030, Toyota’s production fleet is expected to be 50 percent electric by 2029. But in the United States, where fuel emissions standards are Less stringent, that figure is only four percent. Similarly, Ford’s production in the European Union is expected to reach 65 percent of electricity by 2029 – nearly double the global average.
A Toyota and Volkswagen Equity Pension Fund expressed concern about the impact of the map results.
“As investors, we are interested in the painted picture that some companies in the auto industry are putting themselves on the wrong side of history when they are actively opposing much-needed climate change rules and regulations,” said Anders Schelde, CIO of Denmark’s AkademikerPension, with 20 $1 billion in assets under management, he told AFP.
“We are also concerned that Toyota will record the worst results among its peers in terms of climate stress as the company puts its valuable brand at risk.”
Read all the latest news, breaking news and live updates for IPL 2022 here.