The World Bank’s Impractical Electric Car Clap-Trap
MAY 26, 2022
tags: Electric Cars
By Paul Homewood
From Net Zero Watch
At a World Bank event in April, former chief economist Lord Nicholas Stern called for a global ban on the manufacture and sale of combustion engine vehicles. At COP26, a coalition of multilateral development banks signed a joint statement announcing their intentions to ‘increase the level of private capital mobilised’ to fight climate change. Activists were infuriated that it omitted divestments from funding fossil fuels. Both the World Bank and Inter-American Development Bank have faced industry pressure to stop investing in internal combustion engine vehicles by 2025. Sixty-eight percent of transport investment by the World Bank involves combustion engines. But perhaps the World Bank has not floored the accelerator on EVs yet because they recognise roadblocks keep the wheel out of reach for working families.
The UK Government insists that combustion engine vehicles will be banned from production, importing, and sale by 2030. But a global semiconductor shortage has produced a projected nine percent slump in electric vehicle sales in the UK. Motorists are modelled to save £700 on fuel for making the switch to EVs. However, road pricing and tolls have been proposed to replace Treasury revenue once fuel duty becomes obsolete. Therefore, the gap between petrol and electric car running costs may close. Electricity costs could even eclipse fuel prices, should the renewables generating electricity fail.
https://notalotofpeopleknowthat.wordpress.com/2022/05/26/the-world-banks-impractical-electric-car-clap-trap/
