A leading bank says it expects the market for electric vehicles to be bigger than the market for renewable energy over the next 10 years.
HSBC says it expects 8.65 million electric and 9.23m plug-in and hybrid vehicles will be sold globally in 2020, which would be well over 10 times the current number, but it believes renewable energy will only double in size. The study also says the bank expects the EU will meet its 20% renewable energy target by 2020 but will not meet its aim of a 20% improvement in energy efficiency.
Europe must stand firm over its future targets for carmakers as it cannot afford to fall further behind China.
The decision to create a Europe-wide carbon price was right but creates significant political risk. The good news is it can still be fixed.
It's about time the EU requires parts of key products to be made locally – and nowhere is this more urgent than in the battery sector.