News

Better future for e-cars than renewables?

October 25, 2010

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.

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