UK ANNOUNCES INTERNAL COMBUSTION ENGINE BAN BY 2035

On Tuesday the United Kingdom’s government announced a ban on the sale of Internal Combustion Engines starting in 2035 (five years earlier than previously planned). Meaning it will eventually be illegal to sell new gas, diesel, and even hybrid powered cars to adhere to this standard. Many governments across the world have plans of internal combustion engine bans in the coming decades. Germany is cracking down on older diesel cars. France wants to ban diesel and gasoline cars by 2040.Norway wants only electric or plug-in hybrid cars to be available by 2025. California’s state government has stopped buying gasoline sedans for fleets, and the state itself seems to be flirting with an eventual ban too.

Currently, 90% of new cars sold in the UK still use petrol or diesel. Analysists are predicting it’ll cost the country up to $96 billion in electronic infrastructure. British consumers are fighting back saying full electric cars are higher in price, lack range and the deficiency of charging stations. However, the United Kingdom assured investments of 1,000 charging stations in residential areas. Today, the number of electric vehicles is about 90,000 with expectations of about 20 million by 2040. With this new bump up of 5 years, the government has some work to do. The main issue is avoiding power shortages when the ban takes place. “We have to deal with our CO2 emissions. And that is why the U.K. is calling for us to get to net zero as soon as possible, for every country to announce credible targets to get there — that’s what we want from Glasgow,” Prime Minister Boris Johnson said. “And that’s why we have pledged here in the U.K. to deliver net zero by 2050.”

 

https://www.thedrive.com/news/32084/united-kingdom-government-moves-up-ban-on-internal-combustion-engines-to-2035

https://www.thedrive.com/sheetmetal/14017/britains-internal-combustion-engine-ban-may-cost-billions-in-electric-infrastructure

https://www.foxnews.com/auto/united-kingdom-ban-gas-diesel-cars-2035

Written by:

Guttman Energy Daily Market Update Disclaimer – The information contained in this market update is derived from sources believed to be reliable; however this update could include technical inaccuracies or typographical errors and Guttman Energy does not guarantee the accuracy, completeness or reliability of this update. FURTHERMORE, THIS UPDATE IS PROVIDED “AS IS,” WHERE IS, WITH ALL FAULTS AND WITHOUT ANY WARRANTY OR CONDITION OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. GUTTMAN ENERGY ALSO SPECIFICALLY DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES. YOU USE THIS UPDATE AT YOUR SOLE RISK. This update and any view or comment expressed herein are provided for informational purposes only and should not be interpreted in any way as recommendation or inducement to buy or sell products, commodity futures or options contracts.