ESG Feature – Electric vehicles
The internal combustion engine is an endangered species. Its death warrant was signed by prime minister Boris Johnson last year when he banned the sale of new petrol and diesel vehicles from 2030. Any new car or van sold in Britain from this date must be powered by electricity, although some petrol-electric hybrid models will get a further five years grace. The move is part of the government’s plans to decarbonise the UK economy by 2050. The public appear to be behind the strat- egy, with sales of electric cars jumping 186% during 2020, or by 108,000, according to the Society of Motor Manufacturers and Traders.
There are reported to be around 200,000 electric cars driving on Britain’s roads today and their number is expected to accel- erate. In May, 6.5 million people told energy watchdog Ofgem that they intend to buy an electric vehicle within the next five years. This is one in every four (24%) of British households, and their motivations for ditching petrol for battery-powered vehicles is clear. Cars, vans, trucks and buses in developed economies are re- sponsible for almost a third (30%) of the world’s harmful gas emissions, the United Nations believes. In the UK, the govern- ment puts the figure at 27%, so failing to make our roads
ELECTRIC DREAMS
26 | portfolio institutional | November 2021 | issue 108
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