The climate change remains a matter of worry. There was Paris deal in 2015 between
194 nations to bring down 2 degree Celsius global temperature. The change is
never without troubles, and no matter how much good it will be there has to be
negative consequences too.
Need
for it
Electric vehicles will immensely
support to bring down the global carbon foot print but at the same time, it
will impact upon the Oil and Gas Industry In general.
However, to achieve emission target,
the transport sector has be reinvented and changed because this transport
sector emits 23% of the global greenhouse gas emission. Both electric vehicle and hybrid vehicles are
seen as silver lining.
Due to economic development,
India has 19 out of 35 most polluted Cities in the world, and besides
other factors- 50 percent of pollution arises due to vehicles.
Benefits:
Switching on to electric vehicles can
help in reducing 1 Gigatonnes of Carbon-Di-Oxide. At present Electric vehicles
have touched 1% of total global demand, and it has potential to grow by 40%.
India borrows a huge amount of Petroleum and crude oil, this burden will be
lessen as well
Reasons
for growth:
Switching to EVs(Electric Vehicles)
has been difficult task , however, it has been achieved due to following
reasons.
1. The prices of batteries have fallen and will
continue to fall to make it affordable.
2. Strong incentives are being provided by the
governments so that EVs can grow.
3. Lower tax rates and toll exemption further
increased the sale of EVs.
4. Personal efforts of government like FAME
Scheme by Indian Government also promoted EVs. IN 2015 Indian government has
also launched a scheme named as FAME- Faster adoption and manufacturing of
(Hybrid) Electric vehicles under the National Electric Mission to promote sales
of fuel efficient cars.
Challenges:
Much has been done yet a lot more is needed.
There are certain challenges which still hamper the growth of electric vehicles
in the market, and those are written below-
Ø Adequate Infrastructure should be facilitated
by the government
Ø Subsidies in form of domestic gas and LNG
could slow down the demand of other petroleum products as well as Electric
vehicles.
Ø The government is planning to increase sale of
vehicles by 2030, and hybrid vehicles can help in achieving it.
About
the world:
Governments in APAC (Asia-Pacific or Asia
Pacific) region, mainly
china, Japan and South Korea have developed electric vehicles. Their governments
effectively supporting business plan and market consumption of electric
vehicles, and there are many things other countries can learn from one another.
