24 November 2021
Both China and Norway have pledged to phase out petrol vehicles by 2050.
According to new research from commercial vehicle finance company, Asset Alliance, China and Norway are due to be the first countries to phase out internal combustion engines with key transition deadlines as early as 2025.
China has a goal of 25 per cent of all vehicles and Norway 100 per cent passenger and light duty vehicles to be electric by 2025.
Road transport in the UK is responsible for 92 per cent of the country’s domestic transport greenhouse gas emissions. With the UK’s aim to phase out petrol-driven cars by 2035, Asset Alliance has taken a deep-dive into a world without fossil-fuelled vehicles and how businesses can prepare for the inevitable transition.
Governments around the globe have set targets for phasing out internal combustion engine (ICE) vehicles within the next 30 years, in favour of electric or hybrid models. Some are targeting passenger vehicles, others are focusing on commercial vehicles, and others have set multiple goals.
China and Norway are due to be the first countries to phase out internal combustion engines with key transition deadlines as early as 2025, whilst the United Kingdom has a deadline of no petrol, diesel, hybrid or plugin hybrid vehicles by 2035.
Alternatives to Diesel
In light of this, more motor industry operators are turning to the alternative fuels market. 20 per cent of operators say they are looking to acquire alternatively fuelled HGVs in the next three years. However, cost is still a significant factor and potential deterrent for operators looking to switch over to alternative fuels. The majority (52 per cent) say that a financial incentive from the government would encourage them to operate alternative-fuelled vehicles. 51 per cent say they need better access to refuelling infrastructure to make the switch more convenient, and 41 per cent want lower upfront costs to help keep expenses down.
Willie Paterson, CEO of Asset Alliance Group said:
“A total switch to electric vehicles might seem like a long way off, but approaching deadlines are driving fleet operators to step up their strategies. For a smooth transition, businesses should be planning ahead as far as possible. While Euro6 engines are certainly the most cost-effective, low carbon option over the short to medium term, we would always encourage operators to discuss their medium to longer-term transition to zero-carbon alternatives.”
Picture: a photograph of a person’s hand using a fuel pump to fill up their car
Article written by Ella Tansley | Published 24 November 2021
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