Countries around the world—especially China, France, the U.K., and Norway—are aiming to phase out the sale of new fossil-fuel vehicles entirely between 2025 and 2040.
In total, global automakers have earmarked more than $90 billion to develop plug-in electric vehicles, mostly for the burgeoning electric-car market in China.
Reuters collected all the publicly announced investments from automakers to come up with that $90 billion total.
Of that amount, $19 billion comes from automakers in the United States, $21 billion in China, and a remarkable $52 billion in Germany.
China's State Power Investment Corp operates the São Simão dam in Brazil. NASA / ISS China Leading on World’s Clean Energy Investment, Says Report
By Jocelyn Timperley
China is by far the largest force in global clean energy development and its firms are increasingly looking abroad for opportunities, a new report says.
The report, released Tuesday by the U.S.-based Institute for Energy Economics and Financial Analysis (IEEFA), details the rising importance of China's firms and investors for low-carbon projects outside the country.
While it has been widely reported that China is investing in coal abroad, the new report highlights how the country is also investing abroad heavily in renewable energy, energy efficiency and electric cars.
Although China is still investing in some coal projects around the world, it has become clear that renewables will be the dominant energy technology in the coming decades, said report co-author Tim Buckley. China is setting itself up as a global technology leader and will embrace the direction energy markets are moving, he added.
IEEFA has identified large Chinese international clean-energy projects and takeovers totaling more than $44 billion for 2017, compared to $32 billion identified in 2016.
Bernstein, the brokerage, estimated last November that the industry would have to produce 2.4m-2.7m NEVs in 2020 — up from 336,000 in 2016, implying an annual sales growth rate of 64-68 per cent. Volkswagen has said the key to selling NEVs in China will be car fleets, and is in negotiations to sell EVs to Didi Chuxing, the country’s largest ride-hailing company.
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