COP26 pledges turn to electric vehicles
The latest big COP26 pledge aims to greatly speed the transition to electric vehicles, but it has split the auto industry and lacks buy-in from key countries.
Driving the news: The nonbinding commitment from a suite of companies, nations, cities and others calls for all car and van sales to be zero-emissions globally by 2040, and by 2035 in "leading markets."
Why it matters: That pledge — if carried out — would help to cut emissions from transportation, a huge source of planet-warming gases.
- Over 30 countries signed on, so did big automakers including Ford, GM, Volvo and Mercedes.
- U.S. states and cities including New York, New York City and California also signed on.
Yes, but: Via the NYT, "some of the world’s biggest car manufacturers, including Toyota, Volkswagen, and the Nissan-Renault alliance did not join the pledge...And the governments of the United States, China and Japan, three of the largest car markets, also abstained."President Biden has set a nonbinding domestic goal of 50% of all new cars sold in 2030 to be zero emissions.
The big picture: EV sales are surging but remain a small share of the market. Battery electric and plug-in hybrid models together about 10% of global sales this year, per Rystad Energy.