Photo: Florian Gaertner/Phototek via Getty Images

By 2040, 80% of city buses worldwide will be electric, according to a just-released report by the consultancy Bloomberg New Energy Finance.

The big picture: China dominates the market right now and accounting for 99% of the market last year, according to BNEF. But EV bus adoption is expected to accelerate significantly in Europe and elsewhere by 2040.

  • It's BNEF's first long-term forecast of electrification of city bus fleets.
  • It's a deployment surge enabled by total ownership costs that will be generally more attractive than conventional diesel starting next year, and economics that will continue getting better.

One level deeper: The new bus projection is part of their annual long-term forecast on electric vehicles. The new report's top line is similar to last year's — BNEF forecasts that 55% of new passenger vehicle sales will be EVs in 2040, similar to last year's 54% figure.

  • That equates to light-duty vehicle sales worldwide going from one million in 2017 to 60 million in 2040.
  • Supply chain risk: Tight supplies of cobalt, a key battery material, is a risk to EV sales over the next five to seven years.
  • But longer term, "we expect high prices to bring on new supply and accelerate the adoption of new battery chemistries," BNEF said.

The big picture: BNEF expects that the transition to electric cars and buses will add 6% to global electricity demand in 2040. However, electrification is projected to displace 7.3 million barrels a day of transport fuel that year.

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Americans reflect on Independence Day amid racism reckoning

A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

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Illustration: Aïda Amer/Axios

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  2. U.S.: Total confirmed cases as of 7 p.m. ET: 2,788,395 — Total deaths: 129,306 — Total recoveries: 790,404 — Total tested: 34,213,497Map.
  3. States: ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  5. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
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Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.