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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.

Go deeper

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Education: Schools face an uphill battle to reopen during the pandemic.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong puts tens of thousands on lockdown as cases surge — Pfizer to supply 40 million vaccine doses to lower-income countries — Brazil begins distributing AstraZeneca vaccine.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

DOJ: Capitol rioter threatened to "assassinate" Alexandria Ocasio-Cortez

Supporters of former President Trump storm the U.S. Captiol on Jan. 6. Photo: Kent Nishimura / Los Angeles Times via Getty Images

A Texas man who has been charged with storming the U.S. Capitol in the deadly Jan. 6 siege posted death threats against Rep. Alexandria Ocasio-Cortez (D-N.Y.), the Department of Justice said.

The big picture: Garret Miller faces five charges in connection to the riot by supporters of former President Trump, including violent entry and disorderly conduct on Capitol grounds and making threats. According to court documents, Miller posted violent threats online the day of the siege, including tweeting “Assassinate AOC.”

Schumer calls for IG probe into alleged plan by Trump, DOJ lawyer to oust acting AG

Jeffrey Clark speaks next to Deputy US Attorney General Jeffrey Rosen at a news conference in October. Photo: Yuri Gripas/AFP via Getty Images.

Senate Majority Leader Chuck Schumer (D-N.Y.) on Saturday called for the Justice Department inspector general to investigate an alleged plan by former President Trump and a DOJ lawyer to remove the acting attorney general and replace him with someone more willing to investigate unfounded claims of election fraud.

Driving the news: The New York Times first reported Friday that the lawyer, Jeffrey Clark, allegedly devised "ways to cast doubt on the election results and to bolster Mr. Trump’s continuing legal battles and the pressure on Georgia politicians. Because Mr. [Jeffrey] Rosen had refused the president’s entreaties to carry out those plans, Mr. Trump was about to decide whether to fire Mr. Rosen and replace him with Mr. Clark."