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Tesla will deliver its first Model 3s Friday. (AP / Justin Pritchard)

The U.K. will ban the sale of new gasoline- and diesel-driven vehicles starting in 2040 toward a goal of removing them from British roads a decade later and shifting the country to fully electric cars, per the Financial Times.

The prohibition, to be announced today, is driven by environmental policy — to bring down U.K. emissions within EU pollution standards. But, coming two weeks after France announced a similar ban, its impact could be much broader.

Why this matters: Previously, the Netherlands and India, too, said they were banning the sale of new gasoline- and diesel-powered vehicles by 2025 and 2030, respectively. Saying and doing are different things. But taken together, the bans put serious weight behind bullish forecasts for electric car penetration, and could lead oil companies, carmakers, petro-states and geostrategists to recalibrate policies that forecast a much slower penetration of electric cars into the market.

What mainstream-priced forecasters say: Most big oil companies, government agencies and OPEC say fully electric cars will continue to represent only a few percentage points of annual sales through 2040 and possibly beyond. But more bullish projections, such as by Bloomberg New Energy Finance (see below), say that coming cost savings in batteries and electric drive trains will help lead to a transformation in which fully new electric cars surpass 50% of sales in 2040. By then, according to these forecasts, they will comprise more than 30% of the total fleet.

Bloomberg New Energy Finance

Such a shift would vastly cut global oil sales, hurting oil companies and countries that rely on oil exports for most of their economy, such as Saudi Arabia and Russia.

Go deeper

Updated 2 hours ago - World

Biden reviews U.S. arms deals with Saudi Arabia and UAE

Trump struck several large arms deals with Mohammed bin Salman (L) and Saudi Arabia. Photo: Kevin Dietsch-Pool/Getty Images

The Biden administration has put on hold two big arms deals with Saudi Arabia and the United Arab Emirates which were approved in the final weeks of the Trump administration, a State Department official told Axios.

Why it matters: The sales of F-35 jets and attack drones to the UAE and a large supply of munitions to Saudi Arabia will be paused pending a review. That signals a major policy shift from the Trump era, and may herald sharp tensions with both Gulf countries.

Trump supporter found with pipe bombs accused of plot to attack Democrats

Five improvised explosive devices that the FBI says "were fully operational and could cause great bodily harm or injury if handled improperly." Photo: FBI/Justice Department

The FBI believes California Gov. Gavin Newsom (D) and the Bay Area headquarters of Twitter and Facebook were targets of a man facing federal explosives charges, according to a criminal complaint.

Driving the news: Prosecutors charged Ian Benjamin Rogers after finding weapons including five pipe bombs, 49 guns and thousands of rounds of ammunition following a Jan. 15 search of his Napa County home and auto repair business. His alleged goal was to ensure former President Trump remained in office.

6 hours ago - Health

Fauci: COVID vaccine rollout needs to prioritize people of color

Anthony Fauci. Photo: Alex Wong via Getty Images

Infectious disease expert Anthony Fauci highlighted the need to address racial disparities in the COVID-19 vaccination process, per an interview with The New England Journal of Medicine on Wednesday.

What he’s saying: "I think that's the one thing we really got to be careful of. We don't want in the beginning ... most of the people who are getting it are otherwise, well, middle-class white people."

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