25 September 2023

Electric vehicles tipped to power ahead

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A new report released jointly by the Australian Renewable Energy Agency (ARENA) and the Clean Energy Finance Corporation (CEFC) predicts that electric and plug-in hybrid vehicles are set to boom in Australia over the next 20 years.

The report forecast three potential scenarios, under all of which — including one of no intervention — it predicted that between 2020 and 2027, electric vehicles (EVs) would reach price parity with traditional combustion engines and then rapidly increase as a percentage of new vehicle sales.

Chief Executive of ARENA, Ivor Frischknecht said EVs represented a great opportunity for Australia by delivering a more efficient driving experience, lower emissions and reducing the nation’s dependence on fuel imports.

He said he looked forward to the increasing share of electric vehicles in the Australian market.

“As far as ARENA is concerned, they also offer a great opportunity for renewable energy technologies that can be used to charge them,” Mr Frischknecht said.

“This report illustrates methods that have been used elsewhere around the globe to encourage people to buy electric vehicles.”

He said it examined charging infrastructure in some detail and also modelled what future EV uptake trends in Australia might be.

Chief Executive of CEFC, Ian Learmonth said Australians had traditionally been early adopters of new technology, but they were lagging when it came to EVs.

“This research shows that we can increase the uptake of EVs in a way that benefits drivers as well as the environment,” Mr Learmonth said.

“It’s about lowering prices, supporting more models and creating a charging network.”

He said the transition to EVs was inevitable.

“We’re already seeing vehicle makers confirm they will stop producing pure internal combustion engines over the coming years,” Mr Learmonth said.

The Agencies’ 103-page report can be accessed at this PS News link.

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