How Climate Change is changing the Automotive Market – Egypt Today

How Climate Change is changing the Automotive Market – Egypt Today

GLOBAL PERSPECTIVE

The world is at an environmental crucible with harmful carbon emissions in the last ten years achieving their highest level in human history. This has put climate change at the forefront of global priorities, with governments, industries and local communities joining forces to reduce fossil fuel use, increase the use of alternative fuels, extend access to electricity, and improve energy efficiency.

Therefore, it is no surprise that the automotive industry has emerged as a key stakeholder in achieving these goals, given the major impact it has on the environment. Re-inventing mobility is not a luxury but a must to reduce carbon emissions and global warming.

This has been reflected in the dramatic disruption taking place in the automotive industry in the last decade, led by stricter regulations aimed at reducing CO2 emissions by 55% before 2030, technology advancements, and unprecedented investments in sustained mobility.

The result was an increased adoption of electric vehicles across the globe, emerging as the preferred clean technology for the future of mobility.

And just to give you a sense of where the market is heading:

• From 2010 to 2020, the number of electric vehicles globally grew from 17,000 to 10 million.

• In 2021, 7 million more EVs were