Business View Magazine | Volume 8, Issue 7

72 BUSINESS VIEW MAGAZINE VOLUME 8, ISSUE 7 purchase incentives and tax deductions – a 25% rise year-on-year. Before the pandemic, many countries strengthened key policies such as CO2 emission standards and zero-emission vehicle (ZEV) directives. By the end of 2020, more than 20 countries had either announced bans on sales of internal combustion engine cars or decreed that all new sales be zero-emission. Some European countries increased buying incentives and incorporated the promotion of EVs into their post-pandemic economic recovery plans. China postponed the end of its New Energy Vehicle (NEV) subsidy scheme to 2022, to safeguard EV sales from the economic downturn. 4. Electric bus and truck registrations also increased within the world’s largest markets Across China, Europe and North America these rises were mainly due to municipal governments imposing greater emission reductions on commercial vehicles operating within their towns and cities. China, for example, commands a 27% share of all electric bus sales, where new registrations were up 9% in 2020. Electric heavy-duty trucks, while more established in China, have only recently begun to come on stream further afield, currently consisting of around 1% of all truck sales in both Europe and the US. 5. Widespread EV adoption could significantly reduce greenhouse gas emissions The IEA says mass adoption has the potential to cut emissions by more than one-third by 2030 under the existing ‘stated’ green policies. Up to two-thirds of emissions could be slashed in that time if countries endorse more ambitious ‘sustainable development’ targets. Consumer and government spending on electric cars rose in 2020. Image: IEA