COP-27 Urges a Shift Towards Electric Vehicles
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Last week marked the end of COP-27, and whilst it certainly didn’t receive the same level of publicity as its predecessor, there are still parts of it worth unpacking.
One of the notable things to come out of Sharm El-Sheikh for the North East is the acceleration in transition to Zero-Emissions Vehicles (ZEV). The UK launched the Zero Emissions Vehicles Declaration, which commits leading markets to make sure all new cars and vans produced are ZEVs by 2035. Additionally, a global target has been set for 2040, in line with the Paris Agreement.
There are 214 signatories to this Declaration, which creates an opportunity to trade ZEVs globally. What’s more, is that the UK alongside the USA will be tasked with establishing a ZEV Country Partnership, to help India deliver on their targets.
Nissan provides a great example of the North East’s offer to the ZEV Declaration, producing over 33,000 LEAF models in 2021. With £3.8 billion announced in electrification investment in the North East since 2020 according to the NEAA, this presents a real opportunity for the region’s international trade.