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Only a small chunk of governments’ recovery spending in response to the Covid-19 pandemic has been allocated to clean energy measures, according to the International Energy Agency, with the Paris-based organization forecasting that carbon dioxide emissions will hit record levels in 2023.

Published on Tuesday, the IEA’s analysis notes that, as of the second quarter of this year, the world’s governments had set aside roughly $380 billion for “energy-related sustainable recovery measures.” This represents approximately 2% of recovery spending, it said. 

In a statement issued alongside its analysis, the IEA laid out a stark picture of just how much work needed to be done in order for climate related targets to be met.

“The sums of money, both public and private, being mobilised worldwide by recovery plans fall well short of what is needed to reach international climate goals,” it said. 

These shortfalls were “particularly pronounced in emerging and developing economies, many of which face particular financing challenges,” it added. 

Looking ahead, the Paris-based organization estimated that, under current spending plans, the planet’s carbon dioxide emissions would be on course to hit record levels in 2023 and continue to grow in the ensuing years. There was, its analysis claimed, “no clear peak in sight.”

Commenting on the findings, Fatih Birol, the IEA’s executive director, said: “Since the Covid-19 crisis erupted, many governments may have talked about the importance of building back better for a cleaner future, but many of them are yet to put their money where their mouth is.”

“Despite increased climate ambitions, the amount of economic recovery funds being spent on clean energy is just a small sliver of the total,” he added.

The IEA’s analysis and projections are based on its Sustainable Recovery Tracker, which was launched on Tuesday and “monitors government spending allocated to sustainable recoveries.”

The tracker takes this information and then uses it to estimate “how much this spending boosts overall clean energy investment and to what degree this affects the trajectory of global CO2 emissions.”

For his part, Birol said governments needed to “increase spending and policy action rapidly to meet the commitments they made in Paris in 2015 — including the vital provision of financing by advanced economies to the developing world.

“But they must then go even further,” he added, “by leading clean energy investment and deployment to much greater heights beyond the recovery period in order to shift the world onto a pathway to net-zero emissions by 2050, which is narrow but still achievable — if we act now.”

Birol’s reference to the Paris Agreement is notable but unsurprising. The shadow of the accord, which aims to “limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels,” looms large over discussions about net-zero goals.

Cutting human-made carbon dioxide emissions to net-zero by 2050 is seen as crucial when it comes to meeting the 1.5 degrees Celsius target.

The new findings from the IEA come after it said the planet’s demand for electricity was set for a strong rebound this year and next after dropping by approximately 1% in 2020.

Released last week, its Electricity Market Report forecasts that global electricity demand will jump by nearly 5% in 2021 and 4% in 2022, as economies around the world look to recover from the effects of the pandemic.

The report notes that although electricity generation from renewables “continues to grow strongly” it can’t keep up with increasing demand.

Renewables were, the intergovernmental organization noted, “expected to be able to serve only around half of the projected growth in global demand in 2021 and 2022.”

At the other end of the spectrum, electricity generation based on fossil fuels was “set to cover 45% of additional demand in 2021 and 40% in 2022.”

Indeed, the reality on the ground shows just how big a challenge achieving climate-related goals will be in the years ahead.

Energy companies are still discovering new oil fields, for example, while in countries such as the U.S., fossil fuels continue to play a significant role in electricity production.

At the global level, the IEA’s research published last week expects coal-fired electricity generation to rise “by almost 5% in 2021 and a further 3% in 2022, after having declined by 4.6% in 2020.”

“As a result, coal-fired electricity generation is set to exceed pre-pandemic levels in 2021 and reach an all-time high in 2022,” it adds.

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Nissan feels the heat from BYD’s EV price war in China

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Nissan feels the heat from BYD's EV price war in China

Nissan is the latest victim of BYD’s “liberation battle” against gas-powered cars. After BYD’s aggressive price cuts this year, Nissan is shutting down a factory in China as it struggles to keep up.

As is the case for many legacy automakers, China is a critical sales market for Nissan. Nearly a third of Nissan’s global sales and net profits are from China.

After slipping out of the top five automakers (by market share) in China in 2022, Nissan’s woes are worsening. Nissan’s sales fell 16% in China last year and the trend has continued into 2024.

Nissan’s sales fell another 2.8% last month, with 64,233 vehicles sold in China. The company cut guidance by 23% last year, with 800,000 vehicle sales expected in fiscal 2024. According to Nikkei, Nissan will do so with one less factory.

Nissan is closing the doors to its plant in Changzhou as the factory is building more cars than it can sell.

The facility accounts for about 8% of Nissan’s production capacity in China, with an annual capacity of around 130,000 units. According to the report, the plant shuts down on Friday.

Nissan-BYD's-EV
Nissan Ariya electric SUV (Source: Nissan)

Under its joint venture with China’s Dongfeng Motor, Nissan has eight plants in the region. Its total annual capacity is around 1.6 million, double Nissan’s projected sales figures for fiscal 2024.

Nissan shuts down China plant amid BYD’s EV price war

The plant shutdown comes as Nissan struggles to keep up in an increasingly competitive China EV market.

China’s largest automaker, BYD, kicked off a “liberation battle” against ICE vehicles earlier this year. The goal is to continue taking market share from gas-powered cars with lower-priced EVs. So far, it seems to be working.

Nissan-BYD's-EVs
BYD (Dolphin Mini) Seagull EV (Source: Nissan)

BYD has drastically cut prices while introducing lower-priced EV models. Its cheapest, the Seagull EV, starts under $10,000 (69,800 yuan).

BYD’s CEO, Wang Chaunfu, said EVs have entered “the knockout round” and that the next two years will be critical for automakers to catch up.

With lower-priced, more advanced models hitting the market, BYD sees joint venture brands (like Nissan’s) market share falling from around 40% to 10% in China.

Nissan isn’t the only legacy automaker feeling the heat. Japanese rivals Toyota, Mitsubishi, and Honda have also pulled back in China amid slumping sales.

Nissan-BYD's-EV
Nissan EV concepts (Source: Nissan)

Meanwhile, BYD looks to expand its global footprint after outgrowing China’s EV market. BYD is closing in on a deal for a plant in Mexico that would be among the biggest in the country. The company expects to sell 50,000 vehicles in Mexico this year.

BYD is also expanding on Nissan and Toyota’s home turf. According to data from the Japan Automobile Importers Association, BYD accounted for over 20% of Japan’s EV imports in January.

With longer-range, lower-priced models rolling out, BYD’s momentum is expected to continue. China’s leading automaker is also expanding into new segments like pickups (check out the new Shark PHEV), mid-size electric SUVs, and luxury.

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Tesla Model 3 Long Range costs $3,200 more to finance than last week

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Tesla Model 3 Long Range costs ,200 more to finance than last week

Tesla scrapped promotional financing on the Model 3 Long Range this week after it became eligible for the $7,500 federal tax credit.

As Electrek reported on June 17, Tesla and the IRS confirmed that the Model 3 Long Range All-Wheel Drive is now eligible for the full tax credit. Today, Tesla is pricing the EV’s upfront purchase price at just $34,990 – $1,000 more than the Model 3 Rear Wheel Drive – including the federal tax credit and an estimated five-year gas savings of $5,000.

The Model 3 Rear Wheel Drive still doesn’t qualify for the federal tax credit because it uses LFP battery cells from China.

The Model 3 Long Range is now listed at 6.39% APR on loans up to 72 months. The Model 3 Rear-Wheel Drive continues to offer 1.99% APR for 36 months with a 60-month option at 2.99%.

Even though the Model 3 Long Range is now $7,500 cheaper, the higher interest rate is a bit of a party pooper, as it eats up potential savings. The folks at CarsDirect estimated that on a five-year loan, thanks to the 6.39% interest rate, the Model 3 Long Range has more of a $4,200 advantage than a $7,500 advantage.

If you’re eligible for the federal tax credit, the Model 3 Long Range is cheaper than before but costs around $3,200 more to finance through Tesla than last week. CarsDirect suggests comparing your options carefully if you’re shopping for a Model 3 Long Range. 

Click here to find a local dealer that may have the Model 3 in stock –affiliate link


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Utah is getting 20 ‘hyper-fast’ Electrify America EV charging stations

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Utah is getting 20 'hyper-fast' Electrify America EV charging stations

Electrify America and electric utility Rocky Mountain Power have rolled out the first of 20 DC fast charging stations in Utah.

Electrify Commercial, a business unit of Electrify America, and Rocky Mountain Power, a division of PacifiCorp, are deploying more than 80 chargers at 15 DC fast charging stations in the Salt Lake City area and five DC fast charging stations in surrounding regions.

So far, four charging stations have come online in Millcreek, Vernal, Moab, and Kimball Junction.

Rocky Mountain Power, the only rate-regulated public utility providing electric service in Utah, will own the new charging stations. Each will have “hyper-fast” chargers capable of speeds up to 350 kW. The utility will set the pricing and Rocky Mountain Power utility customers get a discounted rate.

Since 2016, Rocky Mountain Power has installed more than 120 DC fast chargers in Utah and completed an electric highway corridor along I-15, Utah’s primary and only north-south interstate highway. It’s also facilitated the installation of more than 3,000 Level 2 chargers for workplaces, retail, and multifamily housing. The utility is spending $50 million to install EV charging infrastructure across Utah.

All 20 of Utah’s new DC fast charging stations will be on Electrify America’s coast-to-coast “locate a charger” map, which includes more than 950 stations and over 4,250 chargers in the US and Canada. Drivers will be able to access and pay for charging on Rocky Mountain Power’s chargers through the Electrify America mobile app.

Read more: Here’s what Electrify America’s EV charging plans are for 2024


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –affiliate link*

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