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An electric vehicle charging point in Stoke-on-Trent, England.
Nathan Stirk | Getty Images News | Getty Images

The number of electric vehicles on the world’s roads is surging, hitting a record number last year.

That would seem to be good news, as the world tries to wean itself off fossil fuels that are wrecking the global climate. But as electric cars become more popular, some question just how environmentally friendly they are.

The batteries in electric vehicles, for example, charge on power that is coming straight off the electric grid — which is itself often powered by fossil fuels. And there are questions about how energy-intensive it is to build an EV or an EV battery, versus building a comparable traditional vehicle.

Are electric vehicles greener?

The short answer is yes — but their full green potential is still many years away.

Experts broadly agree that electric vehicles create a lower carbon footprint over the course of their lifetime than do cars and trucks that use traditional, internal combustion engines.

Last year, researchers from the universities of Cambridge, Exeter and Nijmegen in The Netherlands found that in 95% of the world, driving an electric car is better for the environment than driving a gasoline-powered car.

Electricity grids in most of the world are still powered by fossil fuels such as coal or oil, and EVs depend on that energy to get charged. Separately, EV battery production remains an energy-intensive process.

Producing electric vehicles leads to significantly more emissions than producing petrol cars … which is mostly from the battery production.
Florian Knobloch
Cambridge Centre for Environment, Energy and Natural Resource Governance

A study from the Massachusetts Institute of Technology Energy Initiative found that the battery and fuel production for an EV generates higher emissions than the manufacturing of an automobile. But those higher environmental costs are offset by EVs’ superior energy efficiency over time.

In short, the total emissions per mile for battery-powered cars are lower than comparable cars with internal combustion engines.

“If we are going to take a look at the current situation, in some countries, electric vehicles are better even with the current grid,” Sergey Paltsev, a senior research scientist at the MIT Energy Initiative and one of the study’s authors, told CNBC.

Paltsev explained that the full benefits of EVs will be realized only after the electricity sources become renewable, and it might take several decades for that to happen.

“Currently, the electric vehicle in the U.S., on average, would emit about 200 grams of CO2 per mile,” he said. “We are projecting that with cleaning up the grid, we can reduce emissions from electric vehicles by 75%, from about 200 (grams) today to about 50 grams of CO2 per mile in 2050.”

Similarly, Paltsev said MIT research showed non-plug-in hybrid cars with internal combustion engines currently emit about 275 grams of CO2 per mile. In 2050, their projected emissions are expected to be between 160 to 205 grams of CO2 per mile — the range is wider than EVs, because fuel standards vary from place to place.

Decarbonization is the process of reducing greenhouse gas emission produced by the burning fossil fuels. Efforts to cut down pollution across various industries are expected to further reduce the environmental impact of EV production and charging over time.

“When you look forward to the rest of the decade, where we will see massive amounts of decarbonization in power generation and massive amount of decarbonization in the industrial sector, EVs will benefit from all of that decarbonization,” Eric Hannon, a Frankfurt-based partner at McKinsey & Company, told CNBC.

Batteries are the biggest emitter

EVs rely on rechargeable lithium-ion batteries to run. The process of making those batteries — from using mining raw materials like cobalt and lithium, to production in gigafactories and transportation — is energy-intensive, and one of the biggest sources of carbon emissions from EVs today, experts said.

Gigafactories are facilities that produce EV batteries on a large scale.

“Producing electric vehicles leads to significantly more emissions than producing petrol cars. Depending on the country of production, that’s between 30% to 40% extra in production emissions, which is mostly from the battery production,” said Florian Knobloch, a fellow at the Cambridge Centre for Environment, Energy and Natural Resource Governance.

Those higher production emission numbers are seen as “an initial investment, which pays off rather quickly due to the reduced lifetime emissions.”

China currently dominates battery production, with 93 gigafactories producing lithium-ion battery cells versus only four in the U.S., the Washington Post reported this year.

“I think the battery is the most complicated component in the EV, and has the most complex supply chain,” George Crabtree, director of the U.S. Department of Energy’s Joint Center for Energy Storage Research, told CNBC, adding that the energy source used in battery production makes a huge difference on the carbon footprint for EVs.

Batteries made in older gigafactories in China are usually powered by fossil fuels, because that was the trend five to 10 years ago, he explained. So, EVs that are built with batteries from existing factories

But that’s changing, he said, as “people have realized that’s a huge carbon footprint.”

Experts pointed to other considerations around battery production.

They include unethical and environmentally unsustainable mining practices, as well as a complex geopolitical nature of the supply chain, where countries do not want to rely on other nations for raw materials like cobalt and lithium, or the finished batteries.

Mining raw materials needed for battery production will likely be the last to get decarbonized, according to Crabtree.

Recycling and decarbonizing the grid

Today, very few of the spent battery cells are recycled.

Experts said that can change over time as raw materials needed for battery production are in limited supply, leaving firms with no choice but to recycle.

McKinsey’s Hannon outlined other reasons for companies to step by their recycling efforts. They include a regulatory environment where producers, by law, would have to deal with spent batteries — and disposing them could be more expensive.

“People who point to a lack of a recycling infrastructure as a problem aren’t recognizing that we don’t need extensive recycling infrastructure yet because the cars are so new, we’re not needing many back,” he said.

Most auto companies are already working to ensure they have significant recycling capacity in place before EVs start reaching the end of life over the next decade, he added.

It’s not silver bullet for climate change mitigation. Ideally, you also try to reduce the number of cars massively, and try to push things such as public transport
Florian Knobloch
Cambridge Centre for Environment, Energy and Natural Resource Governance

Knobloch from Cambridge University said a lot of research is going into improving battery technology, to make them more environmentally sustainable and less reliant on scarce raw materials. More efforts are also needed in decarbonizing the electricity grid, he added.

“It’s very important that more renewable electricity generation capacity is added to the grid each year, than coal generation capacity,” Knobloch said.

“Nowadays, it’s much easier to build large scale solar or offshore wind compared to building new fossil fuel power plant. What we see is more renewable electricity coming into the grid all over the world.”

Still, he pointed out that generating electricity by using renewable sources will still emit greenhouse gases as there are emissions from producing the solar panels and wind turbines. “What we look at is how long will it take until the electricity grid is sufficiently decarbonized so that you see large benefit from electric vehicles,” Knobloch added.

Policies needed for societal change

Experts agree that a transition from gasoline-powered cars to EVs is not a panacea for the global fight against climate change.

It needs to go hand-in-hand with societal change that promotes greater use of public transportation and alternative modes of travel, including bicycles and walking.

Reducing the use of private vehicles requires plenty of funding and policy planning.

MIT’s Paltsev, who is also deputy director at the university’s joint program on the science and policy of global change, explained that there are currently about 1.2 billion fuel-powered cars on the road globally –that number is expected to increase to between 1.8 billion to 2 billion.

In comparison, there are only about 10 million electric vehicles currently.

People underestimate how many new cars have to be produced and how much materials will be needed to produce those electric vehicles, Paltsev said.

The International Energy Agency predicts that the number of electric cars, buses, vans and heavy trucks on roads is expected to hit 145 million by 2030.

Even if everyone drove EVs instead of gasoline-powered cars, there would still be plenty of emissions from the plug-in vehicles due to their sheer volume, according to Knobloch.

“So, it’s not silver bullet for climate change mitigation. Ideally, you also try to reduce the number of cars massively, and try to push things such as public transport,” he said. “Getting people away from individual car transport is as important.”

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Trump to shut down all 8,000 EV charging ports at federal govt buildings

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Trump to shut down all 8,000 EV charging ports at federal govt buildings

The Trump administration is shutting down EV chargers at all federal government buildings and is also expected to sell off the General Services Administration‘s (GSA) newly bought EVs.

GSA, which manages all federal government-owned buildings, also operates the federal buildings’ EV chargers. Federally owned EVs and federal employee-owned personal EVs are charged on those 8,000 charging ports.

The Verge reports it’s been told by a source that plans will be officially announced internally next week, and it’s seen an email that GSA has already sent to regional offices about the plans:

“As GSA has worked to align with the current administration, we have received direction that all GSA-owned charging stations are not mission-critical.”

The GSA is working on the timing of canceling current network contracts that keep the EV chargers operational. Once those contracts are canceled, the stations will be taken out of service and “turned off at the breaker,” the email reads. Other chargers will be turned off starting next week.

“Neither Government Owned Vehicles nor Privately Owned Vehicles will be able to charge at these charging stations once they’re out of service.” 

Colorado Public Radio first reported yesterday that it had seen the email that was sent to the Denver Federal Center, which has 22 EV charging stations at 11 locations.

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The Trump/Elon Musk administration has taken the GSA’s fleet electrification webpage offline entirely. (An archived version is available here.)

The Verge‘s source also said that the GSA will offload the EVs it bought during the Biden administration, although it’s unknown whether they’ll be sold or stored.

Read more: Trump just canceled the federal NEVI EV charger program


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Hackers steal $1.5 billion from exchange Bybit in biggest-ever crypto heist

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Hackers steal .5 billion from exchange Bybit in biggest-ever crypto heist

Ben Zhou, chief executive officer of ByBit, during the Token2049 conference in Singapore, on Thursday, Sept. 14, 2023. 

Joseph Nair | Bloomberg | Getty Images

Bybit, a major cryptocurrency exchange, has been hacked to the tune of $1.5 billion in digital assets, in what’s estimated to be the largest crypto heist in history.

The attack compromised Bybit’s cold wallet, an offline storage system designed for security. The stolen funds, primarily in ether, were quickly transferred across multiple wallets and liquidated through various platforms.

“Please rest assured that all other cold wallets are secure,” Ben Zhou, CEO of Bybit, posted on X. “All withdrawals are NORMAL.”

Blockchain analysis firms, including Elliptic and Arkham Intelligence, traced the stolen crypto as it was moved to various accounts and swiftly offloaded. The hack far surpasses previous thefts in the sector, according to Elliptic. That includes the $611 million stolen from Poly Network in 2021 and the $570 million drained from Binance in 2022.

Analysts at Elliptic later linked the attack to North Korea’s Lazarus Group, a state-sponsored hacking collective notorious for siphoning billions of dollars from the cryptocurrency industry. The group is known for exploiting security vulnerabilities to finance North Korea’s regime, often using sophisticated laundering methods to obscure the flow of funds.

“We’ve labelled the thief’s addresses in our software, to help to prevent these funds from being cashed-out through any other exchanges,” said Tom Robinson, chief scientist at Elliptic, in an email.

The breach immediately triggered a rush of withdrawals from Bybit as users feared potential insolvency. Zhou said outflows had stabilized. To reassure customers, he announced that Bybit had secured a bridge loan from undisclosed partners to cover any unrecoverable losses and maintain operations.

The Lazarus Group’s history of targeting crypto platforms dates back to 2017, when the group infiltrated four South Korean exchanges and stole $200 million worth of bitcoin. As law enforcement agencies and crypto tracking firms work to trace the stolen assets, industry experts warn that large-scale thefts remain a fundamental risk.

“The more difficult we make it to benefit from crimes such as this, the less frequently they will take place,” Elliptic’s Robinson wrote in a post.

WATCH: Crypto stocks plunge

Crypto stocks plunge despite SEC dropping suit against Coinbase

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Ford Mustang Mach-E is heavily discounted, you can even lease it for less than a Toyota Camry

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Ford Mustang Mach-E is heavily discounted, you can even lease it for less than a Toyota Camry

Ford is offering big savings opportunities right now on its electric vehicles. The Ford Mustang Mach-E can be leased for less than a Toyota Camry in some places despite costing over $10,000 more. Here’s how you can snag some savings.

Ford’s Mach-E is cheaper to lease than a Camry right now

With over 51,700 models sold in 2024, Ford’s Mustang Mach-E was the third best-selling EV in the US behind the Tesla Model Y and Model 3.

The electric Mach-E even outsold the gas-powered Mustang for the first time last year. To keep up with new models like the Honda Prologue and the 2025 Hyundai IONIQ 5, Ford introduced big discounts at the start of the year.

Ford extended its “Power Promise” program in January, offering all EV buyers a free Level 2 home charger. The company will even cover the cost of standard installation. If you already have a home charger, Ford will give you a $1,000 charging credit.

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According to online car research firm CarsDirect, the savings don’t stop there. Through March 31, the 2024 Ford Mustang Mach-E can be leased for as little as $229 for 24 months in Southern California.

Ford-Mach-E-lease-Camry
Ford Mustang Mach-E at a Tesla Supercharger (Source: Ford)

With $4,329 due at signing, the effective cost is just $409 per month. The deal is for the base 2024 Mach-E Select with an MSRP of $39,995 and includes a $7,750 lease cash bonus.

In comparison, the 2025 Toyota Camry Hybrid LE (MSRP $28,400) is listed at $299 for 39 months and $3,598 due upfront, for an effective rate of $391 per month.

Ford-Mach-E-lease-interior
2024 Ford Mustang Mach-E interior (Source: Ford)

Although that’s slightly less than the Mach-E, if you factor in Ford’s other incentives, it’s actually much cheaper. In addition to the $1,000 charging credit, Ford is offering current Tesla owners $1,000 in conquest bonus cash, which can be applied to the purchase or lease of a new vehicle.

The $2,000 in savings brings the effective monthly lease rate to just $326 per month. That’s even $10 cheaper than a 2025 Toyota Corolla LE with an MSRP of just $22,325, or over $17,500 less than the Mustang Mach-E.

Ford-Mach-E-lease-Camry
2025 Ford Mustang Mach-E (Source: Ford)

Alternatively, Ford is offering the 2024 Ford Mustang Mach-E for 0% APR for 72 months plus $2,500 in bonus cash.

Ford also introduced new incentives on the F-150 Lightning last week. The 2024 F-150 Lightning now features a nationwide 0% financing for 72 months offer with additional savings of up to $5,000 off MSRP.

Ford-EV-lease-discounts
Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)

The new Flash trim now features an up to $3,000 retail cash bonus, XLT and Lariat trims get up to $4,000, and the Platinum model gets a $5,000 bonus.

Ford’s electric pickup is eligible for the $1,000 Tesla Conquest bonus and public charging credit offer. Ram owners can snag an extra $2,000 from a serperate conquest program.

If you’re ready to test drive Ford’s electric vehicles for yourself, we can help you get started. You can use our links below to find Ford F-150 Lightning and Mustang Mach-E models at a dealer near you.

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