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Uber Canada and Wallbox partner to help drivers transition to EVs

Uber Canada, the largest mobility platform in Canada and globally, and Wallbox, a leading provider of electric vehicle (EV) charging and energy management systems worldwide, announced a strategic alliance today to make the transition to EVs easier for rideshare drivers in Canada who use Uber.

The agreement offers Uber drivers a subsidized bundle for a Wallbox Pulsar Plus charger and installation. This reduction is in addition to any utility or government incentives or rebates.

Wallbox’s installation partner will assist drivers in navigating the EV installation process, which is especially beneficial for individuals who rent or reside in multi-dwelling apartments. easing the EV installation process and providing a consistent customer experience for Uber drivers.

Since over 80% of EV owners charge at homeaccording to Natural Resources Canada, the intent of this partnership is to provide drivers using Uber with an easy-to-use and affordable one-stop shop for home charging solutions. Charging at home can reduce the total cost of ownership by up to 25% depending on electricity prices of a province, time of day for charging, and the price of charging publicly in a province. 

In Canada, the rollout is expected to follow three phases: the first covering Vancouver starting today, the second covering Toronto the first week of May, and the final phase covering the rest of the country by fall. This partnership first began in the Bay Area in October 2021 and quickly expanded across the US. 

“We are thrilled to be partnering with Uber Canada in the transition to electric transportation,” said Douglas Alfaro, General Manager for Wallbox North America. “We know 80% of charging happens at home, so simplifying home charging is essential if we want to accelerate the transition.”

“Helping drivers go electric is a critical part of our plan to become a fully-electric, zero-emissions platform in Canada,” said Laura Miller, Head of Policy and Communications for Uber Canada. “This partnership with Wallbox helps drivers by making it more affordable and accessible to charge their EVs.”

Wallbox’s worldwide best-selling charger, Pulsar Plus, became an Amazon U.S. Best Seller in just a few months. Pulsar Plus is one of the smallest smart home EV chargers in North America, and is compatible with all EVs, including Teslas, and can be installed in homes, apartments, and other multi-unit dwellings.

This partnership is another example of Uber Canada’s ongoing work to become a zero-emission platform in major cities in Canada by 2030. Earlier this year, Uber Canada announced a partnership withPlug’n Drive which provides drivers the opportunity to learn about the total cost of owning an EV and the benefits of making the switch from gas to electric.Last fall, Uber Canada also announced Uber+Transit as a pilot in the Greater Toronto Area. By looking at transit schedules and availability with UberX, Uber will suggest a combined route that’s both convenient and affordable.

About Wallbox Chargers

Wallbox is a global company, dedicated to changing the way the world uses energy in the electric vehicle industry. Wallbox creates smart charging systems that combine innovative technology with outstanding design and manage the communication between vehicle, grid, building, and charger. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 98 countries. Founded in 2015, with headquarters in Barcelona, Wallbox’s mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. The company employs over 900 people in Europe, Asia, and the Americas. For additional information, please visitwww.wallbox.com.

About Uber Canada

Uber’s mission is to create opportunity through movement. Co-founded by Calgarian entrepreneur Garrett Camp, Uber started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 10 billion trips later, Uber is building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber and Uber Eats open up the world to new possibilities. For more information, visituber.com.

Source:https://wallbox.com/en_us/newsroom/uber-canada-and-wallbox-partner-to-help-drivers-transition-to-EVs.html

Visualizing All Electric Car Models Available in the U.S. 

Graphic showcasing all electric car models available in the U.S.

Visualizing All Electric Car Models Available in the U.S.

America’s electric vehicle (EV) market has surged over the last decade, and it’s only expected to grow further. The Biden administration has allocated billions towards the EV transition in the hopes that by 2030, electric cars make up 50% of all new cars sales in America.

Given the rising demand, what types of electric car models are available for U.S. consumers to choose from today?

This graphic, using data from Car and Driver and EPA, highlights every single EV that’s available for sale across America, showing the wide range of manufacturers, vehicle types, and prices.

What Electric Vehicles Are Available in America?

As of February 2022, there are 28 different electric vehicles available in the U.S., from 18 different manufacturers. Here are their base model statistics:Search:

EV
Model (2022)
Price (MSRP)Max. HorsepowerCombined Fuel EconomyCombined Max. Range
GMC Hummer EV Pickup$110,2951,000N/AN/A
Audi e-tron GT$102,40046982 MPGe238 miles
Mercedes EQS$102,31032997 MPGe350 miles
Tesla Model X$98,940670102 MPGe348 miles
Tesla Model S$94,990670120 MPGe405 miles
Porsche Taycan$82,70032179 MPGe200 miles
Lucid Air Pure$77,400480N/A406 miles
Rivian R1S$72,500600+N/A260+ miles
Jaguar I-Pace*$69,90039476 MPGe234 miles
Rivian R1T$67,500600+70 MPGe260+ miles

Showing 1 to 10 of 28 entries

PreviousNext

As of February 2022. *Indicates EPA data on fuel economy and range was only available for 2021 models.

At less than $30,000, the Nissan Leaf and Mini Cooper SE are currently the most affordable options for Americans.

Released in 2010, the Nissan Leaf is one of the oldest EVs on the market. Widely considered a pioneer in the EV space, it’s one of the top-selling electric cars in the U.S.—in 2021, more than 14,000 cars were sold in America.

While the Leaf’s low price point may be appealing to many, it has the third shortest maximum range on the list at 149 miles before needing a recharge. The only other cars with shorter ranges were the Mini Cooper SE and the Mazda MX-30.

GMC’s Hummer EV pickup is the most expensive EV on the list, with a base price point of $110,295—however, GMC is planning to release less expensive versions of the Hummer EV over the coming years.

The only other EV pickup available in the U.S. market in early 2022 is Rivian’s R1T. However, more manufacturers like Ford and Chevrolet are planning to release their own EV pickups, and Tesla’s Cybertruck has been in the works for years.

And new EVs are quickly entering the market. For example, BMW’s all-electric i4 and iX have only recently become available for sale in the U.S.

The Top EV Manufacturers

There are a number of domestic and international manufacturers that sell EVs in America, including German manufacturer Audi, Swedish carmaker Volvo, and South Korean manufacturer Kia.

Here’s a breakdown of the 18 different manufacturers on the list, six of which are U.S. based:

ManufacturerCountry of HQ# EVs sold in the U.S.
Tesla🇺🇸 U.S.4
Audi🇩🇪 Germany3
Volvo🇸🇪 Sweden2
Rivian🇺🇸 U.S.2
Kia🇰🇷 South Korea2
Hyundai🇰🇷 South Korea2
Chevrolet🇺🇸 U.S.2
Volkswagen🇩🇪 Germany1
Porsche🇩🇪 Germany1
Polestar🇸🇪 Sweden1

Showing 1 to 10 of 18 entries

PreviousNext

Tesla has the highest number of EV models on the market, with four different vehicles available: the Model S, Model X, Model Y, and the Model 3. It’s one of the few manufacturers on the list that exclusively makes electric cars—the only others being Rivian and Lucid.

While anticipation has been building around Tesla’s Cybertruck, and murmurs of a cheaper Tesla have been circulating, Tesla’ CEO Elon Musk has confirmed that there will be no new Tesla models released in 2022. The company will instead focus on its existing models for the time being.

Are U.S. Consumers Ready to Transition to Electric Cars?

It’s important to note that, while EV adoption in America has increased over the years, the U.S. is still lagging behind other countries. Between 2015 and 2020, America’s EV fleet grew at an annual rate of 28%, while China’s grew by 51%, and Europe increased by 41%.

Why are so many Americans dragging their feet when it comes to electric cars? According to a survey by Pew Research Center, the cost is a big barrier, as well as concerns over their reliability compared to gas vehicles.

But with gas prices at all-time highs, and as consumers grow increasingly concerned over the carbon costs of gas vehicles, switching to an electric car may soon be too hard to resist.

Author: Omri Wallach

Source: https://www.visualcapitalist.com/visualizing-all-electric-car-models-available-in-the-us/

The Number of EV Models Will Double by 2024

EV Models by 2024

▼ Use This Visualization

The Briefing

  • The number of electric vehicle (EV) models available in the U.S. will double by 2024, in comparison to what was available at the beginning of 2022
  • Legacy automakers are set to release a wave of fully electric vehicles

The Number of EV Models Will Double by 2024

Buyers in the market for an EV will have plenty of options to choose from over the next few years. It’s expected that there will be 134 models on sale in the U.S. by 2024—more than double of what’s available today.

YearNumber of EV models available
20102
201521
202048
2024 (projection)134

Note: These figures may include variations of the same model. Example: The Tesla Model 3 comes in Base, Long Range, and Performance trims.

This wave of new electric models is being primarily driven by legacy automakers, many of whom are entering the EV market for the first time. For industry leader Tesla, it means that there is greater competition on the way.

This greater variety of vehicles comes at a time when interest in owning an electric vehicle is rising. In a recent survey from Morning Consult, the majority of American adults (51%) now report being very or somewhat likely to purchase a fully electric vehicle over the next decade.

Millennials are the most likely to be considering an EV as their next vehicle (70%).

The Latest EV Push: Trucks

Truck buyers have been waiting for their turn to experience electric power, and legacy brands like Ford, Chevrolet, and GM are ready to deliver.

Models include the recently announced Chevrolet Silverado EV, which should arrive shortly after the F-150 Lightning and Rivian R1T electric pickups. GM is also teasing its upcoming Hummer EV, which promises a whopping 1,000 horsepower.

Pickups and SUVs typically generate higher margins for automakers, so this next wave of EV models is an opportunity they won’t want to miss.

Where does this data come from?
Source: Electric Power Research Institute via Morning Consult, GM Authority, and Car and Driver.

Author: Marcus Lu

Graphics: Rosey Eason

Toyota Compact Cruiser EV wins 2022 Car Design Award

The Toyota Compact Cruiser concept EV. (Image source: Toyota)

Toyota has revealed the winner of the 2022 Car Design Award for its Compact Cruiser concept all-electric vehicle. In addition, new photographs of a real automobile model have been posted. The off-road EV boasts sturdy body components as well as an integrated ladder and roof rack. Toyota claims that the lifestyle-focused vehicle was created for youthful city inhabitants.

Toyota has released new images of an actual model of its Compact Cruiser EV and announced that the car has won the 2022 Car Design Award. The award was presented to the company at Milan Design Week. The electric off-roader was first revealed in December and was created by Toyota Europe Design at the company’s Nice development centre.

Toyota Design was a finalist in all three Car Design Award categories: Production Vehicles, Concept Vehicles, and Brand Design language. The Compact Cruiser won the Concept car class, and the Toyota Aygo Cross was a finalist in the Production cars group.

Toyota states that the design of the electric car pays homage to the first-generation Land Cruiser. The car, for example, has squared-off wheel arches and robust body parts. The prototype car incorporates LED lighting, a built-in ladder, a roof rack, and mismatched wheels on both sides. The manufacturer claims that the lifestyle-oriented all-wheel-drive vehicle is aimed at youthful city dwellers.

Other information about the EV, such as its power, mileage, cost and release date, are currently unknown. Toyota’s first all-electric vehicle, the bZ4X, was recently launched in the UK, starting from £41,950 (~US$51,930). Also, a GR Sport version of the car is rumored to be on the way.

Buy the EV/Electric Vehicle Charging Unit on Amazon

Source: https://www.notebookcheck.net/Toyota-Compact-Cruiser-concept-EV-wins-2022-Car-Design-Award.629848.0.html

Global Electric Vehicle sales will continue to rise in 2022

Photo supplied by pexels.com

Policy support and flood of new models underpin sales in major markets, but greater efforts are needed to anticipate supply chain bottlenecks and boost critical mineral production.

According to the International Energy Agency, electric car sales powered through 2021 and have remained strong so far in 2022, but ensuring future growth will necessitate greater efforts to diversify battery manufacturing and critical mineral supplies to reduce the risks of bottlenecks and price increases.

Sales of electric cars (including fully electric and plug-in hybrids) doubled in 2021 to a new record of 6.6 million, with more now sold each week than in the whole of 2012, according to the latest edition of the annual Global Electric Vehicle Outlook. Despite strains along global supply chains, sales kept rising strongly into 2022, with 2 million electric cars sold worldwide in the first quarter, up by three-quarters from the same period a year earlier. The number of electric cars on the world’s roads by the end of 2021 was about 16.5 million, triple the amount in 2018.

Electric car sales in China are expected to nearly triple to 3.3 million in 2021, accounting for over half of the global total. Sales also increased significantly in Europe (by 65 percent to 2.3 million) and the United States (more than doubling to 630 000). Chinese electric vehicles are often smaller than those found in other markets. Along with cheaper production costs, this has resulted in a significant reduction in the price gap with traditional cars. In China, the median price of an electric automobile was just 10% higher than that of conventional cars, compared to 45-50% higher in other key markets. In contrast, electric vehicle sales are languishing in most emerging and developing economies, where only a few models are frequently available at unaffordable rates for mass-market consumers.

Sustained policy support has been one of the key reasons for robust electric car sales in many areas, with overall public spending on subsidies and incentives expected to more than double to about USD 30 billion by 2021. A rising number of countries have ambitious targets for vehicle electrification in the next decades, and many automakers have plans to electrify their fleets that go beyond regulatory requirements. In 2021, there were five times as many electric car models available globally as in 2015, with 450 available by the end of the year.

“Few areas of the new global energy economy are as dynamic as electric vehicles. The success of the sector in setting new sales records is extremely encouraging, but there is no room for complacency,” said IEA Executive Director Fatih Birol. “Policy makers, industry executives and investors need to be highly vigilant and resourceful in order to reduce the risks of supply disruptions and ensure sustainable supplies of critical minerals. Under its new Ministerial mandate, the IEA is working with governments around the world on how to strategically manage resources of critical minerals that are needed for electric vehicles and other key clean energy technologies.”

In the immediate term, the most significant barriers to continued strong EV sales are rising prices for several important minerals needed in battery manufacturing, as well as supply chain bottlenecks caused by Russia’s war on Ukraine and ongoing Covid-19 lockdowns in some parts of China. Longer-term efforts are needed to provide enough charging infrastructure to support the predicted surge in electric car sales, according to the paper.

Prices for lithium, a critical material for car batteries, were more than seven times higher in May 2022 than at the start of 2021, and cobalt and nickel prices soared as well. If all else remains constant, the cost of battery packs might rise by 15% if prices remain stable, reversing several years of declines. Russia’s invasion of Ukraine has added to the pressure, as Russia supplies 20% of the world’s battery-grade nickel.

As more than half of all lithium, cobalt, and graphite production and refining capacity is situated in China, governments in Europe and the United States have encouraged industrial policies geared at domestic growth of EV supply chains. Furthermore, China makes three-quarters of all lithium-ion batteries and has 70% of the capacity for cathodes and 85% of the capacity for anodes, both of which are critical components of batteries. In 2021, China will have produced more than half of all electric vehicles, and the country is prepared to continue its manufacturing dominance.

While nearly 10% of all cars sold worldwide in 2021 were electric, the figure for global truck sales was just 0.3%. This share would need to increase to around 10% by 2030 in a scenario aligned with the climate pledges and targets announced to date by countries worldwide – and to 25% by 2030 in the IEA’s Net Zero Emissions by 2050 Scenario. Electric trucks have so far been substantially deployed only in China, thanks to strong government support. But other countries have announced plans for heavy truck electrification, and manufacturers are widening their choice of models. Long-range trucks require high-power charges that are currently expensive and often require grid upgrades. The new IEA report recommends greater government support and planning for public charging infrastructure.

Other recommendations include using stringent vehicle efficiency and carbon dioxide emission standards to underpin demand for EVs; prioritising two- and three-wheelers and urban buses to kick-start EVs in emerging and developing markets; and promoting more investment in critical mineral extraction while respecting environmentally and socially sustainable practices to ensure sufficient supplies to power the clean energy transition.

Nissan and Wallbox Team Up to Offer EV Owners Seamless Home Charging Solution

nissan-and-wallbox-team-up-to-offer-ev-owners-seamless-home-charging-solution

As you probably already know by now, Nissan is pretty invested in bringing all-electric mobility to the masses. The LEAF EV has been on sale for over a decade now, and the Ariya electric crossover is set to go on sale this fall.

With that in mind, the Japanese carmaker has partnered up with Wallbox, a leading provider of electric vehicle charging solutions. The two firms are looking to offer Nissan EV owners a seamless home charging solution, regardless of where they live.

Starting from July, Nissan EV owners across America will be able to purchase Wallbox’s Pulsar Plus level 2 home charger – installation can be scheduled through Nissan’s official USA website. The carmaker will provide a rebate on the charger and installation to customers who purchase through this program.

The Pulsar Plus also happens to be Wallbox’s best-selling model and size-wise, it’s one of the smallest universal EV chargers available in North America, which is why it can be installed in both homes and apartment buildings, plus other various multi-unit dwellings.

“As we continue our efforts to make EVs more accessible, this new program with Wallbox allows us to offer a simple solution for EV owners looking to install a home charger,” said Nissan U.S. marketing and sales strategy director for EVs, Aditya Jairaj. “This initiative will make it easier and more convenient for more consumers to switch to EVs.”

Current Nissan models that don’t sip any gasoline and are available to purchase in the United States include the LEAF and the all-new Ariya crossover. The former has already been refreshed for the 2023 model year, while the latter is scheduled to go on sale this fall.

Going forward, Nissan will be prioritizing electric vehicles with a $17.6 billion investment, resulting in the creation of 15 new EV models. By 2030, in the United States, 40% of Nissan’s sales will be battery electric vehicles.

Source: https://www.autoevolution.com/news/nissan-and-wallbox-team-up-to-offer-ev-owners-seamless-home-charging-solution-191930.html

Enel Green Power signs the EU Diversity Charter

Happy girls going to a concert in Milano: Photo by enelgreenpower,com

Enel Green Power has become the first renewable energy company in Greece to sign the country’s Diversity Charter, but this is just one example of the Enel Group’s role in promoting diversity and inclusion wherever it operates.

Engaging companies to implement diversity and equal opportunities in the workplace and exchanging and sharing experiences and good practices through platform meetings, expert seminars and annual high-level forums. These are the main goals of the European Union Platform of Diversity Charters, which was created in 2010 under the umbrella of the European Commission and is promoted in all European member states. The result is a large peer network of private companies, NGOs and public bodies acting in concert to develop and implement diversity and inclusion policies. 

And as part of commitment to equality and equal opportunities, Enel Group have become the first renewable energy company to sign the Diversity Charter in Greece.

“This shows the commitment of our company to supporting all types of diversity and inclusion based on four main pillars: zero discriminationequal opportunity, an inclusive workplace and respect for the balance between professional and personal life.”

Indeed, as the European Commission states, by signing a charter, an organization voluntarily commits to promoting diversity and equal opportunities in the workplace, regardless of age, disability, gender, race or ethnic origin, religion or sexual orientation.

Greek philosophy

The Greek Diversity Charter was established in 2019 and so far 150 private companies representing a combined total of 50,000 employees have joined it.  When we recently signed the Charter, Aristotelis Chavantas, Head of the Europe Area at EGP, said: “Our company is a global family, which respects and takes pride in its support for diversity. Equal opportunity and inclusiveness are the key pillars in our daily work activities in all the countries where we operate. We are proud to be the first company in our industry to sign the Charter, proving that we are committed to supporting diversity, both in the workplace and in society in general.”

Our commitment to diversity and equal opportunities was recognized during this signing ceremony by Stavros Milionis, Head of the Diversity Charter Greece, who said: “With the four key corporate values of Enel Green Power being transparency, credibility, innovation, and foresight, it is natural for the company to be a member of the Diversity Charter for Greek Companies. The signing of the Charter signals our cooperation in designing and implementing activities to defend the principles and values of diversity.”

Source: https://www.enelgreenpower.com/media/news/2022/06/eu-diversity-charter-greece

“1,000kms in a breeze:” CATL unveils new Qilin EV battery with incredible specs

CATL, a Tesla partner in China, has announced the third generation of its cell-to-pack (CTP) battery technology, which the company claims can offer “1,000 kilometers in a breeze” and has rapid charging in 10 minutes.

Contemporary Amperex Technology Co. Ltd., better known in Western circles as CATL, last weeek announced the launch of its latest EV battery, the Qilin, which the company claims has a “record-breaking” volume utilisation efficiency of 72% and an energy density of up to 255 Wh/kg – achieving “the highest integration level worldwide so far”.

It has a 1,000-kilometer range, and the Qilin battery – named after a legendary beast in Chinese mythology – is said to offer advancements in the basic process, algorithm, and materials.

As CATL’s third-generation CTP battery, Qilin incorporates liquid cooling to increase the heat transfer area by four times, cutting thermal control time in half and supporting a hot start in 5 minutes and fast charging in 10 minutes.

This cooling structure also allows the cell to swiftly cool down under extreme conditions, aiding in the prevention of anomalous thermal conduction across cells and achieving thermal stability and safety for all of the battery’s chemical processes, making it compatible with higher energy density materials.

Or, to put it another way, the Qilin battery is safer and more durable than many existing battery cells.

The Qilin is also 13% more powerful than Tesla’s upcoming new 4680 battery technology, and has the longest range offered by any mainstream manufacturer yet.

Expected to begin mass production and reach the market in 2023, Qilin has already racked up its first customers, with Chinese electric vehicle start-ups Li Auto and Hozon New Energy Automobile already signing on to purchase the battery for its vehicles.

Nissan and Wallbox to offer seamless home charging solution for Nissan EV owners

Nissan has been committed to bring all-electric mobility to the masses for over a decade with the Nissan LEAF. Now Nissan and Wallbox (NYSE:WBX), a leading provider of electric vehicle charging solutions, are working together to deliver Nissan electric vehicle owners a seamless one-stop shop solution for their home charging needs.

Starting in early July, Nissan EV owners nationwide will be able to purchase Wallbox’s Pulsar Pluslevel 2 home charger and schedule installation through the NissanUSA.com website – streamlining the process for experienced and new EV owners alike. Nissan will provide a rebate on the charger and installation to customers who purchase through the program. 

The Pulsar Plus charger – the company’s best-seller – is one of the smallest smart universalEV chargers in North America, and can be installed in homes, apartment buildings and other multi-unit dwellings.

“As we continue our efforts to make EVs more accessible, this new program with Wallbox allows us to offer a simple solution for EV owners looking to install a home charger,” said Aditya Jairaj, Director, EV marketing and sales strategy, Nissan U.S. “This initiative will make it easier and more convenient for more consumers to switch to EVs.”

Nissan’s current EV offerings include the LEAF, on sale now with a refreshed design for the 2023 model year, and the all-new Ariya electric crossover, which will go on sale this fall.

Under its long-term vision, Nissan Ambition 2030, Nissan is prioritizing EVs and advanced technology with a $17.6 billion investment and 23 electrified models globally, including 15 new EVs. By 2030, in the U.S., 40% of Nissan vehicle sales will be fully electric, with more to be electrified.

Source: https://wallbox.com/en_us/newsroom/nissan-and-wallbox-to-offer-seamless-home-charging-solution-for-nissan-ev-owners.html

Charted: $ 5 Trillion in Fossil Fuel Subsidies

Charted: $5 Trillion in Fossil Fuel Subsidies (2010-2021)

With energy consumption vital for life and business, governments often look to fossil fuel subsidies to make energy as affordable as possible.

These subsidies artificially reduce the price of fossil fuels and generally take two forms:

  • Production subsidies occur when governments provide tax cuts or direct payments that reduce the cost of producing coal, oil, or gas.
  • Consumption subsidies cut fuel prices for the end-user through price controls and other such measures.

Each year, governments around the world pour nearly half a trillion dollars into fossil fuel subsidies. This chart breaks down a decade of fossil fuel consumption subsidies by energy source using data from the International Energy Agency (IEA).

Breaking Down Fossil Fuel Consumption Subsidies

Since 2010, governments have spent over $5 trillion in fossil fuel consumption subsidies. The majority of this sum went towards making oil more affordable, as seen below:

Charted: $5 Trillion in Fossil Fuel Subsidies (2010-2021)

With energy consumption vital for life and business, governments often look to fossil fuel subsidies to make energy as affordable as possible.

These subsidies artificially reduce the price of fossil fuels and generally take two forms:

  • Production subsidies occur when governments provide tax cuts or direct payments that reduce the cost of producing coal, oil, or gas.
  • Consumption subsidies cut fuel prices for the end-user through price controls and other such measures.

Each year, governments around the world pour nearly half a trillion dollars into fossil fuel subsidies. This chart breaks down a decade of fossil fuel consumption subsidies by energy source using data from the International Energy Agency (IEA).

Breaking Down Fossil Fuel Consumption Subsidies

Since 2010, governments have spent over $5 trillion in fossil fuel consumption subsidies. The majority of this sum went towards making oil more affordable, as seen below:

Fossil fuel subsidies fell to a decade low in 2020 as the pandemic hampered fuel consumption and triggered a nosedive in oil prices. However, after two years of straight declines, the IEA estimates that governments around the world spent $440 billion on subsidizing fossil fuel consumption over 2021, representing a 142% rise year-over-year.

Breaking down the subsidies by fuel, oil accounts for 43% or over $2 trillion of all subsidies between 2010 and 2020. Together, oil and electricity generated by fossil fuels received nearly 75% of all subsidies.

Despite growing support for the clean energy transition, the fossil fuel industry reaps the benefits of billions in subsidies annually—but why?

Why Do Governments Subsidize Fossil Fuels?

High energy prices can have rippling effects throughout an economy.

For consumers, heating and transportation become more expensive. And for producers who use energy and oil as inputs, the cost of goods and services goes up.

Often, governments turn to energy subsidies to keep prices down and encourage economic activity. Therefore, there’s a high cost to removing these subsidies, especially in developing countries where large parts of the population might lack access to affordable energy.

But fossil fuel subsidies can also have detrimental effects. By artificially lowering prices, they can encourage overconsumption of carbon-intense fuels, creating negative externalities through adverse environmental and health impacts. According to the International Renewable Energy Agency, these add up to an amount anywhere between $2.6 to $8.1 trillion globally.

Despite these disadvantages, fossil fuels remain an important part of the global energy mix, with continued support from governments. And with energy prices soaring, 2022 could be another year of billions in fossil fuel subsidies.

Source: https://elements.visualcapitalist.com/charted-5-trillion-in-fossil-fuel-subsidies/