Shift to low carbon vehicles will help consumers and boost economy - report
Mon 18 March 2013
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Moving to low carbon vehicles will cut the total cost of running Europe's car fleet and lead to economic benefits according to the first phase of a new study by Cambridge Econometrics and Ricardo-AEA. The report compares a 'current policy initiatives' scenario with a reference case where there are no advances in efficiency regulation.
The project was commissioned by the European Climate Foundation and was informed by a core working group of experts in the motor vehicles industry as well as other interested stakeholders.
The study is split into two phases: the first phase focuses on the period to 2030, and only considers scenarios with internal combustion engine and hybrid-electric vehicle deployment; the second phase extends this analysis to assess the impact of other scenarios which include development of plug-in electric and hydrogen fuel cell vehicles in the period up to 2050.
The research shows that a cost-effective transition to fuel efficient cars is possible and that, if this can be realised, it will improve the spending power of European consumers, with positive impacts for the wider economy.
The transition from lower spending on fuel to increased spending on vehicles will also generate jobs across the European motor vehicle sector and its supply chain; while the reduction in spending on imported oil means that Europe's net trade position also improves.
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