According to the "Roadmap Report" jointly launched by luxury electric vehicle brand Polestar and US electric vehicle manufacturer Rivian, if the IPCC (United Nations Intergovernmental Panel on Climate Change) sets a goal of keeping global warming below 1.5°C by 2050, the automotive industry may cause global temperature rise to exceed the speed increase by 75%. So Polestar and Rivian are calling on the automotive industry to act as soon as possible to respond to the crisis.
Polestar co-sponsors the industry report with U.S. electric vehicle manufacturer Rivian
Earlier, the IPCC had specified that global greenhouse gas emissions should be reduced by 43% by 2030. The Pathway report further notes that greenhouse gas emissions from the automotive industry are particularly severe and that without urgent action, the automotive industry will exhaust its greenhouse gas emission quotas by 2035.
Annual remaining emissions budget baseline
But if resources and business priorities can be refocused to quickly establish a direction consistent with the Paris Agreement, the automotive industry still has a chance to turn things around. The Roadmap report distills some of the immediate and clear steps automakers can take between now and 2030, some of which can be implemented immediately.
Vehicle Emissions Forecast (GtCO2e)
Through data analysis, the report proposes three key tools. First, to accelerate the process of replacing fuel vehicles with electric vehicles, this alone is not enough, and the next two measures need to be further implemented, namely increasing the proportion of renewable energy in the grid and reducing carbon emissions in the automotive manufacturing supply chain.
Implementing one or two of these alone will only slow the rise in global temperatures. Automakers need a three-pronged approach, synchronized and shared across the globe, to truly achieve their goals. First, the industry must adjust its investment strategy to focus on key areas in vehicle production to accelerate the transition to electrification, while clarifying when to close sales of fuel vehicles worldwide. Second, we need to promote the integration of renewable energy into the global grid and give full play to the emission reduction advantages of green charging of electric vehicles. Finally, carbon neutrality throughout the supply chain and manufacturing processes is achieved by switching to low-carbon materials and supporting the use of renewable energy in the supply chain.
Total life cycle emissions of fuel vehicles
Pure electric vehicle supply chain emissions
The Pathways Report clearly identifies the costs of inaction and uses practical examples to demonstrate the importance of sustainable development. For example, capital markets have recognized the strong link between sustainable transition and economic benefits, and investment is actively shifting towards sustainable areas. In 2021, global investment in sustainability totalled $35.3 trillion, accounting for one-third of all assets in the world's top five markets.
Emissions from the fuel vehicle supply chain
Fredrika Klarén, Polestar's sustainability officer, said: "Automotive companies may go in different directions in terms of branding, design and business strategy, and some car companies still do not agree that electric vehicles are a key factor in the future. But I firmly believe that electric vehicles are the future. The climate crisis is a shared responsibility of all mankind, and we need to take a longer-term view beyond simply focusing on emissions. This report makes clear that we should act together as soon as possible, or the consequences will be dire. This will also bring economic benefits to partners who are actively responding to the challenge. ”