The European Investment Bank also announced that it expects to increase its backing of battery-related projects to more than EUR 1 billion of financing in 2020 8. In addition to the Commission’s work, both the Council and the Parliament have called for action to support the transition to electro-mobility, carbon-neutral energy storage, and a sustainable battery value chain. It builds on commitments and reports adopted by the European Commission, including the strategic action plan on batteries 4, the new circular economy action plan 5, the new industrial strategy for Europe 6 and the sustainable and smart mobility strategy 7, which aims at delivering a 90% reduction in transport-related GHG emissions by 2050.
It is an integral part of the EU's Green Deal 3, the EU's new growth strategy, which aims to transform the EU into a modern, resource-efficient and competitive economy where: (i) there are no net emissions of GHGs by 2050 (ii) economic growth is decoupled from resource use and (iii) no person and no place is left behind. This initiative aims to modernise the EU's legislative framework for batteries. The electrification of some residential services, like energy storage or heating, will follow on from this and help to further reduce emissions.Īccording to estimates from the World Economic Forum, there is a need to scale up global battery production by a factor of 19 to accelerate the transition to a low-carbon economy 2. This is mainly being driven by EU legislation setting CO 2 emission standards for vehicle manufacturers, but also by EU legislation setting Member State minimum targets for public procurement of clean vehicles 1. In the EU, a strong increase in the electrification of passenger cars, vans, buses – and, to a lesser extent, trucks – is expected to take place between 20.
More widespread uptake of electric vehicles will reduce GHG emissions and noxious emissions from road transport. In the EU, transport is responsible for roughly a quarter of greenhouse-gas (GHG) emissions and is the main cause of air pollution in cities. It is also a key component of Europe’s automotive sector.
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