A panel overseeing the United Nations\' carbon market powering electric vehicles from new renewable energy sources can make an important contribution to the response to climate change.
- No name -
A panel overseeing the United Nations\' carbon markets says powering electric vehicles from new renewable energy sources can make an important contribution in response to climate change.
The Clean Development Mechanism (CDM) Executive Board took decision this week allowing projects promoting renewable Energy sources in charging electric vehicles to qualify for carbon credits .
The Board\'s Chairperson, Lambert Schneider said in a statement on Thursday said the decision is part of the Board\'s efforts to make the CDM even better, to broaden its usefulness in the international response to climate change.
Electric Vehicles are becoming increasingly popular mainly in, Europe and the US â€“ many of them powered by renewable energy sources like solar, and hydro power.
Road transport accounts for about 14 per cent of CO2 emissions from fuel combustion in developing countries, according to the International Energy Agency.
Along with contributing to climate change, vehicle exhaust emissions contribute to illness and death.
A recent UK study found that it could cut its oil imports by 40 percent by 2030 by investing in Electronic vehicles infrastructure and support mechanisms, while also notching up public health improvements worth Â£1 billion and a 47 per cent reduction in carbon emissions.
The CDM rewards with saleable credits â€“ certified emission reductions (CERs) â€“ projects that reduce or avoid greenhouse gas emissions and contribute to sustainable development.
The incentive has led to registration of close to eight thousand projects and programmes in 107 developing countries including Uganda.
Of late, there has been a lot of buzz related to electric vehicles. Volatility in oil, and thus fuel prices is forcing the world to search for alternative that can reduce the consumption of petrol, motor oil and other fossil fuels.
An electric vehicle (EV) is one such alternative being promoted in some of the developed economies.
An electric vehicle is powered by one or more electric motors instead of a conventional internal combustion engine.
The demand for EVs has risen at an incredible rate in the last few years. With around 320,000 new registrations in 2014, the total global count of EVs stood at around 740,000 vehicles with China, US and Japan having the highest electronic vehicle rates.
Although the purchase price of an EV is comparatively higher than a conventional vehicle, its operating costs are significantly less and would outweigh its initial purchase price in just a few years.
Electronic Vehicles also deliver better results and lower costs when compared to regular vehicles, one of the reasons being that the cost of electricity is less than conventional fuel such as gasoline or diesel.
According to a study conducted by Cambridge Econometrics, an average car user in UK spent the equivalent of about five million shillings on fuel in 2014.
It said that spending could significantly drop by almost 50% by 2030 if car users switched to electronic cars.
Earth\'s average temperature has gone up by 1.4 degrees Fahrenheit over the last century and it is projected that it would rise by 2 to 11.5 degrees in the next hundred years. One of the biggest causes for the rising temperature is ever increasing air pollution from the conventional vehicles