There's been much speculation of late as to whether electric cars could drive down demand for oil, potentially causing another oil crash due to depressed pricing. Typically, the oil industry responds by claiming that electric vehicles will make up just a fraction (maybe 1%) of the global fleet by 2040.
I'm not so sure.
Local and national governments everywhere are putting serious resources into promoting electrification of transport, cutting carbon emissions and reducing air pollution. And now Cleantechnica reports that Piyush Goyal, India's Minister of State for Power, Coal, and New and Renewable Energy says that the government is working on a plan to make every car in India an electric or hybrid electric vehicle by 2030,
It appears the idea will be to allow motorists to purchase electric cars with zero upfront costs, and to then pay for their vehicles over time through the money saved on fuel. Details of the plan are a little sketchy at this stage. Indeed, Goyal says ministers will be meeting in early April to discuss whether the plan is feasible. But I think it's fair to say that if the plan is even partially executed, it will have very serious implications for the future of energy pretty much everywhere.
With various countries ranging from the UK to Sweden making serious noises about aiming for net zero emissions, I am sure the fossil fuel industries have been pinning their hopes on the emerging energy demand in countries like India.
Now that doesn't look like such a sure fire bet anymore. And with solar power attracting more and more investment in India, there's a good chance that a significant number of these cars will be running on sunshine by the time 2030 rolls around.