Debate: Could green energy alone soon power the electric car revolution?
Yes – Matthew Wright is UK managing director at Orsted.
We are seeing unprecedented developments in green energy, and I believe that clean generation, combined with enhanced battery storage capabilities, will power our move away from petrol and diesel vehicles.
This is not just my view – the recent scenarios published by the National Grid show that the UK will be able to generate enough green energy to keep up with the rise of electric vehicles.
Moreover, the latest study by Imperial College London revealed that capacity of renewable energy has overtaken fossil fuels in the UK for the first time. Offshore wind alone is expected to deliver up to a third of the UK’s electricity by 2030.
Not only is it possible for electric cars to be powered by green energy, it is essential – why switch to electric vehicles if they’re ultimately powered by burning coal and gas?
There is still work to be done to ensure that green power alone can power this revolution, but with continued support from government and businesses, we can create a world that runs entirely on green energy.
No – Steve Williams is head portfolio manager (core markets) at Nikko Asset Management.
Assuming the electric car revolution were to continue at a robust pace, it is likely that the current pace of renewable energy generation would not be enough to meet future demand over the medium-term.
The purpose of renewable energy is to retire more traditional forms of electricity generation, such as oil, gas and coal, as the world bridges to a cleaner future.
But if electric vehicles cause a rapid increase in total electricity consumption, the electric utility industry might need to supplement renewable energy generation with traditional sources.
Having said that, the growth in renewable energy and green infrastructure will not only lessen our reliance on existing fossil fuels, but also provide investors’ with a new avenue for sustainable long term returns.
While we believe that renewable energy sources will continue to meet an ever greater share of global energy demand, this transition will take time.