China invested half of $360bn spent globally on renewables in first half of 2023.EVs are set to hit 40% of car sales in China this year.EY ranks China number one in the world for EV readiness:"As the clear global leader according to the Index, China has demonstrated the impact that appropriate regulation along with a localised supply chain and robust infrastructure implementation can have. There are lessons to be learned from that for the UK market, and the onus will continue to be on Original Equipment Manufacturers (OEMs) and the Government to collaborate on this challenge going forward.“Potential delay to and a lack of clarity on the Zero Emissions Vehicle (ZEV) Mandate, along with uncertainty around plans and progress on the supply side are particular challenges the UK continues to navigate, while regulatory incentives have room for improvement, particularly when compared with legislation brought about in other competing markets. In the US, for example, the Inflation Reduction Act has contributed to the country climbing four places into third within the Index’s rankings. However, there are positives to take into account, including recent encouraging sales growth, particularly for new EVs, driven by increasing popularity among consumers and businesses.”
Paul Campbell ● 1093d