The Number of EV Models Will Double by 2024
Buyers in the market for an EV will have plenty of options to choose from over the next few years. It’s expected that there will be 134 models on sale in the U.S. by 2024—more than double of what’s available today.
|Year||Number of EV models available|
Note: These figures may include variations of the same model. Example: The Tesla Model 3 comes in Base, Long Range, and Performance trims.
This wave of new electric models is being primarily driven by legacy automakers, many of whom are entering the EV market for the first time. For industry leader Tesla, it means that there is greater competition on the way.
This greater variety of vehicles comes at a time when interest in owning an electric vehicle is rising. In a recent survey from Morning Consult, the majority of American adults (51%) now report being very or somewhat likely to purchase a fully electric vehicle over the next decade.
Millennials are the most likely to be considering an EV as their next vehicle (70%).
The Latest EV Push: Trucks
Truck buyers have been waiting for their turn to experience electric power, and legacy brands like Ford, Chevrolet, and GM are ready to deliver.
Models include the recently announced Chevrolet Silverado EV, which should arrive shortly after the F-150 Lightning and Rivian R1T electric pickups. GM is also teasing its upcoming Hummer EV, which promises a whopping 1,000 horsepower.
Pickups and SUVs typically generate higher margins for automakers, so this next wave of EV models is an opportunity they won’t want to miss.
The Rising Demand for Nature-based Climate Solutions
Carbon credits from nature-based solutions are in high demand as organizations look to shrink their carbon footprints.
The Rising Demand for Nature-based Climate Solutions
The world’s forests are important carbon sinks that absorb a net 7.6 billion tonnes of carbon dioxide equivalent (CO2e) annually.
Therefore, regrowing, preserving, and managing forests and other natural carbon sinks is crucial to achieving net-zero emissions by 2050, and nature-based climate solutions are one way to do so.
Nature-based solutions refer to conservation, restoration, and land management projects that generate carbon credits by avoiding, reducing or sequestering greenhouse gas (GHG) emissions. With more organizations committing to climate targets, carbon credits from these projects have been in high demand.
The Growth of Nature-based Carbon Credits
With the race to net-zero ramping up, carbon markets have been growing as a whole.
In fact, the value of total transactions in the voluntary carbon markets in 2021 reached nearly $2 billion—more than tripling since 2020. Forestry and Land Use carbon credit projects led the growth, accounting for over 66% or over $1.3 billion worth of transactions in 2021.
Here’s a full breakdown of transaction values by project category:
|Transaction Year||Forestry and Land Use||Renewable Energy||Energy Efficiency / Fuel Switching||Household / Community Devices||Other and Unknown||Total|
Figures have been rounded and may not sum up to the total.
Forestry and Land Use projects manage forests, soil, grasslands, and other land types to avoid or reduce carbon emissions or increase carbon sequestration. These projects generate one carbon credit for every tonne of CO2 equivalent GHGs that they remove or avoid from entering the atmosphere.
At the same time, they may offer co-benefits that can advance the UN Sustainable Development Goals through improvements in biodiversity, soil health, air and water quality, and the livelihoods of local communities.
Therefore, Forestry and Land Use projects have a significant role to play in reaching net zero. In fact, according to research published in the scientific journal Nature, letting forests regrow naturally has the potential to absorb up to 8.9 billion tonnes of CO2 annually through 2050, while still maintaining native grasslands and current food production levels.
Nature’s Role in Reaching Net Zero
For organizations looking to achieve their sustainability goals, nature-based solutions offer an opportunity to preserve and restore critical carbon sinks while supporting biodiversity and local communities. As a result, these types of carbon credits often trade at a premium, and their demand is skyrocketing, especially with more corporations committing to sustainability.
Carbon Streaming aims to accelerate a net-zero future. It pioneered the use of streaming transactions, a proven and flexible funding model, to scale high-integrity carbon credit projects to accelerate global climate action and advance the United Nations Sustainable Development Goals. It focuses on projects that have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.
>>>Interested in learning more about Carbon Streaming? Click here to learn more.
Visualizing the Forest Funding Gap Relative to Emissions
Deforestation accounts for 10% of global CO2 emissions, yet receives just a small slice of climate funding. See why closing this funding gap is necessary to combat climate change. (Sponsored)
The Forest Funding Gap
Climate change has been referred to as modern day civilization’s greatest challenge. And stopping deforestation is an important step in the battle to stop rising global temperatures. Yet, when you look at the amount of climate funding earmarked for deforestation, something doesn’t add up.
This graphic from The LEAF Coalition looks at the state of global deforestation and compares how much climate funding it receives relative to its global CO2 emissions.
Deforestation’s Role in Global Emissions
Protecting our forests and protecting the climate are one in the same. In fact, the data reveals that tropical deforestation accounts for 10% of global CO2 emissions.
What’s more, these levels of emissions exceed that of all individual countries except for the U.S. and China. Despite this, climate funding towards deforestation only accounts for $14 billion of the over $618 billion available, representing a small 2.2% slice of the total.
This is especially problematic when considering a forest’s carbon stock and carbon sequestration capabilities. Here’s how different forests across the globe compare when looking at gigatonnes of carbon stock.
|Ecosystem||Estimated Carbon Stock (Gt)||Annual Loss Rate|
|Tropical moist forests||295 Gt||0.45%|
|Boreal forests||283 Gt||0.18%|
|Temperate broadleaf forests||133 Gt||0.35%|
|Temperate conifer forests||66 Gt||0.28%|
|Tropical dry forests||14 Gt||0.58%|
A carbon stock or carbon pool refers to a system that can store carbon and take it out of the atmosphere. Forests are used to offset plenty of carbon emissions, and by some estimates, it would cost $25 billion for additional carbon offsets to match and compensate for unabated emissions.
This is crucial because unabated emissions are those who’s harm are not reduced from carbon reduction methods. While this may sound like a lot, it’s equivalent to just 1.5% of the profits from Fortune Global 500 companies.
Altogether, approximately 30% of global emissions are absorbed by forests each year. Despite this, 3.75 million hectares of tropical primary rainforest were lost in 2021, equivalent to 600 football pitches per hour.
Turning The Page
It’s practically impossible to effectively tackle climate change without addressing deforestation. The broader agriculture, forestry and other land use category (which includes deforestation) accounts for 21% of all global CO2 emissions.
Swift action is required in order to slow deforestation and decelerate rising average temperatures. See how The LEAF Coalition, a public-private initiative, is accelerating climate action by providing results-based finance to countries committed to protecting tropical forests.
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