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Forbes
2 days ago
- Business
- Forbes
SXSW London Debates: Is The Green Transition Financially Viable?
Rhian-Mari Thomas argues that the green transition is financially viable at SXSW London, referencing ... More the record amount of investment in the sector in 2024 Thought leaders across green finance and economics gathered to debate the financial viability of climate progress on day four of SXSW London. Held at the innovation and ideas festival's Climate & Nature House, a space hosted by Bellwethers to have meaningful environmental conversations, the session followed a traditional debate format encouraging a jovial air of competition. Sophie Lambin, founder and CEO of Kite Insights, and Stephen Dunbar-Johnson, president, international at the New York Times Company moderated the conversation. Lambin clarified that the debaters were tasked with addressing whether we can realistically and successfully invest our way to a green future, considering our current economic system and the state of the climate emergency, or whether we need new financial tools and a financial system. Arguing for the notion that 'the green transition is financially viable' were Rhian-Mari Thomas, CEO Green Finance Institute, Marisa Drew, chief sustainability officer, Standard Chartered Bank, and Fiona Howarth, CEO of Octopus Electric Vehicles. Arguing against the notion were Kathy Boughman McLeod, CEO Climate Resilience for All, Chaitanya Kumar, head of economy & environment at New Economics Foundation and Erinch Sahan, business and enterprise lead at Doughnut Economics Action Lab. Each debater was given three minutes to make their case. The debaters prepare their arguments on stage at SXSW London In support of the motion, Thomas started the conversation by saying that the green transition is 'economically strategic, it is socially imperative, and it is already underway.' She highlighted that a record $2.1 trillion was invested in green energy technology in 2024 according to BloombergNEF. Thomas sees this as evidence that the financial markets view green investments as smart economic strategy that not only provides financial opportunity, but protects us from the social and economic damage of the climate crisis. Howarth drew on the enormous success of her employer, Octopus Energy Group, as evidence that current investment is working. Started nine years ago, the company now employs 10,000 people and is valued at $9 billion while making green energy a viable option for consumers. She says this is thanks to 'smart innovators', and 'clever policy mechanisms'. Drew, instead, highlighted that emerging markets such as India, China, Indonesia and Middle Eastern countries have some of the fastest growing economies and are doubling down on green energy transition. 'What is Saudi Arabia doing? It is spending billions, if not trillions, on diversifying its economy. What does that tell you? The energy transition is viable, and the old way is no longer going to be the case in the not-too-distant future,' she argued. The first rebuttal came from Sahan, who highlighted that while $2.1 trillion was invested in green energy last year, the Climate Policy Initiative estimates that $6 trillion per year is needed to fund a green transition. He also argued that financial viability of a movement currently means that it is still satisfying the ROI needs of the financial market. 'These parameters are holding us back,' he said, taking off his belt to use as a symbol that financial markets are placing a straightjacket on businesses and governments to make progress on climate. He then pulled out an apple to make the point that the current green transition focuses on low hanging fruit, undermining the need for larger systemic change that picks the fruit at the top of the tree too. Chaitanya Kumar argued that the current financial system is too heavily influenced by fossil fuel ... More companies to be a fully viable solution to the green transition Kumar's speech made the point that large investment funds have interests in many of the biggest companies in the world as well as oil and gas companies, intrinsically tying them together, and creating strong lobbying power. 'Incumbent power and the political economy of the transition is still very much held by fossil fuel interests around the world,' he said. He drew on examples of the lobbying by fossil fuel companies which saw the EU label natural gas as a 'green energy' in 2022 and Microsoft's pivot on its sustainability strategy to adjust for escalating AI emissions. Finally, McLeod, highlighted the social costs, as well as the environmental costs of the current system. 'The market we have, not necessarily the market we wish to have, incentivizes pollution, devalues people and overlooks protection,' she told the audience. Addressing the plight of informal women workers who are on the frontline of the climate crisis, she said: 'This economy is chaos. We cannot maintain these expectations of return and believe that there is a green future. That is a fantasy.' The debate was declared a tie after the audience were invited to applaud the team they felt debated the best. Summarising the conversation, Dunbar-Johnson emphasised the importance of debate on these issues: 'What you did is encapsulate the complexity of the arguments in these subjects. This is a subject that we must grapple with. If the money is there, do we have the political solutions to drive that? We do have instruments to drive it, but the reality is, too much of the narrative is about the cost of the transition, not about the cost of not transitioning and the opportunities.'
The Independent
3 days ago
- Automotive
- The Independent
UK electric car sales jumped by over 25 per cent in May
Latest car registration figures from SMMT (Society of Motor Manufacturers and Traders) show the popularity of electric cars is rising fast but is still falling short of government targets. Nearly 33,000 new EVs hit the roads in May, up 25.8 per cent on 2024 figures. That means electric cars account for 20.9 per cent of all new car sales so far in 2025, some way off the government's ZEV Mandate target of 28 per cent. Car makers that fail to hit the 28 per cent figure face fines or will have to find ways to use credits that can include buying them from other car makers. Plug-in hybrid cars are also growing in popularity with registrations up 50.8 per cent on last May with a total of 17,898 PHEVs sold. And although petrol models still account for the vast majority of new car sales, taking 49 per cent of all car sales so far in 2025, the figure for May shows a drop of 12.5 per cent year-on-year. Overall, the car market returned to growth in May, up by 1.6 per cent and the best May for car sales since 2021. However, SMMT says that the fleet and business sector was responsible for the bulk of sales with sales to private buyers down for the second consecutive month. Although EV sales are buoyant, SMMT says that much of that is down to discounting with SMMT CEO Mike Hawes calling for government incentives to boost demand in the upcoming spending review. 'A return to growth for new car registrations in May is welcome but manufacturer discounting on new products continues to underpin the market, notably for electric vehicles. This cannot be sustained indefinitely as it undermines the ability of companies to invest in new product development – investments which are integral to the decarbonisation of all road transport. 'Next week's spending review is the opportunity for government to double down on its commitments to net zero by driving demand through fiscal measures that boost the market and shore up our competitiveness.' SMMT is calling on the government to halve VAT on new electric vehicle purchases saying it could lead to an additional 267,000 new EVs being used instead of fossil fuel vehicles over the next three years, potentially reducing CO2 emissions by six million tonnes annually. SMMT is also saying that EVs should be removed from the Vehicle Excise Duty (VED) Expensive Car Supplement, while VAT for public and home charging should be equalised at 5 per cent to encourage more consumers to consider switching to electric vehicles. Commenting on the latest registration figures, Fiona Howarth, founder of Octopus Electric Vehicles said 'we've seen yet another strong month for EVs – proving that people want to drive electric. There has been a clear shift in the market, with car manufacturers new and old bringing out new, cheaper models every month, improving driver choice and helping to make the switch to cleaner, low-cost driving.'
Yahoo
18-03-2025
- Automotive
- Yahoo
EVs could be charged as fast as filling a petrol car after breakthrough
Electric vehicle (EV) owners could soon charge their cars in the same time it takes to fill up a petrol tank after an apparent breakthrough by BYD, a Chinese rival to Tesla. China's largest EV maker has unveiled a new fast-charging system that it claims can provide a full charge for a car battery within five to eight minutes. Wang Chuanfu, the BYD chairman and founder, said the new technology would address 'users' anxiety over charging' and was an important step in 'our pursuit is to make the charging time for EVs as short as the refuelling time for fuel vehicles'. BYD's system is more than twice as fast as Tesla's superchargers, which can add a range of up to 170 miles in 15 minutes. The new BYD fast-charger provided a range of 292 miles during tests with the company's Han L sedan, according to Mr Wang. The advance could herald the end of so-called charge rage, where drivers become frustrated by the long waiting time to refuel their EVs. Anger has prompted some motorway service stations to employ marshals to keep the peace as drivers queue for access to Britain's 73,000 charging points. The announcement sent shares in BYD up more than 6pc to a record high on Tuesday, while Tesla dropped 4.8pc. The breakthrough heightens the rivalry between the two companies, which compete for the title of biggest EV company in the world. BYD edged ahead of Tesla in production last year, making 1,777,965 battery-powered EVs compared with Tesla's 1,773,443. BYD also overtook Tesla in British sales for the first time last month. Sales grew by 500pc in the year to January, compared to an 8pc drop for Tesla, which has faced a backlash over Elon Musk's close ties to Donald Trump. Shares in Tesla are down 50pc since their peak in December. BYD's charging speeds of 1,000 kilowatt (kW) for its new 'Super e-Platform' are twice as fast as the 500 kW offered by Tesla's latest charger. The Chinese company plans to install more than 4,000 of the new stations across its home market. While BYD's system is faster, Tesla has a much larger network of more than 65,000 superchargers around the world. The new charging architecture will be initially available for BYD's two new EVs: the Han L sedan and Tang L SUV, which are priced from 270,000 yuan (£28,700). Lei Xing, a China motoring analyst, said BYD was 'elevating the game to another dimension'. James Court of Octopus Electric Vehicles said: 'The Chinese EV market is growing at a staggering rate. 'Their relentless focus on investment in new technology is breaking down barriers for drivers making the switch to cleaner, cheaper driving.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
