Fuelling Spain’s Future
“Fuelling Spain’s Future: How to boost the economy while leaving carbon behind” shows that improving the efficiency of cars and increasing the number of zero emissions vehicles on the road will lead to a larger economy.
In 2030 GDP is estimated to be €3.2 billion higher than in a ‘no change’ case. Of this, €2 billion is due to the reduction in oil imports, helping to keep billions of euros in the Spanish economy.
The report, compiled by Cambridge Econometrics and Element Energy for the European Climate Foundation, set out to evaluate the impact that the transition to low carbon emission vehicles would have on the Spanish economy, highlighting the challenges and opportunities involved.
The study also shows that improving the efficiency of cars and the greater use of zero emissions vehicles (fuelled via electricity and hydrogen) provides other potential benefits including:
- An increase in GDP and employment as oil imports are reduced over time. By 2030 (in the central TECH scenario) there would be a resulting increase in GDP of €2 billion and an increase in employment of around 23,000 jobs (compared with a ‘no change’ case)
- Large reductions in carbon emissions of nearly 28% in 2030 (compared to a ‘no change’ case)
- An electric car could save the consumer an average of €1,439 a year on fuel and maintenance costs in 2030, which may offset to a large extent the greater initial expenditure when purchasing the vehicle
- Challenges to the electricity grid could be overcome if smart charging synergies are used to shift charging demand away from peak periods
- The implementation of rapid charging infrastructure will require investment of around €500 million per year by 2030 and a determined, joint effort, by industry, government and civil society to roll it out. Timing, location, capability and inter-operability are key issues
- After 2030, the transition to electric mobility will increase employment in sectors such as electrical equipment, as well as services, but is likely to have an adverse impact on employment in the automotive value chain
- The transition poses a significant challenge to maintain the competitiveness and market share of the European auto industry, by remaining at the cutting edge of clean technology innovation