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Governments across the world face a nearly $100-billioin shortfall in fuel taxes by 2030 if they aggressively pursue policies to encourage electric vehicle usage as part of a global push towards cleaner energies for road transportation.
Under the International Energy Agency’s most ambitious scenario, in which 30 per cent of new car and truck sales are electric by 2030, governments are set to forgo $92 billion in revenues from duties on road fuels.
The figure, in the IEA’s annual report on electric vehicles, implies electricity displacing almost 4.8m barrels a day of petrol and diesel, even though this is only 5 per cent of current global oil demand, meaning the fossil fuel will still retain its role as the global transportation fuel for years to come.
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Under a more conservative outlook that takes into account current government policies, lost revenue from fuel taxes is expected to reach $47bn in 2030, even as electricity displaces just 2.6m b/d of petrol and diesel.
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