Green Initiatives Across The World
As part of their commitment to the Paris Agreement, countries across the globe have stepped up effort in reducing greenhouse gas emissions. NDCs (Nationally Determined Contributions) detailing their ambitious action plans to facilitate the economic and social transformations in their respective country were submitted in 2020. To find out more about the Paris Agreement, you may sign up for economics tuition Singapore with a reputable economics tutor Singapore.
Singapore Sets Aside S$30 Million To Push For EV Adoption
Singapore has been a steadfast supporter of the Paris Agreement. In its latest Budget announced in February 2021, Singapore has pledged S$30 million over the next five years in support of EV (electric vehicle) related initiatives. The S$30 million government funding is expected to give rise to increased cross-sector partnerships in the development of electric vehicle charging stations, with some 60,000 charging points to be added by 2030. With guidance from your economics tutor Singapore in your economics tuition Singapore class, explain how government funding will lead to more cross-sector partnerships. You may contact Mr Edmund Quek, the best economics tutor Singapore should you need help with the subject. Mr Quek is the founder and principal economics tutor Singapore of Economics Cafe Learning Centre. The economics tuition Singapore centre is widely regarded as the best economics tuition Singapore centre.
Additional Registration Fee for electric vehicles will be waived from January 2022 to December 2023 to narrow the price gap between electric vehicles and conventional vehicles using internal combustion engines. In addition, road tax for electric vehicles will be revised to a level comparable to conventional vehicles. In consultation with your economics tutor Singapore in economics tuition Singapore, discuss other government measures to minimise price difference between electric and conventional vehicles.
Asia’s Major Powers
Apart from Singapore, Asia’s major powers such as China, Japan and India are also committed to the green initiative. China, as the world’s most populous country is the world’s largest emitter. Therefore, it plays a pivotal role in the success of the worldwide campaign to reduce greenhouse gas emission. You may discuss with your economics tutor Singapore in your economics tuition Singapore class why China plays an important role in carbon emission reduction. In 2020, China announced its plan to make all new vehicles for sale by 2035 new energy vehicles comprising EVs and hybrids. In 2019, only five per cent of new vehicle sales in China were new energy vehicles. However, the sale of new energy vehicles in China accounted for about half of the global sales, mainly due to the government’s subsidy since 2009. It takes more than subsidy to achieve the Chinese government’s ambitious target for new energy vehicles. The government support measures must be coupled with aggressive campaigns to generate greater awareness of the various benefits of new energy vehicles and hence the higher adoption.
The world’s second most populous country, India has also rolled out a series of policies in support of EV adoption. Apart from government subsidy for the purchase of electric vehicles, the government has allowed the sale of electric vehicles without a battery to make it more cost effective for its people. In discussion with your economics tutor Singapore in economics tuition Singapore, explain the positive and negative impact of this policy. In addition, owners of electric vehicles are exempted from paying road tax and registration fees. Those who purchase the electric vehicles for commercial use will also enjoy car loans at much lower interest rates. The Indian government’s goal is to have 500,000 electric vehicles in its capital city of New Delhi by 2025.
In Japan, about 40 per cent of new vehicles sold in 2019 were electric and hybrid vehicles. Japanese government prefers to go slow and steady. Its plan is to increase the new energy vehicle sales to between 50 and 70 per cent by 2030.
In closing, with the commitment and support from all countries and their peoples, it is possible to achieve carbon neutrality in the near future.
Linda Geng
Economics Tuition Singapore @ Economics Cafe
Principal Economics Tutor: Mr. Edmund Quek