The latest big COP26 pledge aims to greatly speed the transition to electric vehicles, but it has split the auto industry and lacks buy-in from key countries.
Driving the news: The nonbinding commitment from a suite of companies, nations, cities and others calls for all car and van sales to be zero-emissions globally by 2040, and by 2035 in "leading markets.
Why it matters: That pledge — if carried out — would help to cut emissions from transportation, a huge source of planet-warming gases.
Over 30 countries signed on, so did big automakers including Ford, GM, Volvo and Mercedes.
U.S. states and cities including New York, New York City and California also signed on.
Yes, but: Via the NYT, "some of the world’s biggest car manufacturers, including Toyota, Volkswagen, and the Nissan-Renault alliance did not join the pledge...And the governments of the United States, China and Japan, three of the largest car markets, also abstained."President Biden has set a nonbinding domestic goal of 50% of all new cars sold in 2030 to be zero emissions.
The big picture: EV sales are surging but remain a small share of the market. Battery electric and plug-in hybrid models together about 10% of global sales this year, per Rystad Energy.
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