Happy New Year! As we start 2022 I think back a few weeks to my last article of 2021 and reflect on how we started last year and where we ended up. I am reminded that every year progress towards a new future happens more rapidly and dramatically than is expected by common perception. Remember this time next year that I am again projecting that a year from now we will be looking back in awe at what has changed…both good and bad.
As an example, in 2014 I predicted that by 2030 every new passenger car sold in the US would be electric or at least drive 90%+ on electricity. That same year, Toyota was predicting that by 2050 only 40% would be EVs or hybrids. Well, they’ve changed their tune now and, as always, it won’t be the last time that they accelerate their timeline.
Toyota Reveals 15 Future Electric Vehicles, Accelerated Electrification Push
Toyota and Lexus EVs | Manufacturer image
U.S. Automakers Start 2022 with an Electric Jolt
The new 2022 Chevrolet Silverado.Chevrolet
ENERGYWIRE | All three of America’s traditional automakers are beginning 2022 with new electric vehicles, concepts and timelines that demonstrate how quickly the EV race is accelerating.
Yesterday, General Motors Co. revealed details of its anticipated electric Silverado pickup truck, while Chrysler said it will go all electric just six years from now. And Ford Motor Co. said Tuesday it is amping up production of its electric Ford F-150 Lightning because of high demand.
And, as always the pace of change will continue to get faster. And not only in autos but also in the transformation of the energy sector as well. Wind and solar will increasingly become less cost and replace coal and natural gas faster than anyone today is willing to predict…except me!
Major Idaho Utility Plans to Exit all Coal Plants by 2028
And to further set the stage for 2022 (and beyond), the transition from ICEs (internal combustion engines) to EVs and from fossil fuel burning to create electricity to renewable fossil free electricity production, are not the only things that are happening faster than predicted. Two others that are: the climate crisis and financial flow of investments. Case in point:
From Floods and Wildfires to Inaction and Urgency: These are the Top Climate and Weather Stories of 2021
Wed December 22, 2021
https://www.cnn.com/2021/12/22/us/top-climate-weather-stories-of-2021/index.html
1. Drought, wildfires and water shortages
2. Pacific Northwest heat wave
3. December tornado outbreak
4. Hurricane Ida
5. A critical summit in Glasgow
6. UN report: A ‘code red’
7. US rejoins the Paris Agreement
8. Fatal floods across three continents
9. Texas deep freeze
10. Historic rain at Greenland’s summit
Larry Fink Wants to Save the World (and Make Money Doing It)
CEO of giant asset manager BlackRock uses his position to push firms to address climate change
https://www.wsj.com/articles/larry-fink-wants-to-save-the-world-and-make-money-doing-it-11641484864
Jan. 6, 2022
The firm he runs manages some $10 trillion for pension funds, endowments, governments, companies and individuals, equal to more than 10% of the world’s gross domestic product in 2020. Its funds are among the three largest shareholders in more than 80% of the companies in the S&P 500.
As steward for millions of investors, BlackRock wields vast shareholder voting power, which it uses either to back managements or to prod them in new directions.
Today, Mr. Fink is telling CEOs that companies must prepare for a scaleback of fossil fuels, and that the private sector should work with governments to do so. He warns of the disruption climate change could cause both the economy and financial markets, but sees historic investment opportunity in the energy shift.
