With experts saying at least eight out of 10 cars plying roads globally would be green before 2030, Nigeria and other developing countries have been marked to become dumping grounds for petrol and diesel engines that are now being phased out in Europe and other developed countries following the adoption of vehicles that use clean energy, The Guardian reports.
According to oil experts, the development may force oil to reach its peak by 2020 and cut supply to the market by two million barrels a day by 2025, the same volume that caused the oil price collapse in 2014 and 2015. Energy analysts at the Grantham Institute of Climate Change and the Environment at Imperial College London and Carbon Tracker think tank corroborated the claim and in a way warned countries like Nigeria of the danger in over dependence on oil.
Already, the costs of solar panels have fallen by 85 per cent in seven years at the international market, with battery costs dropping by 73 per cent over the same period as demand for electric vehicles increases by 60 per cent each year. The latest report from Bloomberg New Energy Finance (BNEF) says that in as soon as eight years, electric cars in Europe and North America would be cheaper to buy and run than traditional vehicles, which are powered by internal combustion engines.