Powering tomorrow Navigating the energy transition landscape 2024 - Flipbook - Page 16
Full speed ahead:
Navigating
opportunities in
the electric vehicle
transition
The transportation sector, which
currently accounts for nearly a quarter
of global greenhouse gas emissions,
will be an essential player in the
energy transition. The United States
(U.S.), European Union (EU), and
United Kingdom (UK), among others,
recognize that meeting sustainability
goals requires immense changes to
the way we move people and goods.
They are placing electric vehicles (EVs)
squarely in the spotlight, providing both
incentives and regulations designed to
accelerate electrification.
These governments have made ample funding
available to promote the manufacture
and sale of EVs and the development
of robust charging infrastructure. The
U.S.’s Infrastructure Investment and Jobs
Act, for example, o昀昀ers US$7.5 billion
for EV charging, US$10 billion for clean
transportation, and over US$7 billion for
EV battery components, critical minerals,
and materials. The UK’s O昀케ce for Zero
Emission Vehicles also o昀昀ers a number of
grants to support the development of public
and domestic charging infrastructure, while
the EU has allocated €292.5 million to green
mobility projects.
Availability of these incentives, with
approximately US$10 billion in EV-related
investment globally each year from 昀椀nancial
and strategic investors, creates considerable
opportunities for those able to navigate this
new and fast-changing terrain.
But careful navigation is needed. The road to
widespread EV adoption isn’t without some
curves. Here are some of the major issues
impacting the transition:
Tier 1
Corporate and Commercial
– Commercial Contracts
Regulatory Mandates: Vehicle Original
Equipment Manufacturer (OEMs) face
a complex and ever-shifting regulatory
landscape intent on deploying electric
vehicles to decarbonize the surface
transportation sector.
Legal 500 UK, 2023
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Hogan Lovells | Powering tomorrow: Navigating the energy transition landscape
