HSBC predicts bigger growth for low-carbon cars

[Aurora]

The Guardian - 06/09/10

Low-carbon vehicles, such as electric cars, will be a bigger global market by 2020 than renewable energy, such as wind and solar power, according to a report by HSBC bank.

The report predicts that 8.65m electric vehicles and 9.23m plug-in and hybrid electric vehicles will be sold globally in 2020, up from around 5,000 and 657,000 respectively in 2009.

When fuel-efficiency measures and switches to lower-carbon transport such as trains and coaches are included, the report for investors predicts that the market will be worth $677bn (£440bn) a year in 2020 – up from $113m in 2009. In contrast, HSBC predicts smaller growth in the renewable energy sector, from $203bn in 2009 to $544bn in 2020.

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