This commentary originally appeared on EDF's Voices blog.
The European Union, the United Kingdom, Australia and the State of California have all set ambitious targets to reduce greenhouse gas emissions 80% by 2050. Given that a large share of global greenhouse gas emissions comes from transportation (including 29% of U.S. emissions), it will be very tough to meet this goal without “decarbonizing” our cars and trucks.
The most obvious solution is electric vehicles (EVs) charged by clean energy sources like solar or wind. While several startup EV companies – including Fisker, Coda and Better Place – have struggled, the Tesla car company seems to be succeeding. At least that’s the current view of the markets: Tesla shares have more than tripled since March and in May the company raised almost $1 billion in new capital.