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Polestar and Rivian Initiate Report That Shows Car Industry to Overshoot IPCC 1.5-Degree Target by More Than 75% Without Urgent Action
New Pathway Report from Kearney shows that urgent action is needed to prevent the car industry from massively overshooting IPCC’s 1.5-degree limit
About this update from Rivian Automotive, Inc.
[{"type":"text","content":"\n\nNew Pathway Report from Kearney shows that urgent action is needed to prevent the car industry from massively overshooting IPCC’s 1.5-degree limit\n\n\nElectrification alone is not enough: report recommends a 3-lever approach to set industry on the right path and calls for new forms of collaboration to build rapid momentum\n\n\nCollective action to reduce greenhouse gas emissions in supply chain and increase renewable energy in the grids is needed in addition to faster EV adoption\n\n\n GOTHENBURG, Sweden--(BUSINESS WIRE)--\nPolestar (Nasdaq: PSNY) and Rivian (Nasdaq: RIVN) have collaborated on a ‘Pathway Report' which concludes that the automotive industry is set to overshoot the IPCC’s 1.5-degree pathway by at least 75% by 2050. The two pioneering EV makers initiated the report in response to the climate crisis. The report, which uses existing, open-source data to model the current trajectory for emissions stemming from the car industry, was carried out by global management consulting firm Kearney.\n\nPassenger vehicles currently account for 15% of all greenhouse gas (GHG) emissions globally.1 The IPCC has stated that all GHG emissions need to be reduced by 43% by 2030, and the report makes clear that the automotive industry is far off track, and, alarmingly, will have spent its full CO2e budget already by 2035 without urgent action.\n\nDespite the gloomy outlook, the report suggests that the car industry still has a chance to get on track. By redirecting resources and focus, the industry can rapidly build the momentum required to remain in line with the Paris Agreement. The Pathway Report focuses on the current decade and outlines immediate, clear actions that car manufacturers can take between now and 2030, including some that can be triggered immediately.\n\nThe data presents a pathway based around three key levers. Lever 1 looks at the speed at which fossil fuel-powered cars need to be replaced by electric cars but points out that this alone will not be enough. A lot more work will be required for levers 2 and 3:\n\n\nIncreasing renewable energy in power grids\n\n\nReducing greenhouse gas emissions in the manufacturing supply chain\n\n\nPulling just one or two levers in isolation will be insufficient and only reduce the overshoot. Collective action from automakers is needed on all three levers, in parallel, at a global...