Since climate change is getting serious every year and has affected numerous parts of the world, several countries have started initiatives in order to combat climate change. Air pollution through vehicle emission plays a major role in global warming. Hence, electric vehicles are preferred for a cleaner environment. Renewable energy and electric vehicle are great components to reduce global warming. Moreover, the reasonable prices of these components have also contributed to the increased investments in companies including Tesla and Jinko Solar. The infographic below shows how renewable energy and electric vehicles' investments are projected to grow over the coming years.
According to the chart below, in 2020, an investment of nearly $306 billion was made into renewable energy and $139 billion in electric transport. However, as per the data predictions, in the next five years, investments in electric vehicles will overcome renewable energy such as wind farms and solar panels with around $357 billion investments whereas, renewable energy will have the same amount of investments, i.e., $306 billion.
The faster revolution of electric transportation than renewable energy is mostly because car companies like Tesla gain immense attention from their consumers. The eye test of Tesla car stocks reveals an incredible number of people's interest in electric vehicles. Moreover, many cities around the globe have begun to replace public transport vehicles with environment-friendly electric vehicles. Most car companies' financial infrastructure is also likely to contribute a major part to a faster shift.
Infographic by: Statista.com