Billions in Potential Savings for the UK Through Low-Emissions Transport

The United Kingdom could save billions of pounds a year if more people were encouraged to switch to low-carbon electric or hybrid cars, a report has suggested.

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The report from Cambridge Econometrics found that global spending on fossil fuels could be cut by £232bn a year between 2020 and 2030 if governments implement policies to cut emissions from the transport industry. There is specialist equipment that can be used to measure the emissions which can be found at http://www.mattsmonitors.co.uk/ .  Some garages that are working on your current car for a MOT or service might need to have a Dust Monitor to measure the level of dirt or exhaust fumes.

A Better Economic Outlook

The demand for and cost of oil are expected to decrease as the cost of batteries for electric and hybrid cars falls. For countries which import the majority of their oil and fossil fuels, a lower oil price would mean billions of pounds could be freed up to be spent on other areas of the economy.

As uptake of low-carbon transport increases, the report estimates that oil prices would be reduced by 15% in 2020 and 29% by 2040. By the middle of the century oil prices could fall as low as $83-87 per barrel.

In 2014 Britain imported 38% of its oil, which could equate to £30bn a year in savings by 2030. Although imports decreased in 2015, Britain was still importing more than a quarter of its oil, and with concerns over reduced productivity in the North Sea, the future of domestic production is uncertain.

Greener Technology, Lower Emissions

The Cambridge study was released ahead of the official signing of the Paris Agreement, an international climate pact which was agreed to great fanfares last year. The agreement aims to curb climate change and rising temperatures across the developed and developing world, putting countries on a more sustainable low-carbon path.

The report also predicted that if the government increased spending on low-carbon vehicles and on the domestically produced electricity and hydrogen fuel which power them, the UK economy could benefit to the tune of between £2.4bn and £5bn. The report also suggested that a lower oil price would mean greater consumer spending on other goods and services.

With firms offering some of the best models on the market, anyone looking to go green but with bad credit car finance would be advised to look at investing in a hybrid car.

With charging points and hybrid cars becoming more affordable, the future of the transport industry almost certainly lies in low-carbon vehicles.