New Zealand unveils $8,600 subsidy for electric vehicles
The New Zealand government has introduced subsidies to make electric vehicles cheaper as the new petrol and diesel cars more expensive. The country aims to shift to an emissions-free fleet. This initiative comes as New Zealand’s Climate Commission recommendations laid out the sweeping changes that need to change the emission goals in the country.
Coming to the subsidies part for electric and some hybrid vehicles, the government has announced incentives for up to NZ$8,625 (£4,360) 4,50,172 INR for new vehicles and NZ$3,450 (£1,744) 1,80,041 INR for used cars. It will be implemented from the next month.
New Zealand subsidy for electric vehicles
Last week the Climate Commission has laid out new benchmarks in India to transform its fleet. The commission is planning to ban the imports of petrol and diesel cars by 2032 and the road will be decarbonised completely by 2050.
“Our transport emissions are the fastest-growing source of greenhouse gas emissions in New Zealand, so we need to start taking action now if we are going to meet our 2050 targets,” transport minister Michael Wood said in a written statement. “New Zealand is actually lagging behind on the uptake of EVs, so we are playing catch up internationally,” he said.
The government’s goal for transport emissions, the commission concluded that electric vehicles will need half of all light-vehicle registrations by 2029 and 100% by 2035.
The subsidies will be funded by introducing new charges on imports of high-emission utility vehicles and SUVs. For example, Toyota Hilux is imported, could incur a fee of NZ$2,900. These fees will be implemented from January 2022.
New Zealand has increased its emissions by 57% between 1990 and 2018 and it is the second greatest country that is increasing its emissions due to industries. From 2018-19 the emissions increased by 2% revealed by the Greenhouse Gas Inventory by the minister for the environment. It showed both gross and net emissions increased by 2% in the 12 months to the end of 2019.
Climate change minister James Shaw said that currently, the low emissions vehicles is financially out of the reach of many New Zealanders.
“As technology develops and more manufacturers decide to stop making petrol and diesel cars, the cost of low emissions vehicles will come down. However, at the moment, they are still more expensive to buy. Today’s announcement helps to address that,” he said.
Also, read related article: Electric two-wheelers become cheaper in India-FAME II incentives
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