Hong Kong Market Slow to EV Adoption
Hong Kong Market Craves Clean Energy
It is one of the world’s most congested cities. Over 7 million people live on just 3,000 square kilometres of land. The Hong Kong Market is a sweaty heap of pollution.
Air quality is so low, it’s inspired an app. Air conditioners account for 30% of the city’s energy use and contribute 60% of the city’s greenhouse gas emissions.
Even worse: the city’s recycling record. China laps the former British Protectorate in sustainable living.
China’s Effect on the Kong Kong Market
It’s no secret that Hong Kong needs to go green. It’s also no secret that China leads the world in Electric Vehicle (EV) adoption. After all, Beijing residents must wait years for an EV license.
On average, Chinese government subsidies on EV vehicles cover $10,000 USD per purchase. Evidently, the CCP is serious about curbing carbon emissions.
These measures could spillover into the Hong Kong market. Cross the border and neighbouring city Shenzhen has already electrified its public transport fleet.
Why is Hong Kong Late to the EV Party?
Several factors have slowed progress.
First, HK lacks public charging stations and gas-powered vehicles can still travel longer distances. However, this isn’t a major concern as HK is so small. Trip distance isn’t a problem.
Second, a lack of regulatory pressure provides car owners little incentive to switch. Hong Kong’s carbon abatement schemes lag behind China’s.
Third, most residents use public transportation. The bus and taxi companies are privately owned, and plug-in technology is still too expensive to warrant.
Hong Kong Needs to Change its EV Policy
Last year, over 1,700 residents died from air pollution. Moreover, the city faces pollution levels that rival megacity Beijing.
The Special Administrative Region (SAR) has lagged behind China in adopting clean energy initiatives. However, the 1997 handover returned control of Hong Kong to the Asian superpower.
However controversial the handover may be, air quality in “Asia’s World City” would benefit from more vehicles powered by lithium-ion batteries.
Ultra Lithium Inc. A team of lithium experts with a finger on the pulse of clean energy news, Ultra Lithium is a lithium exploration company with holdings in Argentina, Canada and the US (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB).