Accelerated by the current COVID-19 global pandemic, fighting climate change has, once again, become a top priority around the world. US President Joe Biden is set to introduce a green infrastructure and clean energy plan which was initially estimated at $2 trillion. First revealed last year, the plan is likely to include upgrades to municipal transit networks, expansion of broadband/wireless broadband to all Americans, as well as investment in electric vehicle infrastructure. In the UK, Prime Minister Boris Johnson announced plans to stop the sale of new diesel and gasoline vehicles by 2030.1 Many other nations are embracing the drive towards electric vehicle use as well. Germany recently unveiled a 130-billion-euro recovery budget, which specifically includes subsidies for buyers of battery powered vehicles while no funds were allocated towards combustion engine vehicles.2 Israel has announced they will also phase out fossil-fuel vehicles by 2030, while China announced a similar plan by 2035. Meanwhile, Norway, has ambitiously announce to remove traditional gasoline powered vehicles from the road and only zero-emission new cars will hit the market by 2025.3
As the world's leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. Comprised of four exchanges - CME, CBOT, NYMEX and COMEX - we offer the widest range of global benchmark products across all major asset classes, helping businesses everywhere mitigate the myriad of risks they face in today's uncertain global economy.
Follow us for global economic and financial news.