VERGE 17, GreenBiz’s premier sustainability conference, recently brought together 2,000 attendees to Santa Clara, California, to learn, share and be inspired to create a better future. The conference converged leaders from the corporate, tech, government, nonprofit and art sectors to accelerate sustainability solutions and forge connections.
Dr. Hummel’s main-stage presentation makes the case for widespread adoption of inclusive finance starting with accelerating electrification of bus transit.
“For years, utilities have resisted the distributed energy revolution already underway. Yet, electrification of the transportation sector presents a historic opportunity for growth, and it is a critical path for climate stabilization. What’s new? In the last year, plummeting battery costs have helped the some vehicles — specifically, long-range electric transit buses — finally approach cost parity on a lifecycle basis when compared to diesel buses. At the same time, an innovative finance mechanism is gaining traction in the utility sector that would allow utilities to invest and recover costs for the on-board batteries. With these developments, utilities could drop the upfront cost of all-electric vehicles, set off a surge in sales, and rapidly capture the prize of market share for transportation fuels. But will they?”