EU to phase out conventional cars by 2050

The European Union has announced a white paper that contains plans to reduce the number of oil fuelled cars by 50% by 2030 and to phase them out completely by 2050.

This will be achieved by the widespread adoption of electric vehicles and promotion of alternative transport systems such as rivers.

Meanwhile, an HSBC report states this week that there is at best 49 years worth of oil remaining, even if demand does not increase, which it of course will.

Get ready for the end of fast cars as legislators wake up to ways to conserve energy and limit emissions.