A circular economy for electric vehicles: driving the change

What is it about?

The UK Government is speeding up plans to move towards a world of electric transport. This paper highlights the need for new policies in order to help maximise the environmental gains from this, as well as safely manage the impact of this move. Electric Vehicle (EV) batteries must be carefully handled at the end of their lives, as they will still have lots of capacity remaining even when they can no longer power a vehicle. They will also have lots of valuable materials in them, as well as hazardous substances which will need proper management. Currently, clear solutions have not been found: recycling these batteries is complicated, and not yet profitable as the number of EV batteries needing to be managed in the UK is still low. This will, however, change as more EVs start to age, and proper planning is needed to avoid possible hazards.This paper offers potential solutions through new EV ownership schemes: we describe the benefits of EV battery leasing, where customers buy an electric vehicle but the battery remains the property of the manufacturer.

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Photo by Erik Mclean on Unsplash

Photo by Erik Mclean on Unsplash

Why is it important?

The electric vehicle transition looks likely to be amongst the biggest technology transitions of our time. At this point, we have a rare chance to embed circular economy thinking into a major technology revolution from the start. As a society, we are moving towards realising that development must be shaped not just by narrow economic values but also by broader environmental and social values. New business models and governance frameworks are needed to help us increase circular economy gains and unlock the full benefits of the electric mobility revolution.