World Bank studies challenges of electric vehicle transition in Jordan

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AMMAN — The World Bank is currently studying regional challenges to developing technical, financial, and policy solutions to expand the use of electric vehicles, with a focus on Jordan, Egypt, and Morocco, Hala News reported.اضافة اعلان

Preliminary results of a study by the bank covering 20 developing countries — Jordan among them — showed that more than half of these countries would reap economic benefits from transitioning to electric vehicle systems.

“The financial returns from an electric vehicle system could be significant,” the World Bank said, predicting substantial profits even despite the 70–80 percent increase in upfront costs.

The reduction in maintenance costs alone could equate to savings in the range of $5,000 over the life of an electric vehicle, which outweighs the higher cost of using electricity as fuel, according to the study. And because many low- and middle-income countries tax gasoline and subsidize electricity, switching to electric transport could bring even greater savings.

Financial and environmental payoffsDue to these factors, the bank said, a rise in investments related to electric vehicles “is already justified” in terms of lower operating costs in some of the countries studied, while in other countries the environmental benefits outweigh any financial ones.
“The financial returns from an electric vehicle system could be significant.”
According to the study, COVID-induced lockdowns in urban areas and the resulting decrease in the use of vehicles that run on fossil fuels improved air quality in Amman, Cairo, Riyadh, Beirut, Jeddah, Baghdad, and other cities across the region.

The Jordanian shift to electric carsOver the past few years, many Jordanians have transitioned to using electric vehicles instead of cars running on gasoline and diesel due to high local fuel prices.

The Jordanian Free Zones Investors Association said that 15,800 electric vehicles were cleared last year, a 150-percent increase over the 2021, which saw 6,000 electric vehicle clearances.  

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