UK to ban petrol vehicles by 2030 — another blow for Nigeria’s oil revenue

Prime Minister Boris Johnson says new cars and vans powered by petrol and diesel will not be sold in the UK from 2030.

According to the BBC, Johnson said it is part of “a green industrial revolution” to tackle climate change and to create jobs.

The 10-point plan is to accelerate the transition to electric vehicles and investing in grants to help buy cars and charge-point infrastructure.

The plan also includes producing enough offshore wind to power every home, developing the first town heated entirely by hydrogen by the end of the decade, provision for large nuclear plant and developing the next generation of small and advanced nuclear reactors.

The plan is aimed at putting the UK on track to meet its goal of net zero emissions by 2050 and to create 250,000 jobs.

It also includes making buildings greener, warmer and more energy-efficient, and installing 600,000 heat pumps (low-energy electrical devices for warming homes) every year by 2028 as well as making cycling and walking more attractive ways to travel and investing in zero-emission public transport for the future.

“My 10-point plan will create, support and protect hundreds of thousands of green jobs, whilst making strides towards net-zero by 2050,” Johnson reportedly said.

“Our green industrial revolution will be powered by the wind turbines of Scotland and the North East, propelled by the electric vehicles made in the Midlands and advanced by the latest technologies developed in Wales, so we can look ahead to a more prosperous, greener future.

The UK will host the COP26 (conference of party) international climate summit in Glasgow in 2021. The conference was initially scheduled to take place in 2020 but was postponed because of the COVID-19 pandemic.

Norway, Israel, Ireland, Denmark, Sweden and Singapore have also made plans to phase out internal combustion engine (ICE) vehicles — with the earliest abolishment date being 2025.

The Nigerian economy, which relies heavily on the revenue generated from crude oil exports, will be affected by the development as European countries are the largest importers of Nigeria’s crude oil.

The COVID-19 pandemic impacted negatively on global oil demand early in the year, leading to the collapse of prices across the world.

As of November 2, the price of Brent crude dropped by 3.43 percent to $36.64 per barrel after some European countries imposed another round of lockdown to slow the spread of COVID-19.

The Nigerian economy is projected to enter its second recession in five years owing to low oil prices.