Is it possible?
Maybe, but will need investments in infrastructure.
Next week I'm in Dresden addressing a bunch of car makers and component suppliers about the changes needed to make it happen, and the implications.
I was with Audi a couple of weeks ago. They aim to have 30% of their cars electric by 2025.
The new emissions regulations (World Light Vehicle Test Protocol) WLTP are driving the industry that way.
All that is so much guff, however.
The real point is that at some point in the future, the price of electric vehicles will have fallen; the charging infrastructure will be in place; the vehicle range will be extended; the tax regime modified and societal attitudes will have changed to the point where buying a fossil-fuel-powered vehicle will simply not make sense from a financial position, an ethical position, or a performance and comfort perspective.
That's what happens in developing countries as GDP per head reaches around USD10,000. People simply switch away from two-wheelers to 4-wheeled vehicles.
That is what will happen in the auto world. Currently electric vehicles make up about 6% of new car sales. At some point, that will switch.
The only question is when this will happen; not 'if'.
It's what happened with the switch from vinyl to CD and from CD to streaming. It just became easier and cheaper.
My bet is that the switch will take place at some time in the 2025-2030 period.
As for ruining the UK economy, no. If electrification is the future – and everyone involved in the transportation sector knows it is – then driving development and innovation in that area will benefit the economy, not harm it.
The 2040 date was behind most other developed (and developing) economies. That would mean the UK would end up importing the technologies that others have developed.
With a more ambitious date, we stand a chance of developing those technologies first.
If one wants to drive change in society, the only way is through legislation. People (on the whole) don't like change, and prefer to stick with the old way of doing things, because it is easier and safer.
Legislation with strong enforcement forces things to change.