Electric vehicles are proving to be quite popular with consumers, with 9% of vehicles sold globally in 2021 featuring electrified powertrains. That's a marked increase from 2019, when only 2.5 percent of vehicles sold were EVs. Growth in electric vehicle sales has prompted some automakers to already announce plans to phase out all internal combustion engine (ICE) vehicles in favor of fully electric vehicles. Automaker Volvo, which is leading the pack, plans to go fully electrified as early as 2030. In some cases, however, governments are also stepping in, passing legislation and other incentives to encourage automakers and car buyers to go all-electric.
Canada is one such country that has announced plans to stop selling new internal combustion engine vehicles by 2035 so that 100% of all cars sold in the country thereafter will be electric. The country has a vested interest in reducing carbon emissions from cars, and a study shows it is already feeling the effects of global warming far more than most other countries in the world. Canada is warming twice as fast globally, according to a report by Environment and Climate Change Canada. This will increase the intensity of forest fires, affecting the frequency of rain and the extent of snow, among other unwanted effects. The country hopes the push for electric vehicles will help address some of the climate challenges.
The Canadian government has not been vague about initiating the transition to an all-electric vehicle market. It is providing $400 million in new funding for electric vehicle charging stations, with the aim of adding 50,000 EV charging stations to Canada's network. The Infrastructure Bank of Canada is complementing electric vehicle charging and related infrastructure with an additional $500 million investment. Another $600 million was invested in the Smart Renewables and Electrification Pathways initiative to ensure that the EV charging grid itself is also powered by renewables.
The Canadian government is also providing $1.7 billion to further expand its Zero Emission Vehicle Incentive (iZEV) program, which aims to provide subsidies to make it easier for ordinary Canadians to buy electric vehicles. In 2021, only 5% of new cars sold in Canada will be electric vehicles, according to Electric Autonomous Canada. To help achieve the goal of all electric vehicles by 2035, the Canadian government is setting a sales mandate that will see electric vehicles account for 20% of new vehicles sold in 2026, at least 60% by 2030, and then 100% in 2035. Target.
