12/06/2023

How Electric Vehicles are Accelerating the End of the Oil Age

This is one of the messages coming out of COP28

There is plenty of hand-wringing on display at the COP28 climate conference in Dubai about the slow pace of reducing the consumption of fossil fuels to fight climate change. But one positive that delegates can point to is the growing fleet of electric vehicles worldwide that is already making a surprisingly big dent in demand.

Growing sales of electric vehicles in recent years have led forecasters to speed their projections for when global oil use will peak, as public subsidies and improved technology help consumers overcome the sometimes eye-popping sticker prices for battery-powered cars, according to industry experts.

The Paris-based International Energy Agency (IEA), a grouping of 29 industrialized nations, expects world oil consumption to hit its zenith at the end of this decade at 103 million barrels per day, after making regular adjustments from its 2017 forecast of a nearly 105 million bpd peak in 2040.

Please select this link to read the complete article from Reuters.