An aggressive China-led shift to electric vehicles is expected to slash global oil demand growth by 70% by 2030 and will help bring an end to the ‘oil era’, according to research by the Carbon Tracker think tank published last week.
Its calculations were based on a ‘conservative’ scenario by the International Energy Agency, projecting that electric vehicles would account for 40% of China’s total car sales by 2030, and for 20% of sales in India and other emerging markets. This is a simple choice between growing dependency on what has been expensive oil produced by a foreign cartel, or domestic electricity produced by renewable sources whose prices fall over time,’ said Kingsmill Bond, strategist with Carbon Tracker and the report’s lead author.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.