The electric car revolution is on track, says IEA | CNN Business
The electric car revolution is on track, says IEA CNN
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Global Electric Vehicle Sales Expected to Reach 17 Million in 2024
Introduction
According to the International Energy Agency (IEA), global electric vehicle (EV) sales are projected to increase by more than a fifth to reach 17 million this year, with China leading the way.
Surging Demand for EVs
The IEA’s report highlights the “surging demand” for EVs over the next decade, which is expected to reshape the global auto industry and significantly reduce oil consumption for road transport.
Goal of Half of All Cars Sold Globally to be Electric by 2035
The IEA predicts that half of all cars sold globally will be electric by 2035, up from more than one in five this year, as long as charging infrastructure keeps pace. The definition of EVs includes both battery electric vehicles and plug-in hybrid vehicles.
Positive Global Trends Contradict Negative Headlines
IEA Executive Director Fatih Birol states that recent negative headlines about slowing EV penetration do not reflect the positive global trends. He emphasizes that there is an “extremely robust increase” in global electric car sales.
Growth Driven by Chinese Buyers and European Union
The growth in EV sales is not solely driven by Chinese buyers. The European Automobile Manufacturers’ Association reports that the number of new battery electric cars sold in the European Union rose almost 4% in the first quarter of this year compared to the same period in 2023.
Challenges Faced by EV Makers
Despite the positive trends, EV makers are facing slim profit margins due to price wars and increasing competition. Tesla and Chinese EV maker Li Auto have recently cut prices on major models in China, Germany, and the United States.
Importance of Affordability for Increasing EV Adoption
The IEA emphasizes that automakers play a crucial role in increasing the adoption of EVs worldwide. Affordability is a key factor, and the pace of the transition to EVs will depend on it.
Expected Reduction in EV Prices
The IEA expects that intensifying market competition and improving battery technologies will lead to a reduction in EV prices in the coming years. Growing electric car exports from Chinese automakers could also contribute to lower purchase prices.
China Leading the Global Electric Car Manufacturing
Chinese carmakers accounted for more than half of global electric car sales last year, making China the leader in electric car manufacturing worldwide.
Implications for the Auto Industry and Energy Sector
The shift towards EVs will have significant ramifications for both the auto industry and the energy sector. The IEA predicts that global oil demand will peak in 2030, thanks to the electrification of the transport sector.
Barriers to Mass Adoption: Affordability and Charging Infrastructure
In addition to affordability, a lack of public charging infrastructure in Europe and the United States is another barrier to mass adoption of electric cars.
Expected Increase in Public EV Charging Points
The IEA forecasts that under current government policies, the number of public EV charging points worldwide will reach 15 million by the end of the decade, a nearly fourfold increase from last year.
SDGs, Targets, and Indicators
-
SDG 7: Affordable and Clean Energy
- Target 7.3: By 2030, double the global rate of improvement in energy efficiency
- Indicator 7.3.1: Energy intensity measured in terms of primary energy and GDP
-
SDG 9: Industry, Innovation, and Infrastructure
- Target 9.4: By 2030, upgrade infrastructure and retrofit industries to make them sustainable
- Indicator 9.4.1: CO2 emissions per unit of value added
-
SDG 11: Sustainable Cities and Communities
- Target 11.2: By 2030, provide access to safe, affordable, accessible, and sustainable transport systems for all
- Indicator 11.2.1: Proportion of population that has convenient access to public transport
-
SDG 13: Climate Action
- Target 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters
- Indicator 13.1.1: Number of deaths, missing persons, and directly affected persons attributed to disasters per 100,000 population
Analysis
The article discusses the rise of global electric vehicle (EV) sales and its impact on the auto industry and oil consumption. Based on the content, the following analysis can be made:
1. Which SDGs are addressed or connected to the issues highlighted in the article?
The issues highlighted in the article are connected to the following SDGs:
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 13: Climate Action
2. What specific targets under those SDGs can be identified based on the article’s content?
The specific targets identified based on the article’s content are:
- Target 7.3: By 2030, double the global rate of improvement in energy efficiency
- Target 9.4: By 2030, upgrade infrastructure and retrofit industries to make them sustainable
- Target 11.2: By 2030, provide access to safe, affordable, accessible, and sustainable transport systems for all
- Target 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
The following indicators mentioned or implied in the article can be used to measure progress towards the identified targets:
- Indicator 7.3.1: Energy intensity measured in terms of primary energy and GDP
- Indicator 9.4.1: CO2 emissions per unit of value added
- Indicator 11.2.1: Proportion of population that has convenient access to public transport
- Indicator 13.1.1: Number of deaths, missing persons, and directly affected persons attributed to disasters per 100,000 population
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | Target 7.3: By 2030, double the global rate of improvement in energy efficiency | Indicator 7.3.1: Energy intensity measured in terms of primary energy and GDP |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.4: By 2030, upgrade infrastructure and retrofit industries to make them sustainable | Indicator 9.4.1: CO2 emissions per unit of value added |
| SDG 11: Sustainable Cities and Communities | Target 11.2: By 2030, provide access to safe, affordable, accessible, and sustainable transport systems for all | Indicator 11.2.1: Proportion of population that has convenient access to public transport |
| SDG 13: Climate Action | Target 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters | Indicator 13.1.1: Number of deaths, missing persons, and directly affected persons attributed to disasters per 100,000 population |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: cnn.com
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