Associated Press
An increasing shift toward electric vehicles globally, especially in China, is poised to disrupt the global oil market, according to a new report by the International Energy Agency. In recent years, China has accounted for most of the growth in oil demand and planet-heating emissions, but electric vehicles now make up 40% of new sales of cars there, and 20% globally, putting major oil and gas producers “in a bind.” The IEA’s World Energy Outlook 2024, released Wednesday, outlines a future where EV adoption continues to gain momentum, reaching 50% of global car sales in 2030.
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