IEA Under the current policy, the number of electric vehicles is expected to increase nearly tenfold by 2030.

IEA Anticipates Nearly Tenfold Increase in Electric Vehicles by 2030 Under Current Policy

【PhoneAuto News】Before the United Nations COP28 Climate Summit, which will be held later this year in Dubai, the International Energy Agency (IEA) has once again released its annual energy generation and renewable energy report.

Earlier this month, the IEA shared the “World Energy Outlook 2023,” which provides a comprehensive overview of current energy production methods and the direction of the energy industry’s development. The report is lengthy and contains some insights, particularly the agency’s prediction that by 2030, the number of electric vehicles will increase nearly tenfold based on the current global policy trajectory.

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According to the report’s stated policy scenario (STEPS), electric vehicles are estimated to account for approximately 15% of global car sales, with expectations of increasing to 40% by 2030. In addition to the increase in electric vehicles, the agency also predicts that renewable energy will account for 50% of the global electricity mix by 2030, compared to the current approximately 30%.

The agency further states that for the first time in history, coal, oil, and natural gas demand will reach its peak within this decade, and global CO2 emissions related to energy are expected to peak in 2025. The market share of fossil fuels has been hovering around 80% for the past few decades and is expected to decrease to 73% by 2030.

The agency also sees significant growth in renewable energy investments, including the adoption of electric vehicles, solar photovoltaic power, heat pumps, and other electric heating devices, surpassing the sales of fossil fuel boilers globally.

Interestingly, the IEA points out that five years ago, for every $1 invested in fossil fuels, $1 was invested in clean energy. However, in 2023, for every $1 invested in fossil fuels, $1.8 is invested in renewable energy, indicating a continued growth in clean energy investments.

Although the report indicates a continued increase in renewable energy investments, the IEA states that stronger policies are still needed if the world hopes to limit global warming to within 1.5 degrees Celsius. According to the IEA, at the current pace, global emissions are on track to cause an average global temperature rise of approximately 2.4 degrees Celsius within this century.

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