According to a study published by the International Energy Agency, sales of electric vehicles are expected to reach historic highs this year.
The International Energy Agency (IEA) recently published an analysis of 55 different “energy areas” where the world needs to improve to reach net zero carbon emissions. One such area is electric vehicles, and according to the agency’s analysis, electric vehicle sales are expected to reach all-time highs for the year by the end of this year.
Report of CNBC summarizes the report well. As for electric vehicles, sales in the first quarter of the year were the first indication that this could be a record year. Global electric vehicle sales in the first quarter were 75% higher than in the first quarter of 2021, and despite supply chain issues that have limited production for many manufacturers this year, 2022 remained significantly higher than 2021.
The IEA has highlighted some specific challenges facing electric vehicle sales. First of all, infrastructure limitations hinder EVs sales in much of the world. The developing world is perhaps most constrained by these issues, where infrastructure is already an issue aside from electric vehicles. Second, prohibitively high initial purchase prices for electric vehicles are also hampering further sales growth, again affecting the developing world the hardest.
The other 54 energy areas in the report indicate that while some areas (such as electric vehicles) are progressing faster than expected, many others are lagging behind previous estimates, pushing the net zero further than expected.
Factors that were off track were energy-efficient architecture, heating and cooling, and the phasing out of coal-fired power generation. In total, the agency said 23 areas were not on track to reach net zero by 2050, while 30 were on track but needed more effort.
Perhaps the best news is that electric vehicles can be an example of sustainable technology is gaining ground and go mainstream much faster than expected if properly implemented. But for those in the developing world, it will likely take a lot to catch up.
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