An energy market fueled by electricity is coming but even more clean energy is needed, report says

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.