Electric Vehicles Set to Slash Global Emissions by 700 Million Tons by 2030

The world is on track to reduce emissions by 700 million tons by 2030 thanks to the rapid adoption of electric vehicles and battery storage, enabling greater integration of renewable energy, according to the IEA.

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Shivani Chauhan
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Electric Vehicles Set to Slash Global Emissions by 700 Million Tons by 2030

Electric Vehicles Set to Slash Global Emissions by 700 Million Tons by 2030

The world is on track to reduce emissions by 700 million tons by 2030, thanks to the rapid adoption of electric vehicles (EVs) and battery storage, according to a report by the International Energy Agency (IEA). The deployment of batteries in the power sector surged by over 130% in 2023, adding 42 gigawatts (GW) of electricity storage globally, enabling greater integration of renewable energy sources like solar and wind.

EV sales have experienced a remarkable growth, rising from 3 million in 2020 to nearly 14 million in 2023, with further expansion anticipated. Batteries are playing a vital role in decarbonizing the transport sector. To meet the climate and energy targets set at COP28, the IEA emphasizes that global battery storage capacity must increase sixfold by 2030, with batteries accounting for 90% of the increase.

The growth in EV sales is fueling the global demand for batteries, with the United States and Europe witnessing the fastest growth in 2023, reaching more than 40% year-on-year, closely followed by China at about 35%. The demand for EV batteries reached over 750 GWh in 2023, a 40% increase compared to 2022. This surge in demand is also driving up the need for critical raw materials, particularly lithium, cobalt, and nickel. However, significant investments in mining and refining have ensured that global supply can comfortably meet the current demand.

Why this matters: The rapid expansion of batteries will be vital to meet climate and energy security goals set at COP28. As countries work towards meeting ambitious climate targets, the growth of the EV market and the deployment of batteries in the power sector will play a critical role in the transition to a cleaner and more sustainable future.

Electric car sales are projected to reach around 17 million in 2024, representing more than one in five cars sold worldwide. The IEA's Global EV Outlook reveals that electric car sales in the first quarter of 2024 grew by 25% compared to the same period in 2023. China leads the market with a 45% share, followed by Europe at 25% and the United States at over 11%. "The continued momentum behind electric cars is attributed to technological innovation, supportive policies, and shifting consumer preferences," the IEA report states. The article also highlights the need for the roll-out of public charging infrastructure to keep pace with EV sales and enable mass-market adoption.

Key Takeaways

  • Global emissions to reduce by 700M tons by 2030 due to EV and battery storage growth.
  • Battery storage capacity must increase 6-fold by 2030 to meet climate and energy targets.
  • EV sales surged from 3M in 2020 to 14M in 2023, with further expansion anticipated.
  • EV battery demand reached 750 GWh in 2023, driving need for critical raw materials.
  • EV sales projected to reach 17M in 2024, representing over 20% of global car sales.