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Explosive Growth Of Electric Vehicles | Earth Wise

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Not long ago, electric cars were a rarity.  Ten years ago, annual global sales of EVs were only a few hundred thousand.  As of today, globally, still less than one percent of all the cars on the road are electric.  But that is changing rapidly.

In fact, electric vehicles are expected to capture nearly 20% of the global market this year.  Global sales of EVs were 3 million in 2020 and 6.6 million in 2021.  Last year, sales of electric vehicles hit 10 million and are expected to reach 14 million this year according to the International Energy Agency.

Analysts at the IEA have had to repeatedly revise their projections for future EV sales as the numbers keep going up faster than predicted.  Last year, they projected that EVs would account for 21% of global sales by 2030.  Now, they expect that EVs will reach 35% of sales by that year.

In the US, the EU, and China, policy efforts are in place to boost EV sales.  In the US, the Inflation Reduction Act both supports the EV industry and subsidizes consumer purchases with tax credits. As a result of such policies, the IEA expects electric vehicles to account for 60% of sales across these three large markets by 2030.

Part of what is driving the boom in EV sales is that prices continue to come down for the vehicles.  When operating and maintenance costs are figured in, the EVs come out considerably cheaper to own.  In addition, there are starting to be price wars in the EV industry as competition heats up in the sector.

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EVs to Capture One-Fifth of Global Market This Year Amid ‘Explosive Growth’

Photo, posted May 7, 2022, courtesy of Sharon Hahn Darlin via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio

A Complicated Year For Energy | Earth Wise

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2022 was a complicated year for global energy.  Following its invasion of Ukraine, Russia curtailed natural gas exports to Europe.  This led to large increases in coal burning in many countries, but at the same time led to major new investments in renewable energy.  Projections are that the world will add as much renewable power in the next five years as it did over the previous 20.

In China, severe drought reduced the amount of available hydropower, which drove increased demand for coal in that country.  Between the war in Ukraine and the Chinese drought, coal burning reached an all-time high in 2022, albeit only a 1% uptick for the year.  This increased coal consumption is expected to be only temporary as the accelerating deployment of renewables, energy efficiency, and the use of heat pumps will inexorably reduce coal use.

Globally, governments have earmarked an additional $500 billion for clean energy just since March, bringing the total since the onset of the COVID pandemic to more than $1.2 trillion.  Nearly half of this total investment comes from the U.S. under the Inflation Reduction Act and the Infrastructure Investment and Jobs Act.

In light of these energy policies around the world, the International Energy Agency has revised its projections for renewable energy to substantially larger numbers.   Renewables are expected to surpass coal as the world’s largest source of electricity by early 2025. The global energy crisis triggered by the war in Ukraine has kicked off an extraordinary new phase of rapid renewables growth as countries around the world are seeking to obtain energy security as well as the other benefits of clean energy.

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In 2022, Energy Shocks Spurred Both Unprecedented Coal Burning and Massive Renewable Investments

Photo, posted April 5, 2015, courtesy of Jan Remund via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio

Renewables Will Overtake Coal | Earth Wise

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According to a recent report by the International Energy Agency, worldwide growth in renewable power capacity is set to double in the next five years.  In fact, by 2027, the world will add as much renewable power as it did over the previous 20 years.

Of particular significance is that renewables are going to overtake coal as the largest source of electricity generation by early 2025.

The global energy crisis triggered by the war in Ukraine has had multiple effects on the evolution of the energy system.  While the war has driven a resurgence in fossil fuel consumption in Europe in order to replace gas from Russia, that resurgence is expected to be short-lived.  Instead, the current energy crisis may turn out to be an historic turning point toward a cleaner and more secure energy system.

Soaring fossil-fuel prices triggered by the war have caused many countries to respond by embracing wind turbines, solar panels, nuclear power plants, hydrogen fuels, electric vehicles, and electric heat pumps.  In the US, Congress approved more than $370 billion in spending for clean energy technologies as part of the Inflation Reduction Act.  China, India, South Korea, and Japan have all increased their national targets for renewable power.   However, heating and cooling buildings with renewable power remains a sector needing larger improvement, according to the energy agency.

Overall, the expansion of renewable power over the next five years is now projected to happen much faster than what was projected just one year ago. The new IEA report revised last year’s forecast for renewables growth by 30% as a result of the introduction of new policies by many of the world’s largest greenhouse gas emitters.

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Renewables Will Overtake Coal by Early 2025, Energy Agency Says

Photo, posted March 8, 2021, courtesy of Stanze via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio

Renewable Growth During The Pandemic | Earth Wise

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According to a new report published by the International Energy Agency, global renewable energy installations will hit a record level in 2020 in sharp contrast with declines in the fossil fuel sectors caused by the Covid-19 pandemic.

For the year, almost 90% of all new electricity generation will be renewable, with only 10% powered by gas and coal.  This progress puts green power on track to become the largest global electricity source by 2025, displacing coal-powered generation, which has been dominant for the past 50 years.  By that year, renewables are expected to supply one-third of the world’s electricity.

Solar power capacity has increased by 18 times since 2010 and wind power by four times.  In 2010, hydropower provided 77% of the world’s green power, but its share has fallen to 45% – not because there is less hydropower but because solar and wind have grown so much.

Growing recognition of the need to tackle the global climate crisis has made renewable energy increasingly attractive to investors.  According to the IEA report, shares in renewable equipment makers and project developers have outperformed most major stock market indices and the value of shares in solar companies has more than doubled in the past 12 months. Fossil fuels have had a turbulent time in 2020 as the pandemic has caused demand from transport and other sectors to plunge.

While renewables continue to see dramatic growth in electrical generation capacity, electricity represents only about one-fifth of all energy use.  The burning of fossil fuels in transport, industry, and heating continues to make up the bulk of energy emissions.

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Renewable energy defies Covid-19 to hit record growth in 2020

Photo, posted October 2, 2020, courtesy of the Bureau of Land Management California via Flickr. Photo credit: Clearway Energy Group.

Earth Wise is a production of WAMC Northeast Public Radio.

Greenhouse Gas Emissions Rising Again

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If we want to avoid drastic global warming this century, we need to sharply reduce greenhouse gas emissions over time.   For the previous three years, emissions had been holding steady, but last year, global emissions from the use of coal, oil and natural gas increased by 1.4%.  According to the International Energy Agency, this unfortunate new data should serve as a strong warning that we need to increase our efforts to combat climate change.

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