TECH - World's Top Energy Authority Admits EV Sales Dented Oil Demand Last Year But Emissions Rose Anyway Due To 'Exceptional' Shortfall From Climate Crisis | Benzinga
The International Energy Agency (IEA) disclosed that the sale of electric vehicles, which accounted for one-fifth of all new cars sold worldwide last year, resulted in a notable reduction in oil demand.
What Happened: The IEA’s report states that without EVs, solar, wind, and nuclear energy, global emissions over the past five years would have tripled, Electrek reported. The report is part of the IEA’s annual update on global energy-related CO2 emissions and the first edition of the Clean Energy Market Monitor.
Even though energy-related emissions increased in 2023, the rise was less significant than in 2022 due to the expansion of clean energy technologies. Emissions increased by 410 million tonnes, or 1.1%, in 2023, reaching a record 37.4 billion tonnes.
Severe droughts in the U.S., China, and other economies led to a significant decrease in hydropower, accounting for over 40% of the rise in emissions in 2023. To make up for the “exceptional” shortfall, countries turned to fossil fuels. However, without the drop in hydropower, global emissions from electricity generation would have decreased in 2023.
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