A new analysis issued by Transport & Environment (T&E) showed that electric vehicles have proven their efficiency as a primary tool to curb global reliance on oil, with oil consumption displacement rates multiplying fivefold over the past five years since the COP26 climate conference in Glasgow.
Accelerated growth in electric vehicle adoption
Data indicates that battery electric vehicles (BEVs) now account for 25% of total new car sales globally, compared to only 6.6% five years ago, although they still make up about 4.2% of the total global vehicle fleet. This shift has led to the displacement of 1.2 million barrels of oil per day, which equals 1.2% of global oil consumption, compared to 215,000 barrels per day in 2021.
Why this news matters
The significance of these findings lies in their direct role in enhancing energy security and reducing carbon emissions. With the road transport sector burning about half of all global oil, analysts view the transition to electricity as the only way to counter the growing demand for fossil fuels. Electric vehicles currently also contribute to avoiding over 200 million tons of carbon dioxide equivalent annually.
Future expectations and challenges
T&E expects current policies to help displace about 5.8 million barrels of oil per day by 2034, which is equivalent to the scale of oil supply disruptions the world witnessed during recent energy crises. Experts emphasize that accelerating the adoption of these technologies is not merely a climate necessity, but a fundamental pillar for nations' national security, especially those seeking to insulate their economies from the volatility of global energy markets.
In addition to passenger cars, electric buses and trucks play an increasing role, with electric buses making up 5% of the global fleet, while electric trucks have begun capturing market shares exceeding 50% of new sales in some countries, adding further savings estimated at 320,000 barrels per day.