Growing global adoption of electric vehicles helped avoid the consumption of 2.3 million barrels of oil per day last year, according to a modeled scenario from BloombergNEF.
Those fossil fuel savings are expected to increase every year for the rest of the decade as more drivers turn to battery-powered vehicles, said Claudio Lubis, BNEF’s oil analyst. The research group projects that by 2030, avoided daily consumption could more than double to 5.25 million barrels under the economic transition scenario, where governments deploy technologies that are economical rather than implement policies primarily driven by climate goals.
Two- and three-wheeler vehicles now make up the ...