In five years, electric vehicles are expected to become cheaper, as low as those operating on combustions engines. Consequently, it can be projected that by 2015, half of all the vehicles sold around the world will be electric, claims the top energy consultancy, DNV GL.

However, DNV GL expresses that even with this increasing trend of electric vehicles and renewable energy sources, the UN-led Paris Climate Agreement’s goal of lowering global warming to below two degrees Celsius by 2050 cannot be met. “The trends are very clear that the world is electrifying, renewables are taking up more space, we’re moving into a world of EV’s, but we have to remember we are racing against the clock. It’s not enough,” says Ditlev Engel, chief executive of DNV GL.

He articulates that there is also a need for coordination between public and private sectors in order to achieve the Paris Agreement’s target set two years ago. “Anything you can substitute today, you’ve got to accelerate. The speed of implementation must be even faster and this can only happen if the public and private sectors coordinate.”

The consultancy predicts that because of more efficient energy usage and slower population growth, the energy demand will summit by 2030. DNV GL further predicts that as the consumers transfer from low-efficiency fossil fuels to more efficient energy sources, 85 percent of global energy sources will be renewable by the middle of the century. Even so, the consultancy firm says that gas will replace oil industry as the world’s largest energy source, resulting in an investment shift of major oil companies, venturing toward more gas projects.

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