Evees not enough to cool Earth
ARNHEM — The cost of electric vehicles (EVs) will fall to match those running on combustion engines by 2022, a key trigger that will mean by 2035 half of all passenger vehicles sold globally will be electric, according to the head of a top energy consultancy.
But this expected exponential rise in cleaner vehicles, coupled with booming renewable energy production, will not be enough to meet the Paris Agreement goal of limiting climate warming, Ditlev Engel, chief executive of DNV GL’s energy consulting business, told Reuters in an interview.
“The trends are very clear ... we’re moving into a world of EVs, but we have to remember we are racing against the clock. It’s not enough,” said Engel, whose 2 300 staff advise companies and governments on energy issues.
He said, on current projections, the world would not achieve the goal of limiting the Earth’s warming to well below two degrees Celsius by 2050, as pledged in the 2015 Paris Agreement.
DNV GL forecasts gas will overtake oil as the world’s biggest energy source by 2034, a trend that is reflected in an investment shift at major oil companies towards new gas projects.
This thinking underpinned, for example, Royal Dutch Shell’s $54 billion takeover of BG Group last year.
Renewable energy sources will account for 85% of global electricity production by 2050.