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IEA: EV Sales to Hit All-Time High in 2022, But More Work Needed to Put World on Net-Zero Path

According to the IEA, global sales of electric vehicles (EVs) have doubled in 2021 and are expected to reach 13% of total light duty vehicle sales globally in 2022.

September 23, 2022
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Electric vehicle sales are expected to reach a new high this year, but more work is needed in other sectors to put the planet on track for net-zero emissions by 2050, according to the International Energy Agency. In its Tracking Clean Energy Progress update, the IEA said there have been “encouraging signs of progress across a number of sectors” but cautioned that “stronger efforts” are needed to put the world “on track to reach net zero emissions” by the middle of this century.

The TCEP, which is published yearly, looked at 55 parts of the energy system. Focusing on 2021, it analyzed these components’ progression when it came to hitting “key medium-term milestones by the end of this decade,” as laid out in the Paris-based organization’s net-zero pathway. The report found that the energy system is on track to meet these milestones, thanks to continued progress in renewable energy, electric vehicles, and energy efficiency.

According to the IEA, global sales of electric vehicles (EVs) have doubled in 2021 and are expected to reach 13% of total light duty vehicle sales globally in 2022. This represents a significant increase from the 9% market share EVs held in 2021. The IEA attributes this growth to continued improvements in EV technology and declining costs.

The International Energy Agency (IEA) has previously stated that electric vehicle sales hit 6.6 million in 2021. In the first quarter of 2022, EV sales came to 2 million, a 75% increase compared to the first three months of 2021. This surge in sales is due to a number of factors, including falling prices, increasing range and a growing number of charging points.

According to Morgan Stanley, this EV battery maker could see gains of up to 350%. The investment bank cites the company's strong market position and potential for growth as key reasons for its bullishness.

JPMorgan believes that this company has the potential to become a leader in autonomous vehicle technology. This is due to the company's strong research and development capabilities, as well as its experience in manufacturing vehicles.

The International Energy Agency (IEA) has said that both electric vehicles (EVs) and lighting are "fully on track for their 2030 milestones" in its net-zero by 2050 scenario. This is good news for the fight against climate change, as both EVs and LEDs are more energy-efficient than their traditional counterparts.

The IEA has noted that EVs are not yet a global phenomenon, with sales in developing and emerging countries being slow due to higher purchase costs and a lack of charging infrastructure availability.

Overall, the picture is more challenging in other areas. The IEA noted that 23 areas were "not on track" and that 30 others needed more effort.

The IEA has identified several areas where further progress is needed in order to meet climate goals, including improving energy efficiency in building design, shifting to cleaner fuels in aviation and shipping, and making cement, chemical, and steel production cleaner.

The IEA's report is overshadowed by the Paris Agreement of 2015. The Agreement, which is a legally binding international treaty on climate change, aims to limit global warming to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius.

Achieving net-zero carbon dioxide emissions by 2050 is seen as crucial for meeting the 1.5 degrees Celsius target. This would require a significant reduction in emissions from human activity.

Goldman Sachs is recommending that investors buy energy stocks, after they have gained 40% this year. The investment bank believes that there is still more upside potential for these stocks in the current market environment.

According to Morgan Stanley, this EV battery maker could see gains of up to 350%. The investment bank cites the company's strong market position and potential for growth as key reasons for its bullishness.

Piper Sandler has upgraded Array Technologies, saying that the solar stock can surge on improved forward outlook. The firm believes that Array Technologies is well-positioned to benefit from the continued growth of the solar industry, and that its strong financial position will enable it to continue to invest in its business and drive long-term shareholder value.

In a statement issued Thursday, the IEA's executive director, Fatih Birol, said that there are more signs than ever that the new global energy economy is advancing strongly. He appeared cautiously optimistic in his statement.

This statement reaffirms my belief that the current global energy crisis can be a turning point towards a cleaner, more affordable, and more secure energy system.

The IEA's new analysis shows that more needs to be done to ensure that the world can meet its energy and climate goals. This will require sustained effort across a range of technologies and sectors. The IEA's report provides a timely contribution to the debate about climate goals and the future of energy. The report's findings will help inform the discussion and help to shape the future direction of energy policy.

This week, the U.N. secretary general said that developed economies should impose an extra tax on the profits of fossil fuel firms, with the funds diverted to countries affected by climate change and households struggling with the cost-of-living crisis. He believes that this would help to alleviate some of the pressure that these groups are under.

In his address to the U.N. General Assembly in New York, Antonio Guterres spoke out against the fossil fuel industry, describing it as "feasting on hundreds of billions of dollars in subsidies and windfall profits while households' budgets shrink and our planet burns." He called for urgent action to address the climate crisis, saying that it threatens the very future of humanity.

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