The world is set to experience a massive expansion in the role of electricity, according to a major new forecast released today. But despite a coming surge in the use of batteries and renewables the expected pace of change across the energy industry is still not sufficient to meet global climate targets. The new forecast, the second in an annual series from Norwegian risk management giant DNV GL, predicts electricity’s share of global energy demand will almost double to 45 per cent by 2050, driven by a sharp rise in electric car ownership around the world. The study suggests the share of electric vehicles (EVs) in the light vehicle market will increase from under 10 per cent to more than 90 per cent inside 10 years in many regions, although the start date of this shift will vary according to country. The forecast suggests the UK and Europe will lead the way, with 50 per cent of all new cars in Europe to be EVs within nine years. The latest data on electric car sales in the UK, released last week, showed hybrid and ‘pure’ EVs already accounted for eight per cent of the UK market last month.
Business Green 10th Sept 2018 read more »