” predicts that under the standard model, annual EV sales are projected to grow by an average of 20%, from 26.2 million in 2022 to 582 million in 2040. This projection accounts for current EV data and industry strategies, particularly in high-growth markets such as China and India. Such growth is expected to result in fuel savings of 21.42 million barrels daily by 2040 under the reference case scenario.
Renewable energy sources, particularly wind and solar, are experiencing exponential growth. This positive trend holds the promise of helping the world meet its climate change goals by 2050. However, this growth is contingent on sustained investments and government policies that favor renewables. China and India, two of the world’s largest CO2 emitters, are taking substantial and connected measures to tackle the issue.