China-led shift to electric vehicles to help end oil era: Study

Waldemar Brandt/ Unsplash

An aggressive China-led shift to electric vehicles is expected to slash global oil demand growth by 70% by 2030 and will help bring an end to the “oil era”, according to research by the Carbon Tracker think tank published on Friday.

Within 10 years, China could save more than $80 billion in annual oil import costs as new-energy vehicles (NEVs) become increasingly competitive, Carbon Tracker said.

Its calculations were based on a “conservative” scenario by the International Energy Agency projects that electric vehicles would account for 40% of China’s total car sales by 2030, and for 20% of sales in India and other emerging markets.

The cost of importing the oil required to fuel an average car is 10 times higher than the cost of solar equipment required to power an electric vehicle, Carbon Tracker said.

“This is a simple choice between growing dependency on what has been expensive oil produced by a foreign cartel, or domestic electricity produced by renewable sources whose prices fall over time,” said Kingsmill Bond, a strategist with Carbon Tracker and the report’s lead author.

Electric vehicles are a key component of China’s efforts to slash climate-warming greenhouse gases and improve urban air quality, and India is also setting ambitious 2030 vehicle sales targets.

China has not yet set a date when it will ban the production and sale of traditional cars, but an industry official said last month that NEVs will account for 50% of all new car sales by 2035, with hybrid vehicles making up the remainder.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.