Hello!
Today’s theme at COP28 in Dubai is around multilevel action, urbanization and transportation.
On the subject of ‘multilevel action’, the United Nations climate chief Simon Stiell told countries to agree on ambitious action to tackle global warming rather than fall into the trap of point scoring and “lowest common denominator politics”.
Stiell told a news conference: “All governments must give their negotiators clear marching orders.”
As for urbanization and transportation, well one positive area that delegates can point to is the growing fleet of electric vehicles (EVs) worldwide that is already making a surprisingly big dent in oil demand.
“The game-changer has been the policy support for the shift to electrification quite substantially reducing oil demand from the transportation sector, which has been the key driver of global oil demand growth,” said Apostolos Petropoulos, an energy modeler at the International Energy Agency (IEA).
Transportation is responsible for about 60% of world oil demand, with the United States alone accounting for around 10%, according to the IEA. That share should fall, as the IEA expects EVs will have erased some 5 million barrels per day of world oil demand by 2030.
The rate of future EV adoption is going to depend heavily on EV pricing and the availability of charging stations, according to industry experts. Click on the link below for more on EV adoption by Reuters energy journalist Laura Sanicola.
Here is a rundown of what to watch at COP28 on Wednesday.
