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 1. You are here:  
 2. Home
 3. Energy
 4. Cheaper batteries making EVs more affordable, report says


CHEAPER BATTERIES MAKING EVS MORE AFFORDABLE, REPORT SAYS

Details Created: 14 October 2024

Emissions are set to almost halve by 2050. (Image source: DNV)



> DNV has released its 'Energy Transition Outlook', which notes that 2024 will
> go down as the year of peak energy emissions
> 
> Energy-related emissions are at the cusp of a prolonged period of decline for
> the first time since the industrial revolution. Emissions are set to almost
> halve by 2050, but this is a long way short of requirements of the Paris
> Agreement. The Outlook forecasts the planet will warm by 2.2 °C by end of the
> century.
> 
> The peaking of emissions is largely due to plunging costs of solar and
> batteries which are accelerating the exit of coal from the energy mix and
> stunting the growth of oil. Annual solar installations increased 80% last year
> as it beat coal on cost in many regions. Cheaper batteries, which dropped 14%
> in cost last year, are also making the 24-hour delivery of solar power and
> electric vehicles more affordable. The uptake of oil was limited as electrical
> vehicles sales grew by 50%. In China, where both of these trends were
> especially pronounced, peak gasoline is now in the past.
> 
> China is dominating much of the global action on decarbonisation at present,
> particularly in the production and export of clean technology. It accounted
> for 58% of global solar installations and 63% of new electrical vehicle
> purchases last year. And whilst it remains the world’s largest consumer of
> coal and emitter of CO2, its dependence on fossil fuels is set to fall rapidly
> as it continues to install solar and wind. China is the dominating exporter of
> green technologies although international tariffs are making their goods more
> expensive in some territories.
> 
> “Solar PV and batteries are driving the energy transition, growing even faster
> than we previously forecasted,” said Remi Eriksen, group president and CEO of
> DNV. “Emissions peaking is a milestone for humanity. But we must now focus on
> how quickly emissions decline and use the available tools to accelerate the
> energy transition. Worryingly, our forecasted decline is very far from the
> trajectory required to meet the Paris Agreement targets. In particular, the
> hard-to-electrify sectors need a renewed policy push.”
> 
> 
> STRIKING SHIFTS IN ENERGY MIX
> 
> The success of solar and batteries is not replicated in the hard-to-abate
> sectors, where essential technologies are scaling slowly. DNV has revised the
> long-term forecast for hydrogen and its derivatives down by 20% (from 5% to 4%
> of final energy demand in 2050) since last year. And although DNV has revised
> up its carbon capture and storage forecast, only 2% of global emissions will
> be captured by CCS in 2040 and 6% in 2050. A global carbon price would
> accelerate the uptake of these technologies.
> 
> Wind remains an important driver of the energy transition, contributing to 28%
> of electricity generation by 2050. In the same timeframe, offshore wind will
> experience 12% annual growth rate although the current headwinds impacting the
> industry are weighing on growth.
> 
> Despite these challenges, the peaking of emissions is a sign that the energy
> transition is progressing. The energy mix is moving from a roughly 80/20 mix
> in favour of fossil fuels today, to one which is split equally between fossil
> and non-fossil fuels by 2050. In the same timeframe, electricity use will
> double, which is also at the driver of energy demand only increasing 10%.
> 
> “There is a growing mismatch between short term geopolitical and economic
> priorities versus the need to accelerate the energy transition. There is a
> compelling green dividend on offer which should give policymakers the courage
> to not only double down on renewable technologies, but to tackle the expensive
> and difficult hard-to-electrify sectors with firm resolve,” added Eriksen
> 
> The Outlook also examines the impact of artificial intelligence on the energy
> transition. AI will have a profound impact on many aspects of the energy
> system, particularly for the transmission and distribution of power. And
> although data points are currently sparse, DNV does not forecast that the
> energy footprint of AI will alter the overall direction of the transition. It
> will account for 2% of electricity demand by 2050.
> 
> *CO2 emissions from the combustion of coal, oil and gas

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