A new report from Bloomberg New Energy Finance suggests that China’s electric-bus revolution could kill off oil demand in the future.
By the end of 2019, 270,000 barrels a day of diesel will be taken out of the market as a result of China’s switch to non-fossil fuel engines. The report indicates that buses and other large passenger vehicles account for a far greater proportion of oil displacement than cars.
China’s rapidly growing fleet of electric buses could be the biggest existential threat to oil demand in the future as more and more vehicles shun fossil fuels. A new report from Bloomberg New Energy Finance suggests that China’s electric-bus revolution could kill off oil demand in the future with 6.4 million barrels a day displaced by electric vehicles by 2040. By the end of 2019, a cumulative 270,000 barrels a day of diesel demand, predominantly from China, will be removed from the market.
China’s revolution in electric vehicles has been astonishing and looks set to continue into the future. For example, in the growing megacity of Shenzen, the entire 16,000 strong fleets of buses run on electric engines and taxis will soon follow suit.
Bloomberg estimates that electric buses and cars collectively account for 3% of global oil demand growth since 2011. The market is still small, making up around 0.3% of current consumption, but is set to expand rapidly in the coming years.
Global energy demand is still growing despite the boom in electric vehicles, with the US set to become the world’s largest oil exporter in the coming years.
On August 7, Finland welcomed its first batch of fully electric Yutong buses.
All 33 e-buses were delivered to the city of Helsinki and will dramatically improve the public transport sector in the country.
Our mission is to promote innovative technology vehicles through the use of alternative fuels and electricity as their vehicles propelling energy sources.
Lucid: we can take it to a whole new level of range and efficiency
Lucid Air is finally going to come to market this year after a delay of a few years – likely becoming the first of the new wave of California EV startups to bring an electric car to production after Tesla.
The world’s most efficient electric vehicle
Team Eximus – made up of students from two Swedish universities – has broken the world record for the most efficient battery-operated car since it first entered the competition in 2016.
The one electric vehicle indicator that only goes up
In its 2015 projection, OPEC anticipated less than 50 million electric vehicles on the road in 2040. In its 2018 projection, OPEC expects 300 million electric vehicles at that date.
Race To Zero
Race To Zero is a global campaign to rally; leadership and support from businesses, cities, regions, investors for a healthy, resilient, zero-carbon recovery that prevents future threats, creates decent jobs, and unlocks inclusive, sustainable growth.Read more
Electric cars VAT exemption plan
There’s currently a wide effort to involve electric car incentives in recovery plans around the world and in Europe, it might actually work.Read more
Universal Smart EV charger
Charget to Charge Electric Marathon 2021 Star Race with Latest Smart Charger!Read more
BMW unveils new aero EV wheels for iX3, iNext, and i4
BMW unveils its new aero wheels that will debut on the iX3 electric SUV later this year, but they will also be available on all its other upcoming electric cars, like the iNext, and i4 next year.Read more