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What is the role of electric vehicles in the energy transition strategy?

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Let’s first understand what an energy transition strategy means. An energy transition strategy is a plan or a roadmap to shift the focus from fossil fuels to renewable energy sources. It balances environmental goals with energy security, access, and economic growth and development.

The critical elements in an energy transition strategy are:

  • Clear and ambitious targets for reducing greenhouse gas emissions.
  • Effective policies and regulations for supporting the deployment of clean energy technologies.
  • Public and private investment is needed to finance the energy transition.
  • Innovation, research, and development are enhanced for new solutions and breakthroughs.
  • Equity and justice are ensured for affected communities and workers.

Energy transition is a crucial area on our development road to a better, more sustainable world. The strategy includes electric vehicles as a prominent role in the transportation or automotive industries.

The key points about the importance of electric vehicles in the energy transition strategy are:

  • Transportation electrification is one of the major components in many countries to reduce greenhouse gas emissions. A marvelous road to transit into a cleaner energy system. Electric vehicles are being adopted on a larger scale to significantly reduce the emissions issues in the transportation sector.
  • It has also been seen that electric vehicles are more energy efficient than internal combustion engine vehicles, converting over 77% of the electric energy from the grid to power the wheels.
  • The adoption of electric vehicles increases electricity generation, and EVs are typically responsible for lower lifetime emissions when charged from a grid with an average emission intensity.
  • The EV charging timing supports balancing the electrical grid by supporting demand during off-peak hours. Smart charging and vehicle-to-grid integration support EVs as grid assets to support renewable energy integration.
  • Electric vehicles are projected to comprise over 50% of new car sales globally by 2030–2035. The adoption rates also need policy support, charging infrastructure investments, battery costs, and access to raw materials.
  • The growth of electric vehicles needs a continued transition to low-carbon electricity sources like renewables, nuclear, and lower-emitting natural gas power. The support also decarbonized the power and transportation sectors.

If we get through the world economy and observe the current trends and patterns in the automotive industry, electric vehicles present a mission that is good for the environment, promise to support sustainability causes and outshine their peers for their efficiency.

Electric vehicles also opened the door to new ventures and opportunities to develop alternate ways of charging vehicles as well as search for new fuels.

Most importantly, it will satisfy the craze among technology enthusiasts to go beyond something impossible and use it on a commercial scale to keep the change moving forward. Any innovator would like to use their genius mind to search and keep digging for innovations for driving vehicles on the road.

Sources:- weforum, bcg, energy tracker asia, aeologic, wood mackenzie

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