Hormuz crisis ‘accelerating’ EV adoption globally
US president Donald Trump may have entered the White House on a pledge to “drill, baby, drill”, but his adventures abroad are accelerating the global shift to electric vehicles.
So finds a new report from the energy thinktank Ember. Of the 56 countries tracked by its researchers, 49 were shown to have broken records for the number of electric vehicles sold since Iran closed the Strait of Hormuz – through which a fifth of the world’s oil and gas transits – in response to US-Israeli launching air strikes on the country.
According to Ember, nations that led the way in electric vehicle adoption have insulated themselves significantly from the subsequent energy price shock, especially China. Its EV fleet, Ember says, has saved the country $14bn (£10.5bn) in oil imports since the crisis began.
Ember’s research also shows that it’s not just rich countries embracing battery powered vehicles, with the likes of Vietnam and Uruguay also rolling them out at pace. The US, meanwhile, is losing ground on other nations, it added.
“The countries that invested in electric vehicles before this crisis are now better protected, and a growing number are following,” said Euan Graham, a senior analyst at Ember. “Every electric car on the road reduces exposure to volatile oil markets.”
Image: Ake Ngiamsanguan
