China's shift towards electric vehicles by 2030 boosts low-emission energy

China is rapidly transitioning to electric vehicles, contributing significantly to the global increase in electricity demand, which has surged over the past decade. The International Energy Agency (IEA) projects that by 2030, low-emission sources like solar and wind will generate over half of the world's electricity. However, the demand for electricity continues to rise, and the IEA warns that more efforts are needed to meet this demand sustainably. Geopolitical tensions, such as the conflicts in Ukraine and Gaza, are further complicating the energy landscape, impacting traditional oil and gas markets. Despite the growth in renewable energy, the pace of reduction in carbon dioxide emissions is insufficient to meet climate goals. The IEA indicates that global coal generation is declining slower than anticipated, which hampers efforts to lower emissions. As a result, temperatures are projected to rise significantly, exceeding the targets set by the Paris Agreement. India's oil demand is expected to increase substantially by 2035, potentially providing a buffer for oil producers facing declining growth in other regions. The IEA emphasizes that the world is far from achieving net-zero emissions, as annual climate pollution must decrease to maintain a stable climate. To accelerate the transition to renewable energy, experts advocate for increased climate finance, which will be a key topic at the upcoming UN Cop29 summit in Baku. There is a call for wealthy nations to commit to new climate finance goals to address funding gaps and hold major polluters accountable for their contributions to climate change.