The energy transition in Latin America

Electric vehicle (EV) demand to help drive the transition

While governments primarily look at decarbonising the electric power sector, transport is another key activity generating greenhouse gases, and the switch there, from internal combustion engines to battery-driven electric ones, will play a major part in determining the pace of the ongoing energy transition. The global adoption of EVs is being led by China and Europe, but in the US too the process appears to be accelerating, which will likely push up adoption rates in Latin America. A report by research group Facts and Factors says the global EV market is expected to grow at a blistering 24.5% annual rate in 2022-2028. Overall sales value is expected to surge from US$185bn in 2021 to US$980bn by 2028. Uptake of EVs is still limited by some obstacles. Because of the advanced technologies involved new EVs cost significantly more than equivalent internal combustion models (although they are cheaper to run). As production runs remain relatively short the industry has not yet been able to fully capture economies of scale. In addition, sales are dependent on the building of national power-charging networks.

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