Fuel consumption in road vehicles could be cut in half by 2050 if the right policies are put in place.
That’s according to two new reports from the International Energy Agency (IEA), which suggest tougher fuel economy standards and financial incentives could improve efficiency of vehicles. This could also help save as much as four-fifths of current annual global oil consumption.
Richard Jones, IEA’s Deputy Executive Director said: “Tackling road transport energy use is vital to enhancing energy security and reducing carbon dioxide emissions globally. Conventional combustion engine vehicles are set to be around for a long time and without the right policy mixes, the demand for energy from road vehicles will be unsustainable.”
The transportation sector accounts for around one-fifth of global energy consumption.