Oil consumption plummets and EV sales soar as analysts say demand may not fully return even if crude price falls
China’s carbon dioxide emissions fell by 1% after the outbreak of the US-Israeli war on Iran, thanks to a sharp reduction in oil consumption and a steady rise in the use of electric vehicles and public transport, analysis shows.
The report reveals the role of clean energy in cushioning the price shocks caused by the strait of Hormuz crisis to the world’s biggest oil importer. It also reinforces hopes that China, which is the world’s biggest greenhouse gas emitter, may be nearing a turning point in decarbonising its economy.
