Opinion: Electric cars are transforming the auto industry. That's good news for the climate
Transitioning to a cleaner and more secure energy system means tackling emissions across the major greenhouse gas emitting sectors — electricity, industry, transport and buildings.
Taking into account the latest trends and government and business priorities worldwide, we now see incredible growth prospects for electric cars in the coming years.
But there's still a huge amount of work to do for EVs to fulfill their potential, and governments can help.
Here's where they can start:Enable carmakers to scale up production fastElectric car sales are already growing strongly in Europe and China.
For EVs, the act provides crucial measures to boost manufacturing, encourage sales and expand charging stations and other infrastructure.
Electric cars' cheaper running costs mean owners can often recoup the extra money they pay to purchase their vehicles within a few years.
Even with the current high electricity prices, EVs remain the most cost-effective choice over time, according to new IEA analysis.
Expanding EV sales in economies beyond China, Europe and the United States will require more than carmakers' efforts to broaden their electric offerings outside the major markets.
Governments will need to push through policy reforms and provide financial support to help make EVs the most affordable option.
They will also need to build out charging infrastructure to ensure there are enough chargers for a growing population of EVs.
And this competition is necessary — it's what's driven the huge cost declines in solar, wind and EV batteries in recent years.
But it has also opened the door wider for the new global energy economy to replace more of the old one.