According to the International Energy Agency, “Road vehicles – cars, trucks, buses and two- and three-wheelers – account for nearly three-quarters of transport CO2 emissions.” It claims that global transport emissions increased by less than 0.5 percent in 2019 when compared with 1.9 percent annually since 2000, thanks to the increased usage of biofuels, electrification, and efficiency improvements. However, transportation is still responsible for 24 percent of direct CO2 emissions from fuel combustion, as per the agency.
Therefore, scaling up the transition to electric vehicles is imperative to reduce emissions. However, the lack of sufficient EV charging points is one of the major hindrances to the adoption of EVs. To resolve this challenge, EIB (European Investment Bank) has invested in Spain’s Wenea.