COP29: A New Push for EV Adoption in Emerging Markets

COP29: A New Push for EV Adoption in Emerging Markets

Advancing Electrification and Cutting Emissions

At COP29 in Baku, Azerbaijan, global policymakers have taken decisive steps to bolster electrification efforts in emerging markets and developing economies (EMDEs). The climate summit highlighted a series of ambitious initiatives aimed at accelerating the adoption of electric vehicles (EVs) to reduce carbon emissions and oil dependency.

The ZEV Transition Council (ZEVTC) announced an expansion of its technical support programs, doubling the number of countries eligible to receive assistance for electrification initiatives. This marks a significant commitment to supporting EMDEs in their journey toward sustainable mobility.

Another landmark development was the unveiling of the Global Green Road Corridors Initiative. This project aims to establish at least 10 zero-emission freight corridors by 2026, spanning regions across Africa, Asia, Europe, and the Americas. Notably, one corridor will connect Canada, the United States, and Mexico, signaling a robust commitment to international collaboration.

Additionally, COP29 participants pledged to increase the production and deployment of electric heavy-duty vehicles to address the pressing challenge of global warming.

A Path to Reduced Oil and Carbon Dependency

Road transport remains the largest oil-consuming sector globally. However, experts at the International Transport Forum suggested that robust policies could slash transport-related CO2 emissions by up to 70% by 2050. This would significantly contribute to achieving the global target of limiting temperature increases to 1.5°C.

EMDEs represent nearly 25% of worldwide light-duty vehicle sales and one-third of all global vehicle sales, with a growing demand for EVs. Although China leads this transformation, affordable EVs are gaining popularity in markets such as Brazil, India, Thailand, and Turkey. However, the disparity in EV adoption remains stark. In the first half of 2024, EMDEs (excluding China) accounted for only 5.4% of global zero-emission vehicle sales, compared to 90% in leading markets.

Despite these challenges, progress is evident. India, for example, reported significant growth in electric two- and three-wheel vehicle sales last year, with 880,000 and 580,000 units sold, respectively—a year-on-year increase of 40% and 65%. Similarly, Vietnam’s 250,000 electric two-wheeler sales represented 9% of its market.

Building on the Global ZEV Roadmap

The latest COP29 announcements expand upon the Global Zero Emission Vehicles Transition Roadmap introduced at COP28. This strategic framework outlines steps to ensure that all new road vehicle sales in EMDEs—particularly buses, trucks, and vans—are zero-emission by 2030.

In its first annual update, the roadmap emphasized that while progress has been made, the global ZEV adoption rate is insufficient to meet the Paris Agreement targets. Policymakers highlighted the critical need for tailored support to EMDEs, where transition dynamics differ significantly from high-income countries.

Strategic Focus Areas

To address these disparities, the updated roadmap focuses on six key priorities:

? Enhancing policy development and implementation capacity in EMDEs;

? Improving access to financing and scaling investment;

? Increasing the availability of ZEVs in underserved regions;

? Accelerating the rollout of charging infrastructure, which remains inadequate (as of May 2024, EMDEs accounted for only 5.6% of the global public charging stations);

? Managing ZEV lifecycles and recycling battery components sustainably; and

? Ensuring a fair and resilient transition to zero-emission transportation.

Rick Duke, U.S. Deputy Special Envoy for Climate, emphasized the importance of collaboration, stating, “We must work with ZEVTC members to ensure countries have the resources needed to transition to clean transportation. This will help us combat climate change, improve air quality, enhance energy security, and drive economic growth.”

COP29 marks another pivotal moment in global efforts to foster a sustainable transport revolution, particularly in regions where support is most needed.

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