by Julia Pyper, Greentech Media
Policy support for electric vehicles is waning in key markets around the world, potentially softening EV sales and pushing back forecasts for a peak in global oil demand, according to a new report by Rapidan Energy Group.
The energy consulting firm’s updated Decarbonization Policy Tracker found that the U.S. and China — the world’s two largest EV markets and primary drivers behind consensus expectations of peaking oil demand in transportation — are in the process of ratcheting back policy support for EVs.
In response to these policy shifts, Rapidan expects the U.S. Energy Information Administration and the International Energy Agency to revise their oil demand projections upward.
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