Electric vehicle (EV) sales around the world have grown fast in recent years. In 2024, global electric car sales topped 17 million, representing over 20% of all new cars sold worldwide. That’s more than triple the number sold just 4 years earlier, according to the latest report by the International Energy Agency.

The momentum continues into 2025, with EV sales expected to exceed 20 million, or more than one-quarter of all new vehicle sales globally. The year kicked off strong: in the first quarter alone, more than 4 million EVs were sold, marking a 35% increase compared to Q1 2024.

This explosive growth shows how quickly the global auto market is shifting toward electric mobility—driven by falling battery prices, better infrastructure, and strong policy support in key markets.

Countries like China, the United States, and several in Europe are leading the charge in this shift. Their efforts are helping to reduce emissions, cut oil use, and push new technologies into the spotlight.

Let’s take a deeper dive into the IEA’s Global EV Outlook 2025 Report to see who’s leading the electric car revolution and other key industry trends.

China’s EV Empire Expands

China has once again proven itself the global leader in electric car adoption. In 2024, electric vehicles made up almost 50% of all car sales in the country. China also accounted for nearly two-thirds (65%) of all electric cars sold worldwide that year.

What’s driving this boom? One reason is cost. Over half of all electric cars sold in China now cost less than similar gasoline-powered models.

• RELATED: Experts Say China’s Emissions Peak Is Near: How EVs and Renewables Are Playing a Big Part

Government support has also played a big role. For example, in April 2024, China launched a trade-in program that encourages people to buy new electric or gasoline cars by giving them money to exchange old ones. While this scheme supports both types of vehicles, it has helped electric cars become even more attractive to buyers.

As seen below, the Chinese government has spent USD30 billion on EV production.

In addition, the Chinese government has extended EV tax exemptions through 2027 and trade-in grants through 2025. These policies give people more reasons to go electric. With all these efforts, under current policies, China is expected to hit an 80% EV sales share by 2030.

Europe Charges Ahead Despite Road Bumps

Europe continues to be a strong performer in the electric car space. Many European countries are seeing electric cars take up a larger share of new vehicle sales. In places like Norway, the share is already above 80%, while in others like Germany, France, and the Netherlands, the share is steadily rising.

The European Union supports this growth by setting strict emissions limits, offering purchase incentives, and investing in charging infrastructure.

In fact, some countries have already announced bans on the sale of new gasoline and diesel cars by the early 2030s. This sends a clear signal to both consumers and automakers to prepare for an all-electric future.

Even though sales dipped slightly in some parts of Europe during the first half of 2024 due to inflation and policy changes, demand bounced back in the second half of the year. Falling battery costs and a wide range of available models helped fuel this recovery. Europe remains a critical market, making up around 20% of global EV sales.

The European Automobile Manufacturers Association (ACEA) reports that new electric car registrations in Europe, including the UK, grew by 28% in the first quarter. This increase brought the total to 573,500 units, mainly driven by a strong rebound in Germany.

• READ MORE: Europe’s Battery Storage Hits 21.9 GWh Amid Policy Demands

America Hits the Accelerator

The United States also saw strong growth in electric car sales in 2024 and early 2025. Sales rose about 20% compared to the previous year.

The Inflation Reduction Act (IRA), passed in 2022, played a big part in this rise. The IRA gives buyers tax credits for new and used electric vehicles and helps manufacturers build EVs and batteries in the U.S.

By the end of 2024, EVs made up about 10% of new car sales in the U.S. California leads all states, with EVs making up over 25% of new car sales. Other states, such as New York and Washington, are following closely behind.

New models from both U.S. and international carmakers are giving buyers more choices than ever. At the same time, the charging network is expanding, making it easier for people to switch to electric.

Other Countries Show Promise

While China, Europe, and the U.S. lead in total sales, several other countries are making big progress in 2025:

• India is seeing fast growth, especially in two- and three-wheeled EVs. Affordable electric scooters and rickshaws are helping more people go electric. While electric car sales are still low, the numbers are growing quickly thanks to local manufacturing and incentives.
• Southeast Asia, including countries like Thailand, Vietnam, and Indonesia, is beginning to scale up EV sales. Thailand aims to make 30% of its electric car production by 2030 and has started to attract foreign EV investment.
• Latin America is still in the early stages, but countries like Brazil, Colombia, and Chile are rolling out policies to support EV growth. Charging networks are expanding slowly, and imports of electric vehicles are increasing.

Charging Infrastructure Supports Growth

One major reason behind the EV boom is the growing number of charging stations. In 2024 alone, the world added over 2 million public chargers, with most of them in China and Europe.

Fast chargers, which can charge a car in under 30 minutes, are becoming more common, making EVs practical even for long trips. Chinese carmaker BYD has announced its breakthrough in EV battery charging in just 5 minutes last month. 

• SEE MORE: BYD’s 5-Minute EV Charging: A New Era for Electric Cars or Just Hype?

In the U.S., public charging infrastructure is also improving. The federal government has invested billions in new charging stations, with a goal of building a nationwide network that works for everyone. More reliable and widespread charging reduces “range anxiety,” the fear that an EV will run out of battery far from a charger.

However, a major news came out recently that the Trump administration froze the $5 billion funding intended to EV chargers. This led some US states to bring the matter to court. The final decision will greatly impact the industry.

Automakers Race to Meet Demand

Automakers worldwide are responding to this demand shift. Nearly every major car company now offers electric models, and many plan to go fully electric in the next 10 to 15 years. For example:

• General Motors aims to sell only zero-emission vehicles by 2035.
• Volkswagen plans to make EVs 70% of its European sales by 2030.
• BYD has already stopped making gas-only cars and is expanding rapidly into global markets.

The competition helps lower costs and improve technology. Battery range is improving, and newer models are becoming more affordable. As EVs get better and cheaper, more people are choosing them over traditional cars.

The EV market shows no sign of slowing down. If battery prices continue to fall and policies stay strong, sales in 2025 may hit a new record. With continued global effort, EVs could become the norm by the end of the decade.

• READ MORE: How EV Adoption is Reshaping Global Oil Demand: IEA’s 2025 Outlook and 2030 Forecast

The post 2025 EV Sales Surge: Which Countries Are Winning the Electric Race? appeared first on Carbon Credits.

Occidental (Oxy) and its carbon-focused subsidiary 1PointFive have partnered with XRG, ADNOC’s energy investment company, to build a large Direct Air Capture (DAC) facility in South Texas. XRG is considering an investment of up to $500 million to support the project. The proposed plant would pull 500,000 tonnes of CO₂ from the air every year.

Occidental and 1PointFive: Driving Low-Carbon Energy Solutions

The global energy leader has major operations in the United States, the Middle East, and North Africa. In the U.S., Oxy ranks among the top oil and gas producers, with strong operations in the Permian Basin, DJ Basin, and the Gulf of Mexico.

But the company isn’t just focused on fossil fuels. Through its subsidiary Oxy Low Carbon Ventures, Occidental is taking major steps toward a cleaner future. In 2020, it launched 1PointFive to develop and scale up carbon removal and storage technologies for industries that are hard to decarbonize.

1PointFive has a clear mission to reduce CO₂ in the atmosphere and help limit global warming to 1.5°C by 2050, in line with the Paris Agreement. To achieve this, the company focuses on Carbon Capture, Utilization, and Storage (CCUS) as a key tool in the fight against climate change.

Pioneering Direct Air Capture and Clean Fuels

One of 1PointFive’s flagship technologies is Direct Air Capture, developed with Carbon Engineering. It also offers AIR TO FUELS, a clean fuel solution made using captured CO₂. These technologies are backed by large-scale underground storage hubs that safely lock away carbon.

Furthermore, Occidental brings years of experience in CO₂ transportation, use, and storage, making it well prepared to lead low-carbon energy projects. Together, they aim to grow responsibly, cut emissions, and support global climate goals.

Supporting Oxy’s Net Zero Strategy

Oxy aims to reach net-zero emissions from its operations and energy use by 2040. A key part of this plan is led by Oxy Low Carbon Ventures, which follows a four-part strategy: revolutionize, reduce, reuse/recycle, and remove.

In 2023, 1PointFive made significant progress by signing agreements to sell direct air capture (DAC) carbon dioxide removal (CDR) credits to major global companies. These credits help organizations reduce their greenhouse gas (GHG) footprints.

DAC CDR credits are unique compared to other carbon credits because:

• They’re long-lasting: CO₂ is captured from the air and stored deep underground, where it stays safely for thousands of years.

• They’re trustworthy: These credits use strong monitoring, reporting, and verification standards to ensure transparency and effectiveness.

By developing high-integrity, science-backed solutions like DAC, Occidental and 1PointFive are paving the way toward a lower-carbon future.

Unlocking the Oxy-ADNOC Carbon Capture JV

Now talking about XRG, the global investment arm of ADNOC, based in Abu Dhabi, has a valuation of over $80 billion. It invests in lower-carbon energy and essential chemical solutions.

This potential joint venture exemplifies the fight against climate change using carbon capture technology. The press release revealed that the agreement was signed by Occidental CEO Vicki Hollub and ADNOC CEO Dr. Sultan Ahmed Al Jaber during a visit by former U.S. President Donald Trump to the UAE.

Vicki Hollub, President and Chief Executive Officer of Oxy said,

 “We are proud to advance our decades-long partnership with ADNOC and XRG on our South Texas DAC Hub, which we believe will deliver game-changing technology to support U.S. energy independence and global goals. Agreements like this, along with U.S. DOE support, demonstrate continued confidence in DAC as an investable technology that can create jobs and economic value in the United States and Texas.” 

• READ MORE: Aramco’s First-Of-Its-Kind Direct Air Capture Plant Powers Saudi’s Net-Zero Mission 

What’s DAC and Why South Texas?

Direct Air Capture (DAC) pulls CO₂ directly from the atmosphere, which can then be stored underground or reused. As per the IEA, so far, 27 DAC plants are running globally, capturing only about 0.01 million tonnes of CO₂ per year. However, more than 130 large-scale DAC projects (each designed to capture over 1,000 tonnes annually) are now in the pipeline.

If all proposed facilities move ahead, DAC could capture 65 million tonnes annually by 2030. This figure is close to the level needed under the Net Zero Emissions by 2050 scenario. DAC plants typically take 2 to 6 years to build, making this target possible with strong policy backing.

According to BloombergNEF, the global market for carbon capture and removal could reach $100 billion by 2030. This growth comes from stricter climate rules, net-zero goals, and rising investment in clean tech.

Currently, most projects are still in early planning stages and need market incentives to move forward. Supportive policies and pricing mechanisms will be key to making these carbon removal services viable.

U.S. Backs Big Direct Air Capture Projects

The IEA also highlighted that the United States has significantly invested in Direct Air Capture technology. Two large hubs in Texas and Louisiana will share $3.5 billion in federal funds and could pull 2 million tonnes of CO₂ from the air each year.

New incentives make these projects more attractive:

• The Inflation Reduction Act raised the 45Q tax credit to $180 per tonne of CO₂ stored through DAC.
• Projects as small as 1,000 tonnes per year can now qualify.
• A federal buying program promises long-term contracts to purchase the CO₂ that DAC plants capture.

These moves aim to boost deployment and build a strong market for carbon removal in the U.S.

• MUST READ: US to Invest $1.2B in DAC Projects Led by Climeworks and Oxy

Moving on, this South Texas Project is planned at King Ranch in Kleberg County, a site near Gulf Coast industrial zones and energy infrastructure. This location is ideal for transporting and storing CO₂.

• The hub has the potential to store up to 3 billion tonnes of carbon underground across 165 square miles.

Ongoing Progress and Support

• Occidental is already building a DAC facility called STRATOS in West Texas. It’s expected to begin operations in 2025.
• The U.S. Department of Energy has awarded Occidental up to $650 million to support DAC development in South Texas.
• The technology behind DAC is becoming more reliable and cost-effective.

Interestingly, Occidental and ADNOC have been working together since signing an MoU in 2023. They are exploring opportunities in carbon capture and storage across both the U.S. and the UAE. They also partner on major energy projects like Al Hosn Gas, one of the largest gas developments in the Middle East.

Khaled Salmeen, Chief Operating Officer, XRG, also commented on this JV,

“Our longstanding partnership with Occidental continues to drive scalable, high-growth and strategically attractive projects that create long-term sustainable value. The U.S. is a priority market for XRG and we look forward to building on this partnership as we continue to invest in strategic projects across the energy value chain.”

This partnership could mark a major step forward in the use of carbon capture to tackle climate change. With significant backing, ideal location, and proven collaboration, Occidental, 1PointFive, and XRG are aiming to scale up climate tech with South Texas as its base.

• FURTHER READING: ExxonMobil’s First-of-its-Kind Carbon Capture Solution for the U.S. Data Centers 

The post Occidental and ADNOC’s $500M Texas DAC Deal Marks a Global Milestone in Carbon Removal appeared first on Carbon Credits.

This is a special guest editorial from Katusa Research.

The U.S. nuclear power industry is about to experience its biggest shift in decades. The White House plans to announce new executive orders that could make the Nuclear Regulatory Commission (NRC) largely powerless. These orders let the Department of Energy (DoE) and Department of Defense (DoD) skip the NRC’s strict rules. This will speed up the construction of new nuclear power plants.

For over 5 decades, the NRC has been the main government agency overseeing nuclear plant safety and licensing. But many experts and industry leaders say the NRC’s complicated rules and slow approvals have stopped new nuclear plants from being built.

The NRC’s licensing process has grown from a simple 50-page document to an overwhelming 1,100 pages. The last approved reactor needed about 12,000 pages of paperwork. It also had millions of supporting documents.

Because of these heavy rules and outdated 1970s standards, the NRC hasn’t approved any new nuclear plant designs since 1978. Former NRC Commissioner Jeffrey Merrifield said the agency “doesn’t know when to stop” with new regulations. This is a major reason why new nuclear projects struggle to move forward.

Why Both Political Parties Support Nuclear Energy

For the first time since President Nixon, both Democrats and Republicans agree on supporting nuclear power. Democrats want nuclear energy to help fight climate change and reach net-zero carbon goals. Republicans see it as vital for U.S. energy independence and creating new jobs.

Nuclear power is key to 3 big goals for the U.S.:

• Nuclear Exports. The U.S. can regain leadership in exporting nuclear technology, which is expected to be a $1.9 trillion global market by 2050. Currently, China and Russia control two-thirds of this market.
• National Security. Nuclear power supports the supply chain for nuclear weapons and is crucial for defense.
• Energy Security. Nuclear energy offers a reliable, self-sufficient power source, helping reduce dependence on foreign energy.

Because of these reasons, Congress has passed multiple laws over the past decade to force the NRC to update and speed up its licensing process. But progress has been slow.

Other countries like Canada and the UK have already updated their nuclear approval systems. Canada is investing heavily in next-generation nuclear technology to amplify its clean power supply.

• SEE MORE: Canada’s Nuclear Boom: Big Investments in CANDU and SMRs

In 2024, the U.S. Congress passed the ADVANCE Act, which pushes the NRC to modernize. It aims to make reviews for advanced nuclear reactors simpler and faster. Still, the NRC has struggled to implement these changes.

Power Shift to the Department of Energy and Defense

The new executive orders will shift power away from the NRC and give more control to the Department of Energy and the Department of Defense. Both agencies strongly support nuclear energy and have large budgets to back new projects.

In 2022, the DoE started a $6 billion Civil Nuclear Credit Program. It aims to extend the life of current reactors and support new types of nuclear reactors. It’s also giving $1.5 billion to reopen the Palisades nuclear plant—the first such reopening in U.S. history. The DoE’s former secretary, Jennifer Granholm, said the U.S. needs to triple its nuclear reactors by 2050.

• RELATED: What Does the U.S. Need to Triple Its Nuclear Capacity by 2050? DOE Explains

The DoD also uses nuclear power for its massive energy needs and owns mobile nuclear reactors. It can take risks that private companies cannot and has a budget that could fund enough nuclear power to cover 85% of U.S. electricity demand.

The DoD and DoE plan to team up and invest in advanced nuclear reactors. They aim to connect a new reactor to the grid in 3 years.

Why This Could Be a Historic Moment

These moves could kickstart a nuclear renaissance in the U.S., similar to the scale of the Manhattan Project during World War II. The government has signed contracts with companies to build advanced reactors by 2029. Billions of dollars in funding are expected to flow to this sector.

Experts believe this push will lower the cost of nuclear energy by about 60%, making it more competitive with other power sources. This could open new doors in uranium mining, nuclear fuel production, infrastructure, and nuclear tech investment.

What This Means for Private Nuclear Companies

The expected executive orders could be a game changer for private companies working on nuclear technology. Startups and energy developers have struggled for years. They deal with long delays, high costs, and complex paperwork to get approval for new nuclear reactors. Some applications have taken more than 10 years and cost hundreds of millions of dollars before a single shovel hits the ground.

With the NRC pushed aside, companies might finally have a faster path to approve and build new designs. This is key for startups creating advanced nuclear reactors and small modular reactors (SMRs). SMRs are smaller, safer, and easier to build than traditional plants.

Now, instead of waiting for NRC approval, companies may be able to work directly with the DoE or the DoD. These agencies are more supportive and flexible. They already have funding programs, partnerships with developers, and a goal to build advanced reactors quickly.

Private firms like TerraPower, X-energy, and Oklo have been waiting for years to move forward. Under the new system, these companies could see faster permits, more government contracts, and easier access to funding. They may even get a chance to work on national defense or grid reliability projects led by the DoE or DoD.

This shift could spark a wave of innovation, job creation, and clean energy development across the country. If it works, it could also encourage more investors to put money into nuclear startups—knowing the government is serious about getting projects built.

The Clock Is Ticking

With the new executive orders expected soon, the nuclear industry and investors have limited time to prepare for this wave of change. Many believe this could be one of the most important energy transitions in decades and offer profitable opportunities for those ready to act.

• READ MORE: What is SMR? The Ultimate Guide to Small Modular Reactors
• RELATED: Live Uranium Prices Today 

The post U.S. Nuclear Industry Set for Big Changes as Government Plans to Cut Red Tape appeared first on Carbon Credits.

For decades, oil was the backbone of global transport. It powered nearly every vehicle, pushing oil demand ever higher. Infrastructure significantly grew around extraction, refining, and distribution. But with mounting concerns over emissions and climate change, the search for cleaner alternatives gained momentum. Electric vehicles (EVs) have emerged as a game changer in this shift.

IEA recently published its Global EV Outlook 2025, where it has predicted,

• By 2030, EVs are set to replace more than 5 million barrels of oil per day (mb/d) globally, with China’s expanding EV fleet making up half of that impact.

Let’s deep dive into this report and understand how the rise of EVs is impacting global oil demand.

The Rise of EVs and Its Impact on Global Oil Demand

By the end of 2024, the global electric car fleet reached nearly 58 million, more than triple the number in 2021. These EVs now make up about 4% of the global passenger car fleet.

The trend is strongest in China, where roughly 1 in 10 cars is electric. In Europe, the ratio is 1 in 20, but growing fast.

The UK, the second-largest car market in Europe, saw EVs take nearly 30% of new car sales in 2024. This rise was driven by the new Vehicle Emissions Trading Scheme, which required 22% of new car registrations to be battery electric or hydrogen fuel cell models.

With flexible credit borrowing allowed, manufacturers achieved nearly 20% EV sales. Norway led with near-total electrification. 88% of new cars sold were fully electric, and another 3% were plug-in hybrids.

As a result, Norway’s oil demand from the road fell 12% from 2021 to 2024. Denmark also saw a big jump, with EVs reaching 56% of new car sales in 2024 and nearly 100,000 units sold.

Meanwhile, Denmark is also seeing strong progress. In the latest figures, the share of electric cars jumped by 10 percentage points, reaching 56%, with nearly 100,000 EVs sold.

• MUST READ: Global EV Trends: Growth, Challenges, and the Future of Electric Mobility 

Oil Demand Drops as EV Fleet Grows Rapidly

Surge in EVs on roads came heavy on the oil industry. IEA says that electric vehicles slashed oil demand by over 1.3 million barrels per day (mb/d) in 2024.

It was a steep 30% jump from 2023, and the present figures are nearly equal to all the oil Japan currently uses for transportation.

Passenger cars and small vans classified as light-duty vehicles (LDVs) drive most of this shift. Today, they account for 80% of the oil displaced by EVs. By 2030, their share will slightly drop to 77% as electric trucks and buses gain traction.

This is because of the rapidly evolving batteries and stronger charging infrastructure, these heavy-duty vehicles will likely displace nearly 1 mb/d of oil within the decade.

• READ MORE: Global Clean Energy Growth Surpasses Demand: Is Net-Zero 2050 Closer Than Ever? 

EVs Cut Costs and Boost Energy Security

IEA analysts highlighted that even if global oil prices fall to $40 per barrel, EVs remain cost-effective especially with home charging. This way drivers can continue saving money by switching to electric vehicles.

In China, fast public charging costs about twice as much as charging at home. Yet, EVs still offer better fuel savings than gas-powered cars. As more people choose EVs, countries reduce their oil use and become less vulnerable to price shocks. This shift not only saves money but also strengthens national energy security.

Strong Policies Keep EV Adoption on Track

Although trade tensions, slow economic growth, and oil price drops may hurt overall car sales, these issues affect the market size more than the EV share. In China, steady government support and affordable EV prices continue to drive sales forward.

Meanwhile, in Europe, even though EVs cost more than traditional cars, long-term policies and past crisis responses help keep the market moving.

Additionally, Norway planned to raise taxes on traditional internal combustion engine (ICE) cars and plug-in hybrids (PHEVs) from April. This was meant to boost EV sales and help the country reach its goal of 100% zero-emission car sales by the end of 2025.

The 2025 EV outlook shows strong momentum. Despite economic uncertainty, EVs continue to grow thanks to smart policies, lower battery costs, and better infrastructure. As countries push for cleaner transportation, EVs are helping the world move toward a more sustainable, low-carbon future.

With over 58 million electric cars already on the road by the end of 2024—and more to come—the transition is well underway. This shift not only transforms the oil market but also puts the world on a clearer, more energy-secure path forward.

Global Oil Demand: What the Forecasts Say

We found the latest oil demand forecast in the International Energy Forum’s monthly comparative analysis of the oil market report. It highlights the following:

OPEC

OPEC expects oil demand to grow by around 1.3 million barrels per day (mb/d) in both 2025 and 2026. Almost all this growth will come from non-OECD countries, where demand is expected to rise by 1.2 mb/d each year. In contrast, OECD countries will see only a small increase of 0.1 mb/d annually.

EIA

The US Energy Information Administration (EIA) recently increased its 2025 forecast by 0.1 mb/d compared to last month. It now expects demand to rise by 1.0 mb/d next year. However, this is 0.4 mb/d lower than the estimate made in January 2025. For 2026, the EIA sees demand rising more slowly, by 0.9 mb/d.

IEA

The IEA has a more cautious view. It expects global oil demand to grow by 0.7 mb/d in 2025, even though OECD demand may fall by about 120,000 barrels per day. For 2026, the IEA sees demand increasing by 0.8 mb/d. According to its latest data, average yearly demand growth between 2022 and 2024 was just 0.3 mb/d.

To simplify it, the gap between the highest and lowest global oil demand forecasts is 0.6 mb/d for 2025 and 0.5 mb/d for 2026. These differences highlight the uncertainty that still surrounds future oil demand.

Furthermore, as electric vehicles gain popularity, governments are starting to feel the financial impact. Fuel taxes, which have been a key source of public funding for roads and transport, are shrinking. In 2022 alone, the global shift to EVs resulted in an estimated $9 billion drop in fuel tax revenues.

• FURTHER READING: Oilfield Giants Walk a Tightrope: Q1 Profits, Emissions & the Race to Net Zero 

The post How EV Adoption is Reshaping Global Oil Demand: IEA’s 2025 Outlook and 2030 Forecast appeared first on Carbon Credits.