LONDON — Oil and gas giant BP on Thursday published its benchmark Statistical Review of World Energy, describing 2020 “as a year like no other” due to the impact of the coronavirus pandemic on global energy.
Over the past seven decades, BP said it had borne witness to some of the most dramatic episodes in the history of the global energy system, including the Suez Canal crisis in 1956, the oil embargo of 1973, the Iranian Revolution in 1979 and the Fukushima disaster in 2011.
“All moments of great turmoil in global energy,” Spencer Dale, chief economist at BP, said in the report. “But all pale in comparison to the events of last year.”
To date, more than 185 million Covid-19 cases have been reported worldwide, with over 4 million deaths, according to data compiled by Johns Hopkins University. The actual tally of Covid-19 infections and fatalities is believed to be far higher — and continues to rise.
The pandemic also led to massive economic loss, with global GDP estimated to have slipped by around 3.3% last year. That represents the largest peacetime recession since the Great Depression.
For global energy, the Covid pandemic has had a dramatic impact. Here are some of the highlights from the report:
Energy developments
BP said the coronavirus crisis last year resulted in primary energy and carbon emissions falling at their fastest rates since World War II. The relentless expansion of renewable energy, however, was found to be “relatively unscathed,” with solar power recording its fastest ever increase.
To be sure, the oil and gas company said world energy demand was estimated to have contracted by 4.5% and global carbon emissions from energy use by 6.3%.
“These falls are huge by historical standards — the largest falls in both energy demand and carbon emissions since World War II. Indeed, the fall of over 2 Gt of CO2 means that carbon emissions last year were back to levels last seen in 2011,” Dale said.
“It’s also striking that the carbon intensity of the energy mix — the average carbon emitted per unit of energy used — fell by 1.8%, also one of the largest ever falls in post-war history,” he added.
Bim | E+ | Getty Images
For some, the decline of global carbon emissions briefly raised hopes of so-called “peak carbon,” although desires of limiting global warming — and meeting a crucial target of the landmark Paris accord — are rapidly deteriorating.
It comes even as politicians and business leaders publicly acknowledge the necessity of transitioning to a low-carbon society, with policymakers under intensifying pressure to deliver on promises made as part of the Paris Agreement ahead of this year’s COP26.
“There are worrying signs that last year’s COVID-induced dip in carbon emissions will be short lived as the world economy recovers and lockdowns are lifted,” Bernard Looney, CEO of BP, said in the report.
“The challenge is to achieve sustained, comparable year-on-year reductions in emissions without massive disruption to our livelihoods and our everyday lives,” he added.
Oil
The Covid crisis triggered a historic oil demand shock in 2020, with Big Oil enduring a brutal 12 months by virtually every measure. The pandemic coincided with falling commodity prices, evaporating profits, unprecedented write-downs and tens of thousands of job cuts.
BP said oil consumption fell by a record 9.1 million barrels per day, or 9.3%, last year, slipping to its lowest level since 2011.
A general view of Gunvor Petroleum or Rozenburg refinery in Rotterdam, Netherlands. Europe’s largest port covers 105 square kilometers (41 square miles) and stretches over a distance of 40 kilometers (25 miles).
Dean Mouhtaropoulos | Getty Images News | Getty Images
Oil demand fell most in the U.S., contracting by 2.3 million barrels, followed by the EU and India, contracting 1.5 million barrels and 480,000 barrels, respectively.
BP said global oil production shrank by 6.6 million barrels, with oil producer group OPEC accounting for two-thirds of that decline.
The price of international benchmark Brent crude averaged $41.84 in 2020, the energy giant said, its lowest level since 2004. The oil contract was last seen trading at $73.70.
Renewables
“Arguably, the single most important element of the energy system needed to address both aspects of the Paris Agreement — respond to the threat of climate change and support sustainable growth — is the need for rapid growth in renewable energy,” BP’s Dale said in the report.
Renewable energy, including biofuels and excluding hydro, rose by 9.7% in 2020, BP said. This was slower than the 10-year average of 13.4% year-on-year but the increment in energy terms was found to be similar to increases recorded in the years prior to the pandemic.
Solar electricity rose by record levels, however it was wind that was found to provide the largest contribution to renewables growth.
In terms of capacity, solar expanded by 127 gigawatts in 2020, while wind grew by 111 gigawatts — almost double its previous highest annual increase, BP said. “The main driver was China, which accounted for roughly half of the global increase in wind and solar capacity,” Dale said.
Reflecting on BP’s latest annual Statistical Review of World Energy, Dale said: “The importance of the past 70 years pales into insignificance as we consider the challenges facing the energy system over the next 10, 20, 30 years as the world strives to get to net zero.”
For a while it seemed like a bit of a hail mary, as many thought that most of the industry was already committed to the SAE CCS standard for fast charging.
For a time, though, VW was a holdout. It wasn’t until December 2023 – half a year after Ford’s announcement – that VW committed to switching to NACS in 2025 (though really, they were just waiting for SAE’s certification of the standard, which was completed a few days prior).
Well, now we’re here in 2025, and VW says they’re ready to step up.
Today at CES, VW PR director Mark Gillies confirmed to PC Magazine that “we get access to the network in June/July, when we have an official VW adapter.”
Currently, VW isn’t even listed on Tesla’s NACS page, which mentions that Ford, Rivian, GM, Volvo, Polestar, and Nissan vehicles can all charge on Tesla’s charging network. The only manufacturer currently listed as “coming soon” is Mercedes-Benz, and generally manufacturers have spent a few months on that page before gaining access.
So this is a bit of a surprise announcement from VW, but certainly welcome. Then again, we have witnessed miscommunications in this respect before, so maybe Tesla just didn’t want to jump the gun again, like it did with Nissan. (Update: It turns out VW jumped the gun this time, as a previous version of this article quoted VW saying it will get access in March, not June).
VW’s confirmation today doesn’t specify whether its sub-brands, Audi and Porsche, would be on the same timeline. But since the three brands committed to NACS in a joint announcement, it stands to reason that they could be on the same timeline to get access and adapters.
Update: A previous version of this article stated that VW cars will get access in March, and adapters in June. It turns out, both access and adapters will come in June.
Electrek’s Take
Given that VW was one of the last manufacturers to officially adopt NACS, it’s nice to see them keeping to their timeline – and possibly beating some other manufacturers to the punch too.
This could also be a sign that we’ll start seeing more of a flood of manufacturers getting access soon. The transition is supposed to happen “throughout 2025” after all, and, well, that’s where we are. But the casual nature with which VW has confirmed this timeline suggests that perhaps this transition is really about to get on a roll.
So, look forward to having a lot more interesting sights to see at Superchargers, as the menagerie gets more varied throughout the year.
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US EV sales will continue to grow in the year ahead, accounting for 1 in 4 vehicles sold in 2025, according to Cox Automotive’s 2025 Outlook.
Cox Automotive is kicking off 2025 with a bright outlook for the auto market. After wrapping up 2024 on a high note, the US auto industry seems to be on a solid path forward, despite some uncertainties. In fact, Cox is predicting that it’s going to be the best year for the auto market since before the pandemic, in 2019.
With the exception of Stellantis and Tesla, nearly every automaker posted higher sales year-over-year overall in 2024. General Motors was the top-selling automaker in 2024, while Honda and Mazda delivered strong growth.
The US market posted record EV sales in 2023 and 2024, and this trend is expected to continue in 2025. Cox Automotive predicts that EVs will account for approximately 10% of the market total in the year ahead, up from roughly 7.5% in 2024.
Hybrids and plug-ins will account for about 15% of the market, and sales of ICE vehicles will tumble to 75% of total volume, the lowest level on record.
EV growth will be supported by around 15 additional EV models entering the market, consumers deciding to buy before the Trump administration cuts the $7,500 tax credit, and state-level incentives countering potential federal cuts. The rapid expansion of the EV charging network is also contributing to this growth.
Cox asserts that “consumers are feeling better about the road ahead, as the US election was smoothly settled, interest rates are below their peaks, and the job market has stabilized.”
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With more models hitting the market and massive incentives, electric vehicles are more affordable than ever. However, with Trump’s transition team reportedly planning to end the EV tax credit, the savings may soon disappear. Here are the EVs you can still lease for under $300 a month in January.
2024 was another record year for EV sales in the US. Many automakers, including GM, Ford, Hyundai, Kia, and Honda, sold significantly more electric cars last year than in 2023.
According to Cox Automotive, electric vehicles are expected to represent 7.5% of all US auto sales in 2024. Although all December and full-year 2024 sales numbers have yet to be released, EV sales hit a record in November. With over 116,000 units sold, electric cars achieved an 8.5% market share.
A big reason behind the growth was new models, like the Honda Prologue, which was the third best-selling EV in the US in November. That’s after deliveries began in just March.
Honda sold over 33,000 Prologues in the US last year, with nearly 7,900 in December alone. With over 114,000 EVs sold, GM outpaced Ford’s roughly 97,900. Meanwhile, Hyundai, Kia, and others reported record EV sales in 2024.
Although a big reason behind the sales surge is due to new options, massive incentives have made EVs even cheaper to lease than gas-powered cars.
What EVs are for lease for under $300 in January 2025?
With additional discounts on top of the $7,500 federal EV tax credit, some discounts are reaching as high as $10,000 to $20,000 off MSRP. In Q3, EV incentives averaged over 12% of the average transaction price (ATP), nearly double the industry average of 7%.
Despite having a starting MSRP almost double that of a Civic Sedan, you can lease a Honda Prologue for less in many parts of the US.
The 2024 Honda Prologue is listed at just $229 for 36 months in California and other ZEV states. With $1,299 due at signing, the effective monthly payment is $265. That’s for the EX (FWD) trim, which has a range of up to 296 miles.
In other parts of the country, don’t worry — Honda is still offering Prologue leases starting at $249 per month. You can also opt for a 0% APR.
Lease From
Term (months)
Due at Signing
Effective rate per month (including upfront fees)
2025 Kia Niro EV
$149
24
$3,999
$315
2024 Kia EV6
$159
24
$3,849
$319
2024 Hyundai IONIQ 5
$189
24
$3,999
$355
2024 Hyundai IONIQ 6
$159
24
$3,999
$326
2024 Fiat 500e
$211
42
$211
$216
2024 Toyota bZ4X
$219
39
$2,999
$296
2024 Honda Prologue
$229
36
$1,299
$265
2024 Subaru Solterra
$279
36
$279
$287
Tesla Model 3
$299
36
$2,999
$382
Tesla Model Y
$299
36
$2,999
$382
2024 Chevrolet Equinox EV
$299
24
$3,169
$431
Best EV lease deals for under $300 a month in January 2025
Using data from auto intelligence firm CarsDirect, we’ve gathered the top EVs you lease for under $300 a month this January. You can view offers in your area at the bottom.
Several other electric crossovers and SUVs, including the 2024 Subaru Solterra, Toyota bZ4X, and Hyundai IONIQ 5, are available to lease for under $300.
The 2024 Hyundai IONIQ 5 is listed as low as $189 for 24 months. With $3,999 due at signing, the effective rate is $355. Hyundai is offering big savings to clear inventory with the upgraded 2025 models arriving at US dealerships.
Hyundai’s other dedicated EV, the IONIQ 6, is listed at just $159 for 36 months. With $3,999 due at signing, the monthly effective rate is $326.
Subaru is offering 2024 Solterra leases starting at $279 per month (36 months). With just the first month’s payment due up front ($279), the monthly rate is $296. Although Toyota’s bZ4X is listed for as little as $219 for 39 months, with $2,999 due at signing, it’s slightly more with an effective rate of $296.
Tesla’s Model Y and Model 3 can be leased for just $299 per month (36 months). With $2,999 due at signing for an effective rate of $382.
The 2024 Chevy Equinox EV can be leased for as little as $299 for 24 months. With $3,169 due upfront, the monthly rate is $431.
Meanwhile, a November report by Reuters claimed that Trump’s transition team aimed to eliminate the $7,500 federal tax credit. If true, many of these savings could soon disappear.
Are you ready to find your new EV? We’ve got you covered. You can use our links below to find the best deals on popular electric vehicles in your area.
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