Big Oil carbon off-setting: solution or stalling?

Global demand for electric vehicles (EVs) is currently rising at its fastest rate in history. According to data from the International Energy agency (IEA), 14% of all new cars sold were electric in 2022, up from 9% in 2021 and 5% in 2020. China was by far the biggest market, accounting for almost 60% of global sales, with Europe and the US taking second and third spots respectively.

Many factors are supporting this growth, from a larger and more appealing selection of models on the market helping to entice consumers, to government subsidies for both consumers and manufacturers. But could there be factors with the opposite effect, stalling growth and extending the life of the gasoline and diesel vehicle market?

Delaying the switch

“We know that not everyone can switch to an EV or a hydrogen vehicle overnight. In the meantime, members of the Shell Go+ rewards programme can opt-in to have the carbon emissions of their fuel purchases offset for them by Shell. In order to do this, Shell uses carbon credits sourced from nature-based projects around the world.”