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Reproduced from EIA, Global EV Outlook 2020; Chart: Axios Visuals

Electric vehicles had a "banner year" in 2019 with worldwide sales topping 2 million, but they still represent just roughly 1% of cars on the road globally, per an International Energy Agency report released Monday.

Yes, but: The coronavirus pandemic is creating sales headwinds this year, though electric vehicles are affected less than traditional cars.

  • But even without that problem, electric vehicle growth remains far off the pace of what's needed in IEA's scenario consistent with the Paris climate deal.
  • Under current and planned policies, the number of electric cars, trucks and buses worldwide grows to roughly 140 million in 2030.
  • That's far below the 245 million in IEA's "sustainable development scenario."

Go deeper

Global need for copper is pitting clean energy against the wilderness

Illustration: Aïda Amer/Axios

The world's transition to renewable energy and electric vehicles will require unprecedented amounts of copper from potentially new mining operations that may harm vulnerable species and ecosystems.

Why it matters: The global need for copper could increase by an estimated 350% by 2050, with current reserves depleting sometime between 2035 and 2045, as wind and solar energy generate an increasing percentage of electricity and more people adopt electric vehicles.

AT&T spins off WarnerMedia, forming new media behemoth with Discovery

Illustration: Annelise Capossela/Axios

AT&T and Discovery have agreed to create a joint venture that would house WarnerMedia’s premium entertainment, sports and news assets with Discovery's nonfiction and international entertainment and sports businesses, the companies announced Monday.

Why it matters: It's a major course correction by AT&T. The deal essentially confirms shareholder fears that the company's $85 billion merger with Time Warner three years ago was not fully baked.

1 hour ago - Health

Child tax credits from COVID relief plan to begin arriving July 15

Biden arrives in the Rose Garden on May 13. Photo: Alex Wong/Getty Images

The expanded monthly child tax credit introduced in President Biden's $1.9 trillion COVID relief package will begin arriving in parents' bank accounts on July 15, the White House said Monday.

Why it matters: The credit, part of the administration's plan to transform the country's social safety net in the wake of the pandemic, would provide families with $300 monthly cash payments per child up to age 5 and $250 for children ages 6–17.