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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.

Why the Fed might want to jolt the markets

Fed chair Jerome Powell at a hearing earlier this month. Photo: Brendan Smialowski-Pool/Getty Images

So far, financial markets are cooperating nicely with the Federal Reserve's efforts to restrain inflation. They're doing the Fed's work for it by creating tighter financial conditions, in a distinctly non-panicky way.

  • But as the central bank's policymakers meet this week, an underlying question they face is whether the adjustment is happening too slowly.
Kate Marino, author of Markets
3 hours ago - Economy & Business

Omicron outbreaks were bad for business in January

Data: New York Federal Reserve Bank; Chart: Axios Visuals

Emerging anecdotal evidence shows just how hard the recent rise in COVID-19 cases hit businesses in early January — but that hasn't hurt some business leaders’ longer-term views of their companies' prospects.

Why it matters: Increasingly, the economic recovery has come in fits and starts that move in tandem with new peaks in cases. Look no further than the thousands of canceled flights and shuttered Broadway theaters in the wake of the Omicron variant's spread over the last few months.