India should focus closely on mobility electrification: IEA executive director
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Paris: India should focus on electrificarion of mobility to secure its energy future and if it wants to have the upper hand in terms of the domestic oil trajectories, then electric cars is one of the key solutions, International Energy Agency (IEA) Executive Director Fatih Birol said Monday.He also said that countries which are importing oil, should consider giving incentives to electric cars in order to reduce the inbound shipments from different parts of the world.'In the case for India, I believe India should look at the electrification of the mobility very closely, because currently we have low oil prices…but it is definitely at the mercy of some of the key oil producers, where the oil prices will go up. If India wants to have the upper hand in terms of the domestic oil trajectories, electric cars is one of the key solutions,' he said after meeting Commerce and industry minister Piyush Goyal.He cautioned that the world faces serious risks from the growing concentration of critical minerals.'There is a need for, at least for the time being, to support the consumers in terms of buying their first electric cars,' he said, adding that the electric cars are going 'very' strongly around the world.Noting that one out of four cars is electric. because they are getting cheaper.'And in many countries, electric cars and commercial cars, they have the same prices, plus in most countries around the world, if not all…driving one kilometer of a car is cheaper with electricity than the oil prices, unless oil prices go below $50,' he added.On the impact of the trade war on energy transition, Birol said that the critical minerals are key not only for energy transition, but also for the defense, and manufacturing of chips.'We are seeing a major concentration. This is a worry, because we at the IEA believe that the best energy security policy is diversification. But when we look at the critical minerals, mining and processing, it is being more and more concentrated, and it's a serious risk for the next years to come,' he said urging all the countries to 'try to diversify the mining and also refining and processing of key critical minerals…otherwise, we may have unintended consequences of supply disruptions'.
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