Electric Vehicles Are the Next Dominant Class of Renewable Energy Buyers

This briefing by RMI argues that the electric vehicle (EV) sector represents a massive untapped opportunity to drive global demand for renewable energy. It proposes that EV charge point operators (CPOs), mobility service providers (eMSPs), and original equipment manufacturers (OEMs) should implement 100% renewable energy charging solutions, starting with large fleets, to stimulate new renewable energy capacity and reduce operational costs compared to internal combustion engine vehicles.

• Passenger electric vehicle (EV) sales are projected to grow from over 2 million in 2018 to 10 million by 2025 and 28 million by 2030, eventually accounting for more than half of all passenger vehicle sales by 2040 at 56 million vehicles annually.
• By 2030, EVs will require approximately 640 TWh of electricity, which is nearly three times the amount currently purchased by RE100 companies, the world's largest aggregate buyer of renewable energy (which purchases over 220 TWh annually).
• If EVs act as voluntary buyers of renewable energy, they could stimulate the creation of 145 GW of new solar PV capacity and 105 GW of new onshore wind capacity.
• To achieve 100% clean charging at scale, the document recommends linking every megawatt-hour (MWh) of EV electricity consumption with an energy attribute certificate (EAC).
• The incremental cost of powering EVs with renewables is relatively low: the global average is approximately US$50 per year for an electric bus and US$4 per year for a personal EV, based on a global average EAC cost of roughly US$1.
• Renewably-powered EVs remain cheaper to operate than internal combustion engine (ICE) alternatives even in high-price EAC markets. For example, electric buses save cities several thousand US dollars annually after accounting for a $300,000 higher upfront price compared to diesel buses, due to annual fuel savings of $39,000 over a 12-year lifespan.
• The document advocates for the adoption of industry-wide technical standards to ensure interoperability, citing the Energy Web Decentralized Operating System (EW-DOS), Energy Web Origin, and the Share&Charge Foundation’s Open Charging Network as available toolkits.

APA

RMI (2020). Electric Vehicles Are the Next Dominant Class of Renewable Energy Buyers. https://rmi.org/resources/electric-vehicles-are-the-next-dominant-class-of-renewable-energy-buyers/

Chicago

RMI. Electric Vehicles Are the Next Dominant Class of Renewable Energy Buyers. 2020. https://rmi.org/resources/electric-vehicles-are-the-next-dominant-class-of-renewable-energy-buyers/.

Wikipedia

{{cite report |author=RMI |title=Electric Vehicles Are the Next Dominant Class of Renewable Energy Buyers |date=18 March 2020 |url=https://rmi.org/resources/electric-vehicles-are-the-next-dominant-class-of-renewable-energy-buyers/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{rmi2020electric, author = {{RMI}}, title = {{Electric Vehicles Are the Next Dominant Class of Renewable Energy Buyers}}, institution = {RMI}, year = {2020}, month = mar, url = {https://rmi.org/resources/electric-vehicles-are-the-next-dominant-class-of-renewable-energy-buyers/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }