Rising fuel costs accelerate Europe’s shift toward electric vehicles and renewables

Two successive energy crises—first sparked by the war in Ukraine and later by tensions in the Middle East—are eroding resistance to Europe’s move away from fossil fuels. High gasoline and diesel prices have triggered a rapid rise in electric-vehicle purchases, with markets like the Nordics already seeing internal-combustion cars become marginal and countries such as Portugal and Belgium reporting that half of new cars are fully electric.

Renewable capacity grew 15.5% worldwide last year and battery storage is set to double this year, reinforcing the shift. Executives from TotalEnergies and the Global Renewables Alliance note a structural decline in oil demand, especially for transport. Experts stress that electrification must be coupled with clean generation, warning that continued reliance on coal or gas would undermine climate goals.