Chile could save $27 billion in fuel imports by accelerating EV adoption, Carbon Tracker finds

A new report from Carbon Tracker estimates that Chile could save roughly $27 billion in cumulative fuel import costs by 2050 if it accelerates the switch to battery electric vehicles. The country imports nearly all its crude oil and transport accounts for 57% of national oil consumption. Under business as usual, fuel import costs could reach almost $120 billion by 2050. The report also notes that BEVs cost about 50% less per kilometer to operate than petrol cars and 20% less than diesel cars, with additional health benefits from reduced air pollution. Chile already gets almost two-thirds of its electricity from renewables and is a major producer of copper and lithium, both critical for EV supply chains. Yet BEVs made up only 3.5% of new light- and medium-duty vehicle sales in the first seven months of 2026. The report recommends binding supply-side regulations to phase down internal combustion engine sales, targeted fiscal incentives, and more charging infrastructure, especially outside Santiago and along freight corridors. It also highlights the importance of maintaining Phase 2 of Chile's Energy Efficiency Law, which would raise fuel efficiency standards for new vehicles from 2027 to 2029.