The most jarring statistic of this week came from Morgan Stanley energy analyst Martijn Rats, who noted that while 72 per cent of new cars in Norway are electric vehicles, oil consumption in the country hasn’t changed. This data point underscores the extent to which electric vehicles are not a panacea for climate change, and also the scale of the challenge that decarbonization presents for the global economy. Increased market penetration for electric vehicles is a necessary but not sufficient condition to address climate change. In Norway’s case, basic GDP growth and population increases raised oil demand more than electric…