Switch to low-carbon transport could 'save UK billions'

Reducing global oil demand would drive down prices and free up funds for oil importing countries to spend on other areas of the economy, report finds

A switch to low-carbon transport such as electric cars would save countries including the UK billions of pounds a year, a report has suggested.

Global policies to cut greenhouse gas emissions from the transport sector would reduce demand for oil, driving down prices and cutting global spending on the fossil fuel by 232bn a year worldwide between 2020 and 2030.