Is The End Near For Fossil Fuels?

Nature |

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BEC Crew brings us valuable news. Although they identify fossil fuels as “holding on”, their reign over the populace is at a near end time low. Quoting Bloomberg New Energy Finance, BEC shows that predictions of wind and solar superiority to take effect by 2027. Their article also suggests that electric vehicles could make up to 25% of the global car fleet within the next 20 years.

Peaking by 2025, coal and gas are expected to decline drastically after that period. Their research is based on economic considerations and how things are being locked in now, rather than just predictions. Reportedly, over 11 Trillion U.S. Dollars are estimated to be invested in new energy sources over the next 25 years. Fossil fuels will likely only be on the rise in Asian areas where matters are different.

The report quotes:

“Cheaper coal and cheaper gas will not derail the transformation and decarbonisation of the world’s power systems. By 2040, zero-emission energy sources will make up 60 percent of installed capacity.”

As such, the peak that occurs in 2025 is already spiraling towards its final decline. 2027 is projected as an optimal date due to already being implemented and by then will be well established. Given the economical impact, providing energy for vastly cheaper rates, it is no wonder these are taking the future by storm.

This is also considered when examining the global climate crisis. Unfortunately, the report states that it will not have much if any impact on the increasing temperatures. However, it does provide several insights such as keeping coal and gas prices cheap, reducing the wind and solar costs, expecting booming of electric car sales, increase in small-scale battery storage markets, India as key to global emissions (not China) and renewables will dominate in Europe and overtake the gas industry in the United States.

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Damon Jones

Editorial Boss

Damon is originally from Toronto, Canada so it should come to no surprise that he loves everything Toronto. From the Blue Jays to Drake, Damon loves his birthplace. He never saw himself as a writer, but when we brought him on as an intern, we gave him a shot at writing and we haven?t looked back since.