Fossil fuels bite the dust as demand nosedives
Global fossil fuel demand could be slashed by 2040 due to slowing population and economic growth coupled with a rapid expansion of renewable energy, warns an Oct. 22 Carbon Tracker Initiative report.
Typical industry scenarios see coal, oil and gas use growing by 30 – 50 per cent and still making up 75 per cent of the global energy supply mix in 2040, but none take into account the huge potential for reducing fossil fuel demand as ever-more countries seek to ‘decarbonize’ their economies, according to a new Carbon Tracker Initiative report titled Lost in transition: How the energy sector is missing potential demand destruction.
“The incumbents are taking the easy way out by exclusively looking at incremental changes to the energy mix, which they can adapt to slowly," said Luke Sussams, Carbon Tracker’s senior analyst and co-author. "The real threat lies in the potential for low-carbon technologies to combine and transform society’s relationship with energy. This is currently being overlooked by big oil, coal and gas.
The full story can be read here at National Observer.