The report says the world is “witnessing the decline and fall of the fossil fuel system” owing to the quicker-than-expected growth of clean energy alternatives coupled with the collapse in demand for fossil fuels amid the pandemic.
Value of reserves could fall by two-thirds as Covid-19 hastens peak in demand, study shows
The looming fossil fuel crash could pose a significant threat to global financial stability, say experts. Photograph: Matthew Brown/AP
The coronavirus outbreak could trigger a $25tn (£20tn) collapse in the fossil fuel industry by accelerating a terminal decline for the world’s most polluting companies.
A study has found that the value of the world’s fossil fuel reserves could fall by two-thirds, sooner than the industry expects, because the Covid-19 crisis has hastened the peak for oil, gas and coal demand.
The looming fossil fuel collapse could pose “a significant threat to global financial stability” by wiping out the market value of fossil fuel companies, according to financial thinktank Carbon Tracker.
The report predicts a 2% decline in demand for fossil fuels every year could cause the future profits of oil, gas and coal companies…
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Don’t you think that over the “Years” some of the Geniuses of the World would be able to offset that Problem..?
You are stating a 2% Decline over a matter of Years…
Let’s Compare that to the Modification in Technologies that we should be far past issues like that by now had it not been for the Crippling of Technologies Advancing Efficiencies and Production of Energy…
I work on Oil Production Platforms in the Gulf of Mexico and am out of work because of this Hoax Bullshit, so I am personally affected but still believe this issue could have been long ago Mitigated..!
Very sorry to hear you are out of work, IceMan. I believe there is a shift occurring from fossil fuels to renewable energy for a number of reasons – one being that distributed renewable energy is far cheaper for the consumer than centralized fossil fuel production (where a good portion of the revenue goes to shareholders and CEO salaries). Here in New Zealand, we are campaigning really hard for what we call a Just Transition – a guarantee by government and industry that ordinary workers (like yourself) won’t be forced to pay the price of this transition. I’m not aware of similar efforts in the US, but there’s obviously a strong need for them.
I believe the biggest Issue with Renewable Assuming that You Mean Battery Powered is that You are Limited in Distance without time Consuming Recharging, even thought there could be a “Quick Charge” but anything of Value Can’t be done on a Quickie..!
There are Many More Caustic Elements related to the Production and Disposal the Battery and the Production of Electricity at the Charging Banks…
I could Honestly Go On and On but I am defiantly interested in Alternative Energy but don’t believe a Battery Type is Sustainable for One Basic reason that Means Everything to Consumers and that is “Supply and Demand” being scene as One in the Same because batteries don’t hold their Charging Values over time the Capacity of the Battery Cells is Depleted as well as the Charge on the Battery as it Depletes it takes More of the Voltage to to meet the Current Demand as the Battery Depletes…
You can Handy-Cap the Mechanics as well but You’re moving into More Demand and More Intricate Design that by the time it’s Functional it isn’t Affordable or Manageable Especially in the case of a Breakdown of One or more of the Chain of Events in the System…
Tesla Does Very Well with the Design but look at How long that has been a Work in Progress and the cost..!
I sense from your comment, IceMan, that we are in agreement about evs (electric vehicles) being unsustainable. We need to be focusing on technologies accessible to the greater population.
I believe we need to massively redesign our communities so as to consume less energy (both for economic and for environmental reasons). Although renewable energy is cheap, mass producing renewable technology isn’t (in terms of energy inputs and resource depletion). We need to focus on public and active transport, creating urban villages so that people can work and meet their basic needs without traveling long distances, and we need to build homes and work places that are heated by free passive solar energy and consume minimal energy for other uses.