(This post was published earlier this year on Medium. Sorry for the lack of content this year. Hopefully, 2021 will bring more exciting stories and analysis…) The ongoing COVID-19 pandemic has brought our global economy to a standstill, with fears of the worst recession since 1929. Over 26 millions have already lost their jobs in… Continue reading The COVID-19 Pandemic Throws Oil and Coal Industries in a Tailspin
That’s it ! Renewable energy sources and electric vehicles are progressing so fast around the world that according to a new study coal and oil use could peak worldwide in as little as three years.
Further to the election in the United States, a lot of people are fearing that this may be a death blow to global climate change mitigation efforts.
Another world is possible. It is always a question of public willingness. The latest example of this is Costa Rica – 4.9 million inhabitants strong – which ran for almost four months on a hundred percent renewable electricity.
According to two recent studies, 2015 was yet another record year for renewable energy sources as no less than $285.9 billion (256 billion euros) have been invested in that sector last year.
I stated early this year that 2016 would be a bad year for fossil fuels. It seems I was quite right as bad news keep on piling for coal in the United States.
It seems fossil fuels are starting this new year with a lot of bad news. It is not only a treehugger’s hope and dream but also an incresingly pressing reality. Let us start with reviewing coal.
While the European Union officials – not ” leaders ” – keep on clinging to 20 % emissions reductions by 2020, the Union has already slashed its emissions by 23 percent. This is taking place ahead of the Paris Climate Conference later this year.
This is such a huge win for the environment and such a huge loss for oil companies, especially Shell. The company announced recently that it was withdrawing its oil platform from the Arctic, where it was drilling for oil.
While the G7 Nations are thinking about whining themselves off fossil fuels by the end of the century and while some – most ? – oil companies are not really diversifying themselves, Saudi Arabia is planning its fossil fuels’ exit by 2040 or 2050.
Now these are great news but there is a major catch, or perhaps two… The first one the date : by 2100, as in 85 years… The second one, they didn’t say even how they would cut emissions.
$5.3 trillion (or 4.7 trillion euros) : those are staggering figures as they amount to $10 million every single minute. The figures come from the International Monetary Fund, so one can be pretty sure of them.