2 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.
Fossil fuels
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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.
Reasons to remain hopeful for the climate
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.
Costa Rican electricity was 100 percent renewables for 113 days
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.
2015 was another record year for renewables
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.
America is ditching coal
2 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.
2016 will be more bad news for fossil fuels
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.
The European Union already cut its emissions by 23 percent
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.
Shell withdraws from the Arctic
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.
Saudi Arabia is planning its fossil fuels’ exit by 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.
G7 Nations to decarbonize their economies
$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.
Fossil fuels subsidies are worth $5.3 trillion
As odd as it might seem, oil prices at $60 are not making it any easier for Big Oil and the likes. The Financial Times published two articles on how coal, oil and gas are through tought times. Let us review them here.