Oil is still the larger player and demand increased to record levels in 2018 yet the International Energy Agency reports:
“Electricity continues to position itself as the “fuel” of the future, with global electricity demand growing by 4% in 2018 to more than 23 000 TWh. This rapid growth is pushing electricity towards a 20% share in total final consumption of energy. Increasing power generation was responsible for half of the growth in primary energy demand.
Renewables were a major contributor to this power generation expansion, accounting for nearly half of electricity demand growth. China remains the leader in renewables, both for wind and solar, followed by Europe and the United States.”
We found out oil companies have been under-reporting their emissions.
Investing in oil right now is the equivalent of investing in Kodak, Blockbuster, or Motorola.
Some say hydrogen is the answer, I disagree.
China is way out in front. Way out.
There is a roadmap to sustainability and it is is well underway driven by unsubsidized renewables and staggering battery cost drops still in 2019.
“The latest technology cost analysis released by research company BloombergNEF shows that battery storage costs have fallen by more than one third since the first half of 2018, and even wind and solar have also fallen by another 10 per cent 18 per cent respectively over that time. Offshore wind is down 24 per cent over the last year”
Offshore wind is also a $200 billion powerhouse; the wind blows when the sun doesn’t shine, and batteries are there to store power for in between.
How many words are pictures worth?
I’ll sum this video up with pictures..
Oil is trying to extract every last cent. Low prices are recessions, high prices are wars.
Meanwhile technologies have been converging for 40 years to a critical turning point..
Since 2010 the price for solar has dropped exponentially, globally. Red dotted line is coal and oil power generation cost.
And the storage technologies are ramping up as well.
These are old numbers…
Cheaper batteries means cheaper EV’s
Yes, Big Oil knows.
Consider, Dubai is building the worlds largest solar array for 13 billion.
Now you know.
Stay tuned as the disruption accelerates…