That would seem to be the case when reading this article:
It would appear that despite all the hype over renewables, there is still a big future for the traditional fossil fuels. Shareholders have had enough and expect companies to boost their profits instead of moving into a risky new market. Of course these companies will not make money by operating in countries with a hostile tax regime and unreliable, expensive electricity.
There is pressure on the oil market for geopolitical reasons with the Red Sea access to shipping limited due to Houthi attacks. Should you have a very resourceful country supplying most or all of its energy by RE, its all local accessed energy. The geopolitical volatility of FFs no longer matters.
ReplyDeletePlus with new energy installed, the world invested 1.8 tillion dollars last year exceeding investment in FFs of 2023. At some point in time, FFs will no longer be a majority energy provider,
This won't come in by 2050. In fact, despite all the hype, we are seeing a slowdown in the take up of EVs. There will still be a huge worldwide market for fossil fuels well into the 2100's and beyond because of all the uses for them quite apart from energy provision. Just think of all the plastics, manmade fibres, lubricants, paints, dyes, etc. We should thank God for oil, gas and coal.
ReplyDeleteIts actually thank god there are substitutes for oil and gas. LOL. Burning FFs is the issue. Oil and NG as feedstock is a different story.
DeleteWhen something is this new, there will be bumps in the road. This is a forecast for the United States that I have available right now. Its showing an increase in sales despite the pricey cars available. In the future shortly the more economical vehicles are going to arrive. Tesla has its business plans to reach 20,000,000 EVs by 2030. Later half of this decade, there will be a massive increase in EVs purchased. We are still in the beginning of the S curve that compares to washing machines, TVs and iphones. Production vs supply of parts will straighten themselves out. EV charging is going to far more available for the other brands besides Tesla. People will become far more comfortable with the idea of owning an EV.
https://insideclimatenews.org/news/08022024/inside-clean-energy-us-electric-vehicles-sales-are-poised-to-rise-in-2024/
I gathered 2024 U.S. automotive forecasts from AutoPacific, Cox and S&P Global Mobility. Their projections show increases in EV sales ranging from about 20 percent, from AutoPacific, to more than 30 percent from the others, compared to the prior year.
“EV sales are increasing faster than any other segment in the industry,” said Michelle Krebs, executive auto analyst for Cox.
Over here in the UK renewable sales are down this year compared to last. EV firms are going bust.
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