![]() The list of reasons explaining that imminent peak is long. The top line: demand for all fossil fuels will peak by 2030 even without new climate policies. The report offers reassurance that things are actually moving quickly-and that fossil fuels are not, in fact, the future. ![]() In short, the puck is definitely moving toward clean energy.įor those who might feel uncertain about the pace of the transition, I would point to the International Energy Agency’s annual energy outlook released this week. Moreover, despite some short-term headwinds, there is little dispute that renewable energy-particularly solar-is set to grow rapidly. While oil and gas may be experiencing some momentum today, there is good evidence that the boom might be momentary. The broader geopolitical context, with two years of energy crises around the globe and the subsequent spike in prices, also suggests some potential longevity for big financial returns from fossil fuels.īut the truth is much more complicated. ![]() Shell, for its part, announced that it would lay off workers in its low-carbon solutions business in order to focus on its more profitable segments. This month, ExxonMobil and Chevron each bought a smaller independent oil company at a cost of more than $50 billion a piece. Recent mergers in the oil-and-gas sector show that the industry is still betting on a bright future for fossil fuels. I’ve been thinking about the phrase a lot in the last couple of weeks amid major energy news. The phrase, an adaptation of a saying from hockey legend Wayne Gretzky, is meant to suggest the need for forward thinking to grapple with the climate challenge, and I’ve heard it uttered by everyone from Al Gore to Catherine McKenna to Jay Inslee. ![]() There’s a mantra that gets tossed around in North American climate circles: skate to where the puck is going, not where it is today. ( To get this story in your inbox, subscribe to the TIME CO2 Leadership Report newsletter here.) ![]()
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