{"id":32992,"date":"2017-02-02T00:01:04","date_gmt":"2017-02-02T00:01:04","guid":{"rendered":"http:\/\/www.climatechangenews.com\/?p=32992"},"modified":"2017-02-03T09:44:48","modified_gmt":"2017-02-03T09:44:48","slug":"coal-and-oil-demand-could-peak-in-2020","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2017\/02\/02\/coal-and-oil-demand-could-peak-in-2020\/","title":{"rendered":"Coal and oil demand &#8216;could peak in 2020&#8217;"},"content":{"rendered":"<p><strong>Fossil fuel giants\u00a0are vastly underestimating the disruptive power of solar panels and electric cars, which could see coal and oil demand peak by 2020.<\/strong><\/p>\n<p>That is the conclusion of <a href=\"http:\/\/carbontracker.org\/expect-the-unexpected-dashboard\" target=\"_blank\">a report<\/a>\u00a0by the Carbon Tracker Initiative and Grantham Institute published on Thursday.<\/p>\n<p>Energy companies pursuing business as usual are in for a rude awakening, by\u00a0this analysis, with many mines and oil fields likely to become surplus to requirements.<\/p>\n<p>Based on dramatic cost reductions in recent years, the model foresees these two technologies taking a 10% chunk of market share from carbon majors in a decade. That may not sound like much, but was enough to <a href=\"http:\/\/www.carbontracker.org\/report\/the-us-coal-crash\/\" target=\"_blank\">devastate<\/a> the US coal sector.<\/p>\n<p>&#8220;If people are just waiting on policy to happen, they could get bitten by clean technology coming up behind them,&#8221; said James Leaton, an author of the report.<\/p>\n<blockquote><p><a href=\"http:\/\/www.climatechangenews.com\/newsletter-sign-up\/\" target=\"_blank\"><strong>Weekly briefing:<\/strong> Sign up for your essential climate politics update<\/a><\/p><\/blockquote>\n<p>Solar panel costs have fallen 85% in the past seven years and car battery costs 73%. Despite these advances,\u00a0the traditional energy companies\u00a0continue to forecast linear growth at best.<\/p>\n<p><a href=\"http:\/\/www.climatechangenews.com\/2017\/01\/26\/bps-energy-outlook-reality-check-or-pr-bullshit\/\" target=\"_blank\">BP<\/a>\u00a0predicts electric cars will make up 6% of the market by 2035. Carbon Tracker reckons\u00a0a third is feasible.<\/p>\n<p><a href=\"http:\/\/www.climatechangenews.com\/2016\/12\/22\/what-exxons-2017-energy-outlook-tells-us-about-rex-tillerson\/\" target=\"_blank\">Exxon Mobil<\/a>\u00a0expects all renewables to supply 11% of electricity in 2040. Carbon Tracker says solar alone could produce 23%.<\/p>\n<p>It is not enough to meet the Paris Agreement upper limit on global warming of 2C, but bends the curve to 2.4-2.7C, compared to 3-4C under industry scenarios.\u00a0Policies targeting other sectors would bring the international climate goal within reach.<\/p>\n","protected":false},"excerpt":{"rendered":"Solar power and electric vehicles will wreak havoc on the energy sector, say analysts from Carbon Tracker and Grantham Institute, in contrast to rosy industry forecasts","protected":false},"author":12,"featured_media":30339,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2554,6],"tags":[],"coauthors":[],"class_list":["post-32992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-carbon-bubble","category-energy","type-news"],"acf":[],"yoast_head":"<!-- This site is optimized with 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