This new report makes for very interesting reading and highlights the speed of transition away from our dependency on fossil fuels. It also highlights how big energy companies are still burying their heads in the sand by expecting a continued growth in fossil fuels. Without rapid changes they are surely going to be in serious trouble.
The cost of solar has fallen 85% in seven years and with battery prices falling at similar rates, the rise in electric vehicles will increase exponentially. Long may this trend continue and accelerate!
Falling costs of electric vehicles and solar panels could halt worldwide growth in demand for oil and coal by 2020, a new report has suggested. A scenario that takes into account the latest cost reduction projections for the green technologies, and countries’ pledges to cut emissions, finds that solar power and electric vehicles are “gamechangers” that could leave fossil fuels stranded. Polluting fuels could lose 10% of market share to solar power and clean cars within a decade, the report by the Grantham Institute at Imperial College London and the Carbon Tracker Initiative found. A 10% loss of market share was enough to cause the collapse of the coal mining industry in the US, while Europe’s five major utilities lost €100bn (£85bn) between 2008 and 2013 because they did not prepare for an 8% increase in renewables, the report said.