Despite pandemic setbacks, the clean energy future is underway
For the very first time in 4 decades, worldwide installation of solar, wind and other sustainable energy will be less than the previous year, according to the International Energy Agency, which is forecasting a 13% decrease in setups in 2020 compared to 2019. The replacement of oil and gas electricity generation with renewables in establishing nations is not going to seem as appealing as a couple of years ago. Prior to the collapse in oil demand this year, the oil majors were anticipating peak oil demand to happen at some point during the 2040s. The current collapse in oil rates suggests the oil and gas industry will be able to supply fuel at extremely competitive prices for years. A number of experts have actually mentioned the potential for cleaner energy alternatives since the public is seeing cleaner air and the ecological advantages of a 30% decrease in day-to-day oil consumption.
The replacement of oil and gas electrical power generation with renewables in establishing countries is not going to appear as appealing as a couple of years back. Prior to the collapse in oil need this year, the oil majors were anticipating peak oil demand to occur sometime during the 2040s. The recent collapse in oil prices indicates the oil and gas industry will be able to supply fuel at very competitive rates for years.