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ELECTRIC CARS AND CHEAP SOLAR COULD HALT FOSSIL FUEL GROWTH BY 2020

According to the Imperial College and Carbon Tracker report, solar power and clean cars are game changers consistently underestimated by big energy. Actually, the falling costs of the projections for the green technologies and the countries’ pledges to cut emissions can halt the worldwide demand for oil and coal by 2020.

Polluting fuels may lose 10% of market share to solar power and clean cars within a decade; this loss, between 2008 and 2013, was enough to cause the collapse of the coal mining industry in the United States and the loss of 100 bn of Euros in five major European utilities. These ones did not prepare for an increase in renewables.

This happen because the big energy companies are underestimating the low-carbon transition by sticking to their “business as usual” scenarios, which expect an ongoing growth of fossil fuels and may, as a consequence, see their assets stranded.

The cost of solar has fallen 85% in 7 years, panels can supply 23% of global power generation by 2040 and 29% by 2050, leaving natural gas with 1% share, and electric vehicles can make up 35% of the road transport market by 2035. Moreover, it will limit the global temperatures rises.

 

The gLAWcal Team

POREEN project

Wednesday, 1 February 2017

(source: The Guardian)