Proponents of the global energy transition believe demand for oil and gas will begin to end in the next decade as clean energy takes over.
Proponents of the global energy transition believe demand for oil and gas will begin to ebb in the next decade as clean energy takes over.
This is the leitmotif repeated by proponents of the energy transition from fossil fuels to low-carbon energy sources such as wind, solar, and hydrogen. These include many high-profile people, from prime ministers and presidents to the head of the International Energy Agency and the chief executives of the biggest asset managers in the world.
Yet both oil and gas continue to surprise with strong and rising demand. And that is because demand for energy does not depend entirely on government policies—unlike the transition away from these most popular sources of energy. Indeed, the biggest killer of oil is seen to be the electrification of transport, while the biggest killer of gas would be wind and solar for electricity generation. But both these hydrocarbons would remain in some demand because both electric vehicles and wind and solar installations are heavy users of petroleum derivatives such as plastics, oils, and chemicals.
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