Solar, electric vehicles can stall fossil fuels’ demand
The rising prevalence of solar photovoltaics (PV) energy and electric vehicles (EVs) can stall the demand growth for fossil fuels— coal and oil—by 2020, says a report by Grantham Institute-Climate Change and the Environment at Imperial College London, and Carbon Tracker Initiative, a think tank. The report predicts significant rise in EV usage, resulting in loss of fossil fuels’ market share. “Scenarios produced in this study indicate that 10% shifts in market share from incumbents to solar PV or EVs could occur within a single decade,” adds the report. The global power and road transport sectors currently account for half of fossil fuel demand. The study contradicts the conventional oil and gas firms’ forecasts which do not foresee significant rise in PV and EV technologies in coming years.