Some of the world’s largest oil, gas a coal giants are backing away from fossil fuels in preparation for a renewable future.
One of the largest oil and gas giants, BP, recently predicted that within 20 years renewable energy will become the world’s main source of power, in its latest Energy Outlook report.
The report found that whilst growing demand will see oil and gas continue to increase initially, demand would peak and fall off in the 2030s. As a result, renewable energy will rapidly become the world’s main source of power within the next 20 years, as the planet shifts towards a lower carbon future.
“The pace at which renewable energy penetrates the global energy system is faster than for any fuel in history,” BP said in the report. Putting money where its mouth is, BP has invested heavily in renewables in recent years, and has also formed a strategic partnership with UK-based solar developer Lightsource BP.
On top of this, global mining giant Glencore has announced it will cap investments in coal following pressure from investors. As Australia’s biggest coal miner, it has expressed its intention to address climate change concerns by freezing coal production.
With countries such as the UK receiving only 5% of their electricity from coal, down from 40% in 2012 and more than one third coming from renewables, Australia could be falling well behind other OECD countries; despite Angus Taylor’s disputed claims that emissions are down 1% and will meet its Paris commitments “in a canter”, the latest report from the environment department shows total emissions were actually up 0.9% between September of 2017 and 2018, continuing their increase for the past five years.
In fact, a group of 28 scientists, academics and former heads of energy companies have come forward to dispute some claims that Australia is on track to meet its 2030 emissions reduction target. On top of this, the emissions target is insufficient to address the effects of dangerous climate change that the world is currently on course for.
With countries implementing increasingly ambitious renewables-friendly policies and global fossil fuel giants accepting the inevitable transition towards renewables, it is no surprise that some voters are demanding action on climate change from the Australian government.
However, despite some lackluster renewable policies, Australian households and businesses are moving forward; data from the Clean Energy Regulator estimates that during 2018 and 2019 Australia will install around 10,400MW, representing one of the highest per-capita capacities of any country – 224 watts per person per year.
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