The Financial Times has a huge article about the sea change that's happening. About a year ago I was lambasted on these forums for pretty much describing what is going on in this article and what many others have said in this thread. That is that there is a huge structural change going on and only the shoots are yet visible. I said that oil demand will most likely peak by 2030. The FT agrees:
Quote:
After years of hype and false starts, the shift to clean power has begun to accelerate at a pace that has taken the most experienced experts by surprise. Even leaders in the oil and gas sector have been forced to confront an existential question: will the 21st century be the last one for fossil fuels?
It is early, but the evidence is mounting. Wind and solar parks are being built at unprecedented rates, threatening the business models of established power companies. Electric cars that were hard to even buy eight years ago are selling at an exponential rate, in the process driving down the price of batteries that hold the key to unleashing new levels of green growth.
“This clean energy disruption has just started and what is striking is how much of a financial impact it is already having on some companies,” says Per Lekander, a portfolio manager at London’s Lansdowne Partners hedge fund, who has tracked global energy markets for more than 25 years.
“It hit the electricity sector first, in Europe in 2013 and then the US two years later. Now it has spread to the auto sector and I think the oil industry is next.”
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https://www.ft.com/content/44ed7e90-...9-b01cc67cfeec