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Report: Oil and Coal Demand May Halt by 2020

Posted by Green Builder Staff

Feb 6, 2017 12:45:04 PM

As solar and electric car costs drop, green technologies may reach the market tipping point by 2020. 

As reported by the Press Association for The Guardian.

Falling costs of electric vehicles and solar panels could halt worldwide growth in demand for oil and coal by 2020, a new 359123912_3b568797d0_z.jpgreport has suggested. A scenario that takes into account the latest cost reduction projections for the green technologies, and countries’ pledges to cut emissions, finds that solar power and electric vehicles are “gamechangers” that could leave fossil fuels stranded.

Polluting fuels could lose 10% of market share to solar power and clean cars within a decade, the report by the Grantham Institute at Imperial College London and the Carbon Tracker Initiative found. A 10% loss of market share was enough to cause the collapse of the coal mining industry in the US, while Europe’s five major utilities lost €100bn (£85bn) between 2008 and 2013 because they did not prepare for an 8% increase in renewables, the report said.

Curious what the implications of green technologies will be? Find out from The Guardian.


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