Big Business Environment

Fossil Fuels in Terminal Decline?

I know it’s been predicted and pushed for, but maybe this time it’s happening. Mass burning of fossil fuels just isn’t sustainable. I like to think that burning a little is ok though, because I love my motorbike. For everyday transport, and for heating, cooling, no.

The report says the world is “witnessing the decline and fall of the fossil fuel system” owing to the quicker-than-expected growth of clean energy alternatives coupled with the collapse in demand for fossil fuels amid the pandemic.

It follows findings from the International Energy Agency, which forecast the Covid-19 fallout would lead to the most severe plunge in energy demand since the second world war and trigger multidecade lows for the world’s consumption of oil, gas and coal, while renewable energy continued to grow.

The world’s demand for fossil fuels has plunged by almost 10% amid the coronavirus lockdown, and many energy economists believe it may fail to recover from the crisis.

Bond said fossil fuel companies and their investors had failed to realise the current decline of the fossil fuel industry may prove terminal.