A couple of weeks ago, the International Energy Agency released their 176-page report titled, World Energy Investment 2019. I will spare you the read and take you to a quote, buried on page 30 that pretty much sums up what most analysts in the business already know: “Energy investment is misaligned with where the world appears to be heading…”IEA The gap between what we perceive, what we aspire to, and what is reality is already wider than the Pacific Ocean. And it’s getting wider.
In fact, industrializing regions of the world are so demanding for all sources of energy that even the “approvals of conventional oil and gas projects fall short of what would be needed to meet continued robust demand growth,” says the IEA. There is no shortage of institutions like the IEA that proffer scenarios that quickly lower the drapes on fossil fuels. A typical, hypothetical energy transition fills 45 per cent of our 2040 energy needs with a combination of renewables and efficiency gains.
Nor does the spending gap address the biggest elephant in the room: the costs of prematurely retiring entrenched fossil fuel systems and the social costs of occupational change . The latter is a nagging matter that is too often trivialized. In a tone of resignation, the IEA offers us a punchline: “Current market and policy signals are not incentivizing the major reallocation of capital to low-carbon power and efficiency…”
It never should try to put fossil fuels out of business.
Gee, do ya think?
There is nothing that has the revenue and amount of good paying jobs as oil does Green energy is low pay and no revenue
Oil does not come from fossils or Dinosaurs
Im wondering it all those adamant anti oil protesters have actually thought it through as to how life with absolutely NO fossil fuel would change . NO synthetic fabric, no plastics , no fertilizer, much less electricity, which could mean much less running water, etc . no cell ph