We’ve always conventional combustion engines facilitating our commutes, but the rapid growth of renewable energy alternatives could change all this. Electric vehicles are becoming popular globally mainly because of reduced battery costs and availability of cheap car parts offered by authentic online dealers such as buycarparts.co.uk. Environment-friendly projects like Solar Cell Roads, Printable Solar Photovoltaic and Smartflower that were scarcely discussed in the past are now gaining popularity. Under these circumstances, the growth of fossil fuel is at risk.
Backing up previous statements, a recent report co-authored by the Grantham Institute at Imperial College London and the Carbon Tracker Initiative finds that cost-effectiveness of electric vehicles and solar technology could cease the global demand for fossil fuels by 2020. Before that, Digital Journal reported the initiative taken to produce low-cost ‘green’ electricity in October 2016. These reports create an alarming situation for oil and coal firms, yet some are still adhering to their BAU (Business-As-Usual) approach expecting continuous growth of fossil fuels. Such false hopes could bring them high losses.
According to the reporters at Carbon Tracker, coal demand could be at top in 2020, would remain unchanged from 2020 to 2030 and later may experience an unwavering fall till 2050. The study conveys that EVs will replace as much as 2.0 million barrels of oil per day, whereas by 2050 this figure will cross 25 million barrels of oil per day. By 2050, EVs might take more than two-thirds of the market share.
In the past seven years, solar power cost has been reduced by 85%, and a report predicts that solar panels could contribute to 23% of global power generation by 2040 and about 29% by 2050, eliminating the contribution of coal from the estimated statistics and leaving natural gas with only 1% contribution. Some sources argue based on present EV demands that the report findings seem rather pessimistic, as they predict a very slow change in comparison to the rapid replacement of ICEs with battery-operated engines we witness nowadays.
The report also alerts that their data is on the conservative side and the pace of innovation could possibly exceed our imaginations. But how is it possible?. According to International Renewable Energy Agency (IRENA), wind energy has also been playing an important role in eliminating the fuels that cause disturbance to the environment. A global increment of 416,638MW in wind energy was observed in 2016. It was just 73,281MW in 2006. Other than that, countries have been signing pacts to cut carbon emissions and reduce greenhouse effect. Although Trump’s administration has withdrawn from the pledge, the renewable technology upsurge is an inevitable fact of the future.