Read the latest insights and analysis from the experts at Oil Change International.
“Fossil fuels have lost,” argues Eddie O’Connor, chief executive of Irelands’s Mainstream Renewable Power company, before adding: “The rest of the world just doesn’t know it yet.”
“We are on the cusp of the fastest, deepest, most consequential disruption of transportation in history.” Within ten years, we may witness a radical technological shake up in the way we drive as people switch from petrol and diesel engines to self-drive electric vehicles.
Our research has found that the carbon budget will be exhausted with current development and some currently-operating fossil fuel projects will need to be retired early in order to have a good chance of staying below the 2C limit.
There’s a clear logic to the global challenge of addressing climate change: when you’re in a hole, stop digging. If we’re serious about tackling the global climate crisis, we need to stop exploring for, developing, and ultimately producing and consuming fossil fuels.
Our latest briefing shows just how bad things are looking for tar sands expansion.
And so the free-fall continues. The price of Brent crude has fallen this morning below $60 a barrel for the first time since July 2009. The price of US crude is below $55.
