Scientists and environmental activists and organisations are currently deepening campaign for energy demand switch from conventional fossil fuels to renewable electricity production and storage using solar and wind technologies.
Observers said the new energy forms are meant to displace petroleum for transportation and power production which will puncture the revenue of countries that draw their economic strength from the traditional energy form
Demand forecasts project a drastic reduction in oil and gas demand by 2050 when key industrialised nations target near total exit from petroleum energy which they define as dirty.
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Other renewable energy sources vigorously pursued by the industrialised countries are considered cleaner, more sustainable, and harmless to the environment.
Little wonder, European countries have set 2040 deadline for the total switch from combustion engine vehicles that run on fossil fuels to electric cars that would be propelled by batteries as well as developing infrastructure to support mass deployment of electric-powered transport systems across the continent in a way that set in motion accelerated craving for a new energy source.
Observers also said policies that support energy transition also target to displace the use of gas with solar, wind, nuclear, hydro and geothermal for power generation, while the market outlook emerging from energy transition limits petroleum demand to mainly shipping, aviation, industrial and petrochemicals.
Source: Independent
