Representatives from nearly 200 countries agreed at the COP28 climate summit on Wednesday to begin reducing global consumption of fossil fuels to avert the worst of climate change, signalling the eventual end of the oil age.
We are past peak oil, the world is already transitioning away from fossil, out of sheer necessity, because of the finiteness of conventional resources. Everyone involved knows that. The only “problem” is the timeframe: there’s about a decade left of investments towards capacity increase at the current pace before going over the carbon budget for a 2°C warming scenario. That’s a tough deadline to navigate for those countries.
We are past peak oil, the world is already transitioning away from fossil, out of sheer necessity, because of the finiteness of conventional resources. Everyone involved knows that. The only “problem” is the timeframe: there’s about a decade left of investments towards capacity increase at the current pace before going over the carbon budget for a 2°C warming scenario. That’s a tough deadline to navigate for those countries.