A new report claims that clean cars and solar power could be pivotal in stopping fossil fuel growth.
The Grantham Institute at Imperial College London and the Carbon Tracker Initiative say that the falling cost of electric vehicles and solar panels could halt worldwide growth in demand for oil and coal by 2020.
Their report says that, combined with countries’ pledges to cut emissions, polluting fuels could lose 10 per cent of market share to solar power and clean cars within a decade.
Luke Sussams, a senior researcher at Carbon Tracker, said: ‘Further innovation could make our scenarios look conservative in five years’ time, in which case the demand misread by companies will have been amplified even more.’
By 2035, electric vehicles could make up 35 per cent of the road transport market, and two-thirds by 2050, when it could displace 25m barrels of oil per day.
Under such a scenario, coal and oil demand could peak in 2020, while the growth in gas demand could be curtailed.
However, the report shows that cutting carbon from the power sector and road transport may not be enough to achieve international climate targets.
Emissions reductions from other sectors such as heating buildings and heavy industry will also be needed.
For more information, visit theguardian.com.