The energy transition reality gap
Industry predictions for the demand for oil and the speed of the energy transition vary wildly. If it cannot coalesce around a compromise plan, politicians and investors may seize the initiative
Jarand Rystad is a brave man. The CEO of Rystad Energy strolled onto the Oil & Gas Council’s World Energy Capital Assembly (Weca) stage in December and declared one of the most bullish predictions yet on the energy transition. Peak oil demand would occur within a decade and then experience “a steady decline after that”, with peak gas demand following maybe a decade later. This could be music to the ears of world leaders filing into the COP25 United Nations Climate Change Conference in Madrid. Most national governments were prepared to sign up to the COP21 Paris Agreement but far more reluctant to implement the potentially painful measures necessary to achieve it. But it has rapidly becom
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