"Irreversible decline": How EVs and renewables could soon kill off a huge chunk of oil demand

Michael Holder
clock • 6 min read

Renewables and EVs on course to replace 40 per cent of demand for oil in next 25 years, according to new BNP Paribas analysis

Oil companies are engaged in a "race against time" to guard against a huge 40 per cent chunk of their business disappearing over the next 25 years, as declining renewables costs and rising demand for electric...

To continue reading this article...

Join BusinessGreen

In just a few clicks you can start your free BusinessGreen Lite membership for 12 months, providing you access to:

  • Three complimentary articles per month covering the latest real-time news, analysis, and opinion from Europe’s leading source of information on the Green economy and business
  • Receive important and breaking news stories via our daily news alert
  • Our weekly newsletter with the best of the week’s green business news and analysis

Join now

 

Already a BusinessGreen member?

Login

More on Energy

Schneider Electric and Kraken join forces to advance grid flexibility solutions

Schneider Electric and Kraken join forces to advance grid flexibility solutions

Partners aim to unlock grid capacity by providing utilities and distribution system operators with new levels of visibility and control over the network

clock 10 June 2026 • 2 min read
How Europe's reliance on gas could increase electricity bills by up to €120 a year

How Europe's reliance on gas could increase electricity bills by up to €120 a year

Italy, Ireland, and the UK most exposed to energy bill increases given gas continues to dominate their wholesale power markets, IEEFA claims

Stuart Stone
clock 09 June 2026 • 5 min read
Study: Share of fossil gas generation in global power mix falls for fifth year running

Study: Share of fossil gas generation in global power mix falls for fifth year running

Power generation from renewables continues to surge worldwide, as fossil gas power loses ground in the global electricity mix

Michael Holder
clock 09 June 2026 • 4 min read