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

Michael Holder
clock
If renewables and EV infrastructure scale up they will 'crush' oil demand, the report asserts
Image:

If renewables and EV infrastructure scale up they will 'crush' oil demand, the report asserts

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

  • Enjoy exclusive news, insights and analysis from Europe’s leading source of information on the green economy and business.
  • Make smart, responsible business decisions with an eye on the latest regulatory and tech developments
  • Stay in the know with our overnight briefing, expertly curated help you run a competitive and sustainable business
  • Tap into our extensive archive of exclusive articles, news, analysis and guides
  • Access our Intelligence Reports and exclusive data-rich studies on business-critical aspects of the green economy (BG Advanced members only)
  • Choose from 3 paid membership levels or start a 7-day no strings trial

Join nowTry 7 day trial

 

Already a BusinessGreen member?

Login

More on Energy

The 2GW West Burton A coal station | Credit: EDF

Prototype nuclear fusion plant to be hosted at West Burton power station site

Local leaders and universities hail decision as major boost to regional economy

Cecilia Keating
clock 04 October 2022 • 3 min read
A large majority of British voters continue to back ambitious climate policies, but is the government listening?

A large majority of British voters continue to back ambitious climate policies, but is the government listening?

Over three quarters say they would be 'proud' of voting for a party that takes action to boost renewables

James Murray
clock 04 October 2022 • 5 min read
Credit: iStock

Water companies ordered to shave £150m off customer bills after missing environmental targets

England and Wales water regulator Ofwat hands out financial penalties to 11 firms for missing supply, biodiversity, pollution and sewer flooding goals

Cecilia Keating
clock 03 October 2022 • 3 min read