By: Dwight Links
A report on trends in oil and gas demand and the nations producing them has forecast that alternative energy sources will impact demand and prices in coming decades.
Titled ‘Lead Report: Policy Dialogue on Just Energy Transition 2.0,’ the report states that many forecasters are anticipating the coming decades to be the height of fossil fuel industries around the world, with the impact of alternative energy sources playing their part in affecting prices, demand, technological developments.
“According to most energy forecasters, oil and gas demand is set to peak in the coming years even without governments adopting new policies. This is being driven by technological advances and cost reductions in alternatives to oil and gas, especially electric vehicles, as well as wind and solar power,” the report explains.
This drive in energy transition developments comes as a result of governments and industries seeing the potential of these alternatives.
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