Fossils Face $25-Trillion in Losses Due to Coronavirus – The Energy Mix
“We are witnessing the decline and fall of the fossil fuel system,” said report author and Carbon Tracker new energy analyst Kingsmill Bond. “Technological innovation and policy support is driving peak fossil fuel demand in sector after sector and country after country, and the COVID-19 pandemic has accelerated this,” meaning that “we may now have seen peak fossil fuel demand as a whole.”
That reality translates into a “huge opportunity for countries that import fossil fuels which can save trillions of dollars by switching to a clean energy economy in line with the Paris Agreement,” he added. “Now is the time to plan an orderly wind-down of fossil fuel assets and manage the impact on the global economy rather than try to sustain the unsustainable.”