A Greener Planet Could Slash Oil Company Income by $19 Trillion to 2040 [Bloomberg Business News]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Bloomberg Business News
The global transition to electric vehicles and renewable sources of power will see oil company revenue plummet. The rollout of 540 million electric vehicles by 2040 will cause oil demand to peak in the mid-2020s, slashing income by $19 trillion, according to Oxford, England-based Aurora Energy Research Ltd. Gas and power will provide more than half of final energy consumption, up from 39 percent currently. No Killing the Electric Car Electric vehicles forecast to make up half of annual global car sales by 2040 Source: Bloomberg New Energy Finance Note: Figures starting from 2017 are forecasts Aurora’s “analysis points to a possible energy future of mass electrification, digitization, and new technologies, in which the rise in electric vehicles and continued improvements in fuel efficiency lead to peak oil demand occurring in the mid-2020,” Richard Howard, head of research at Aurora, said in the report. “This flips the very idea of ‘peak oil’ -- previou
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