In the early 2000s, news of the end of the oil age was everywhere. Yet here we are, a decade later, and Fossil Fuels are still our #1 source of Energy. According to IEA, as of 2016, the world produces a whopping 97 million barrels of oil every day. But more than a trillion barrels are sitting in earth’s crust. But considering the impact of Fossil Fuels on our environment, we have to consider other options like Renewable Energies. So the question comes up, When will we stop using Fossil Fuels? When will Renewable Energies finally take place?
Renewable Energies have grown a lot in the past 10 years. The price of Solar Panels has been reduced by 95% since 2008, This is a great news for countries like, for example, Afghanistan that has 300 days of pure sunshine, or the state of Nevada that has 335 days of pure sunshine.
Solar isn’t the only Renewable source that we are currently using. For example, in the state of Texas, a quarter of the electricity comes from wind energy. More and more places are adopting the idea of Green Energies as well, for example, Apple’s new campus in California runs on 100% green energy, and Goldman Sachs is one of several banks that have joined RE100 – a group of powerful companies committed to being powered by 100% renewable energy. According to a report by the International Renewable Energy Agency, around 9.8 million people now work in the renewables sector worldwide.
But as for the answer to our main question, “When will we stop using Fossil Fuels?”, Let’s hear what Christopher Knittel, an energy economist at the MIT Sloan School of Management, has to say
“If we don’t adopt new policies, we’re not going to be leaving fossil fuels in the ground,” he says “We need both a policy like a carbon tax and to put more R&D money into renewables.” He also adds “You often hear, when fossil fuel prices are going up, that if we just leave the market alone we’ll wean ourselves off fossil fuels,” adds Knittel. “But the message from the data is clear: That’s not going to happen anytime soon.”