The world has changed, one analyst says.
High-cost fossil fuels will become less attractive investments, Grant said. Even without carbon pricing, his group expects fossil fuel demand to peak early next decade.
The same logic applies to transportation. A tiny fraction of the world's cars are electric, but they make up 22 per cent of growth in sales.In a paper published last year, he concluded that if the world honours its pledge to keep global warming under two degrees Celsius, there's less than a five per cent chance that new oilsands investment — including pipelines — will be profitable over the next 30 years.
Smil said global energy transitions have always been slow. It took coal 60 years to go from five to 50 per cent of the world's energy supply.
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