Precisely when the world passes peak oil demand is still very much a contested debate, but the one thing that is clear is that many of the macro trends are negative for the oil industry. Most recently, Chinese President Xi Jinping announced plans to achieve net-zero carbon emissions by 2060. While light on specifics, the pledge would carry enormous significance if Beijing follows through, and it is merely the latest in a series of high-profile developments that have added momentum to a shift away from fossil fuels. Clean energy shift accelerates By mid-century, China aims to phase out coal plants, and dramatically scale up solar, wind, battery storage, nuclear power and electric vehicles. A rough estimate from MIT said that if successful, China’s 2060 plan could avoid 0.4 to 0.7 degrees Celsius of additional warming. “Humankind can no longer afford to ignore the repeated warnings of Nature and go […]