ExxonMobile economists have found through their scrupulous research that fossil fuels will continue to be the world’s unmatched fuels source in the coming decades. Apparently proposing new energy and fuel sources are an enormous waste of time, as so is trying to save the climate. Their Outlook for Energy, which Exxon has published since 2005, predicts that the use of oil and gas will continue to grow well into 2040 and will continue to be the world’s largest source of fuel.
But this isn’t the first time Exxon has published finding that were more than just a little optimistic. In their initial calculations from 2005 they reported that wind and solar would only provide 1% of the world’s energy by 2030, which wind and solar achieved in 2012. Good for the planet, bad for Exxon. In fact wind and solar have grown at the rate of more than 25% per year, while Exxon is predicting that they will only be 2% of the market by 2025 and just 3% by 2040.
They seem to be predicting a crash in renewable energy and alternative fuel growth rates just as these markets are taking off around the globe. In many places renewables are already cheaper than gas power, and electric vehicles (EV) are also rapidly becoming more affordable. Yet Exxon Predicts that the EV batteries will remain expensive and that EV’s will only make up 5% of vehicles on the road by 2040.
Exxon’s final prediction? Despite climate change’s impacts on food production, water supplies and property damage, the governments of the world won’t take any significant action to prevent climate change for the next 20 years. This seems not only unlikely but like a sad projection of what Exxon would like to see in order to maintain their profits. Luckily for us these projections are just the ramblings of a company scared by rise of renewables.