Top Energy Strategist Predicts Fossil Fuel Peak To End Within The Decade

Jarand Rystad, founder of Oslo-based Rystad Energy, an independent research and energy intelligence company, believes the end of fossil fuel dominance could arrive by the end of this decade, David McHugh reported for the Associated Press (AP).

Rystad is optimistic about the potential to contain climate change through new technologies. I Photo: Rystad Energy

A physicist and former McKinsey & Company partner, Rystad is optimistic about the potential to contain climate change through new technologies. His outlook is based on extensive data and analysis from his company.

According to Rystad, peak coal consumption may occur as early as this year or in 2025.

“We are close to peak thermal in China, most likely this year or next, which includes coal and gas electricity generation. China accounts for half of the coal market, so it’s very relevant.”

He added that India, Indonesia, Pakistan, and China are all nearing peak coal.

Rystad further explained, “We were seeing good progress with EV adoption in Europe and America, though it has stalled slightly due to reduced subsidies. For peak gas, consumption is declining in Europe faster than anyone anticipated. So, if we consider coal, oil, and gas together, I believe we are approaching a peak for fossil fuels by the end of this decade, perhaps even sooner.”

He concluded, “The only way to phase out oil, gas, and coal is to make new technologies more competitive. Therefore, efforts should focus on solar, wind, batteries, geothermal, EVs, and other innovations. These technologies will eventually make fossil fuel use economically unviable.”