Originally Posted By: KyleP33
Or all this could come to an end..
1/4 Of World’s Oil Refineries Face Closure By 2035 If Greenhouse Gas Emissions Targets Are Met
Roughly a quarter of the world’s oil refineries face closure by 2035 if governments around the world manage to actually meet their current greenhouse gas emissions reduction targets, according to a new report from the think tank Carbon Tracker, the investment fund AP7, and the Denmark-based pension fund PKA.
This shutdown of refining capacity will be accompanied by a surge in electric vehicle adoption, higher fuel efficiency in internal combustion engine (ICE) grounds vehicles, and higher efficiency in jet aircraft. That could come just due to the effect of legislation intended to reduce greenhouse gas emissions expected to be introduced in the coming years, according to the report.
Owing to these expected changes, companies like Royal Dutch Shell, Total, Chevron, Sinopec, etc. could see refining profits fall by 70% or more by 2035, the report alleges.
oil refineries to face closure https://cleantechnica.com/2017/11/04/rep...ns-targets-met/
The odds of that happening are pretty low. Germany isn't even close on their electricity generation side and their pursuit of nuclear plant shutdowns has made that situation worse, not better, as an example.
There are a lot of items in our daily lives that are a direct result of the fossil industry, such as plastics, to which no real replacement has been implemented. The production of steel and other metals for EV's, are powered by fossil sources. The mining of metals and the recycling of metals for batteries are powered primarily by fossil sources. Trains for long-distance transport? Again, powered by and large by fossil sources, the same for trucking.