Why the Oil Industry should fear Electric Vehicles

Clean Energy Oz

Over the past 200 years, the world economy has been through three revolutions – the industrial revolution, the technological revolution and now, the more recent clean energy revolution which started in earnest about 10 years ago.

All three revolutions have had and will have fundamental implications for the world economy and society. However, the clean energy revolution has a major difference. It has been driven primarily by governments, concerned about the climate changing impacts of CO2 emissions from the burning of fossil fuels. While the two previous revolutions have largely been driven by private risk capital being directed into producing products for human consumption, the green energy revolution is essentially a government led strategy to conserve the earth for longer term human habitation.

While governments are usually clumsy and inefficient when trying to direct economic development, in the absence of any market mechanism to put a price on carbon to…

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