Demand For Oil Will Peak By The End Of The Decade

This week’s Current Climate, which every Saturday brings you the latest news about the business of sustainability. Sign up to get it in your inbox every week.

The International Energy Agency estimates that global demand for oil is set to peak at the end of the decade before going into decline. The agency expects total demand will grow about 6% from 2022 to 2028, but that there are a number of things driving demand down. One is that demand for oil for transportation is expected to decline as production of electric vehicles and cars with higher fuel efficiency lessens the need for gasoline. Another factor the agency notes is the war in Ukraine, which highlights the fragile nature of the supply chain for fossil fues and is driving more governments to invest in renewable energy sources.

“The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade,” IEA executive director Fatih Birol said in a statement, adding that “oil producers need to pay careful attention to the gathering pace of change and calibrate their investment decisions to ensure an orderly transition.”

The Big Read

First Major U.S. Wind Farm Construction Begins Off Massachusetts—And More Are Coming

Construction of the initial turbines in the first major U.S. offshore wind farm began this week south of Martha’s Vineyard off the coast of Massachusetts, following a years-long legal battle and a series of federal slow-downs over the controversial project—part of the Biden Administration’s push for green energy and the first in a wall of offshore wind projects off the East Coast.

Discoveries And Innovations

Humans are pumping so much water out of the ground, that it’s actually changing the degree of the Earth’s tilt, researchers say.

Research suggests that solar power could be responsible for 40% of power utility generation by 2050, which presents both challenges and opportunities for the industry.

Grey nurse sharks are near extinction due to wandering from marine protected areas and having only 400 breeding species left in the wild.

A superabsorbent material developed by engineers at MIT harvests moisture from the air, even in desert-like conditions.

Sustainability Deals Of The Week

Cloud Data: Investment manager Foresite announced a deal with Salesforce to use the latter’s Net Zero Cloud product with an aim of getting better data insight in hitting Foresite’s sustainability goals.

Alternative Batteries: San Jose-based battery startup Lyten announced that it’s commissioned its first automated pilot production line for its lithium-sulfur battery cells. The production line will deliver products to its customers and the company says that it will help in its aim to scale production of its alternative battery.

On The Horizon

Texas and Louisiana are in the midst of a major heat wave expected to last until at least June 21. The heatwave is bringing dangerously high temperatures expected to cause record levels of energy use as people crank their ACs to beat the heat. Excessive heat is expected to continue through the summer worldwide thanks to a combination of climate change and weather phenomenon El Nino.

What Else We’re Reading This Week

Community-owned solar will soon power this small mountain town in Puerto Rico (Popular Science)

A Cheap Fix to Global Warming Is Finally Gaining Support (Bloomberg)

Extreme Heat Is Deadlier Than Hurricanes, Floods and Tornadoes Combined (Scientific American)

Green Transportation Update

On Thursday, Toyota unveiled plans for its next generation of electric vehicles, which it plans to launch in 2026. The automaker says that its new line of EVs will make use of solid-state batteries, which are lighter and have more energy density than lithium-ion batteries. Investors were enthusiastic about the announcement, driving the company’s stock price to an 11-month high in its fastest single-day gain in over a decade.