The Demand Destruction of Oil

hwstar writes: For the first time ever, more than 50 nations will gather next week in Colombia to hash out how to wind down and end their dependence on coal, oil and gas. The history-making conference was planned before the Iran war. But this year’s energy crisis has greatly raised the stakes.

Around 80% of the trapped oil was destined for the Asia-Pacific. Faced with dwindling supply, the region’s governments are implementing emergency measures such as sending workers home, banning government travel, rationing fuel and cutting school hours. The problem is especially bad in the Pacific. Many island nations use diesel for power generation. In response, leaders declared a regional emergency.

But this energy crisis is different from half a century ago in that fossil fuel alternatives are ready for prime time. Since the 1970s, the price of solar panels has fallen 99.9%, while the cost of wind has fallen 91% since 1984. Battery prices have fallen 99% since 1991.

This year’s oil shock shows signs of creating an unplanned social tipping point – a threshold for self-propelling change beyond which systems shift from one state to another. Climate scientists warn of climate tipping points which amplify feedback and accelerate warming. But social scientists also point to positive tipping points – collective action that rapidly accelerates climate action.