Category FAQs Search : Fossil Fuels
Question: Will We Ever Stop Using Fossil Fuels?
Answer: Scientists believe significant climate change is unavoidable without a drastic reduction in the
emissions of greenhouse gases from the combustion of fossil fuels. However, few countries
have implemented comprehensive policies that price this externality or devote serious
resources to developing low carbon energy sources. In many respects, the world is betting
that we will greatly reduce the use of fossil fuels because we will run out of inexpensive fossil
fuels (i.e., decreases in supply) and/or technological advances will lead to the discovery of
less expensive low carbon technologies (i.e., decreases in demand). The historical record
indicates that the supply of fossil fuels has consistently increased over time and that their
relative price advantage over low carbon energy sources has not declined substantially over
time. Without robust efforts to correct the market failures around greenhouse gases, relying
on supply and/or demand forces to limit greenhouse gas emissions is relying heavily on
hope.
(Source: Pustaka Negeri Sarawak, 10 Jun 2021)
Source Link: https://home.uchicago.edu/~tcovert/webfiles/jep_fossil_fuels.pdf