Thread by @emahlee

Such good news: "the current fossil fuel system runs at a loss, and will amass losses every year."

The world's 8th largest bank, BNP Paribas, says: "The economics of renewables are impossible for oil to compete with when looked at over the cycle." Read their report.

1/

https://twitter.com/GregorMacdonald/status/1158763843708805120

👀

Oil's days are numbered. 👇

"The economics of new wind and solar projects combined with EVs are set to become irresistible."

"Renewable electricity has a short-run marginal cost of zero, is cleaner environmentally, could readily replace up to 40% of global oil demand."

2/

DAMN

"oil industry has never before in its history faced the kind of threat that renewables... pose to its business model:

* short-run marginal cost of zero
* much cleaner environmentally
* much easier to transport
* could readily replace up to 40% of global oil demand"

/end

Ooh! @JeremyLeggett created a slideshow on this groundbreaking report from @BNPParibas's Mark Lewis @MCL1965.

Oil's days are numbered.

jeremyleggett.net/2019/08/05/a-g…

Simply glorious news. 👇

"Even if we add in the cost of building new network infrastructure to come with all the new wind and/or solar capacity implied by replacing gasoline with renewables and EVs, the economics of renewables still crush those of oil."

#CarbonBubble *Crack!*

"Extrapolating total expenditure on gasoline in 2018 for the next 25 years would see $25 trn spent on mobility...We estimate the cost of new renewables projects [able] to match the 2018 level of mobility provided by gasoline every year for the next 25 years at only $4.6-$5.2trn."

Yup:

“The economics of oil for gasoline and diesel vehicles versus wind- and solar-powered EVs are now in relentless and irreversible decline, with far-reaching implications for both policymakers and the oil majors.”

#CarbonBubble

Oil demand peaking in 2020s means a huge amount of money is at risk. The question is: when will financial markets wake up? Or as @MCL1965 of banking giant BNP Paribas put it:

"How much longer can Wile E Coyote keep walking out on thin air over the gulch before he looks down?"

On oil demand peaking in 2020s, watch this video from Kingsmill Bond of @CarbonBubble. I summarized it in this thread:

https://twitter.com/emahlee/status/1163344784640974849

.@arhobley explains the vast amount of money and value at risk due to demand for oil peaking in the 2020s:

https://twitter.com/emahlee/status/1163232637445521408

The largest bank in the Eurozone (8th largest in the world) has damning news for oil sector:

"Oil is finished; EVs+renewables are 6x more cost-effective"

Again, this is a *banking giant* talking. Report doesn't even consider climate or health benefits. chargedevs.com/newswire/major…

If I was an oil exec, I'd either be terrified OR continue proclaiming, "everything is fine!" to the great peril of shareholders and the world economy.

@MCL1965 reminds us of the billions lost in the European utility industry when demand for thermal electricity peaked in 2007:

Another example of billions lost when incumbents failed to see the reality in front of their face:

#CarbonBubble

https://twitter.com/emahlee/status/1163344787723845632