Climate change action to push down oil prices, report says
New analysis has claimed that policies to tackle climate change are likely to result in lower oil prices. The report, commissioned by the European Climate Foundation, was published by Cambridge Econometrics on Friday 22 April. It found that, in a world without climate policies to drive investment in the low-carbon transition, global demand for oil would increase from 94mn b/d in 2015 to 112mnb/d in 2030––an increase of 19%. By 2050, demand would grow by a further 35% to 151mn b/d. By contrast, should climate policies be implemented, demand for oil would by 2030 be down by 11mn b/d against a business-as-usual scenario, and by 60mn b/d in 2050.