Several major economies, including the U.S. and Canada, rely heavily on fossil fuel production and exports. But the surging market penetration of renewable energy technologies, energy efficiency improvements, and climate emission policies are certain to substantially reduce the global demand for fossil fuels. In a seminal paper published a week ago in Nature Climate Change , researchers present the results of sophisticated multi-dimensional modeling of the macro-economic impacts of future technology transformations and climate change policy, as the demand for fossil fuels declines and the price of oil falls. This is a peer-reviewed paper that was scrutinized by other experts for almost a year before it was accepted for publication. Its warnings should be taken seriously. Irrespective of whether or not new climate policies are adopted, global demand growth for fossil fuels is already slowing due to the accelerating transition to a low carbon global economy. Given the pace […]