Summary

The decline of fossil fuels is a death long foretold, but one that has yet to be realized in any meaningful way.

The signs have been plentiful: growing calls for fossil fuel divestment, major economies setting carbon neutral dates, plateaued global coal consumption, and the electric vehicle industry seemingly on the cusp of a breakthrough. Yet fossil fuels have retained their dominant position. In 2019, they accounted for 84% of primary energy consumption.

COVID-19 was a shock to the global economy if ever there was one. And many are calling for post-COVID stimulus spending to favor renewable generation at the expense of fossil fuels.

Will 2021 be looked back on as a turning point in the global pivot to renewable energy sources?