The world runs on oil and gas now, but it won’t for long, according to a study by the research firm Wood Mackenzie that estimates a global shift from fossil fuels to renewables by 2035.
By then, the world will rely more on electric vehicles, wind power and solar power than gasoline-powered vehicles or fossil fuel-based electricity, according to Wood Mackenzie.
The tipping point will come when new technology reaches 20 percent of market share, a sweet spot that reflects new consumer preferences and supply chains reaching a point of maturity.
“That’s when the transition has ended,” said Prajit Ghosh, head of global strategy of power and renewables for Wood Mackenzie.
Today, about 8 percent of power produced in the United States comes from renewable sources, chiefly wind and solar. In Texas, about 30 percent is from renewable sources.
Read more: Chron