That headline is not click-bait, nor is it wishful thinking. In late May, Steve Williams, CEO of Suncor penned an editorial for the Calgary Herald (along with Justin Smith of the Calgary Chamber and Chris Ragan, an Economics professor at McGill University). In this editorial, Williams highlighted the importance of having the right climate policy, especially with the upcoming expiration of the Specified Gas Emitters Regulation (SGER), the internaitonal climate negotiations in Paris later this fall and public opinion in light of the new (left-wing) majority government in Alberta, Canada’s oil bastion.
Solar’s Potential Eclipse of Oil Makes Sense
According to Royal Dutch Shell, solar could overtake oil as the world’s dominant energy source within the next 50 years. While analysts have long debated how much and how quickly solar could displace oil, this is probably the first time that a supermajor oil company has – through its own analysis – come up with quantifiable numbers. Chevron and Exxon-Mobil, two other supermajors who are increasing their renewable portfolios at exponential rates, also foresee a similar picture, although not quite as quickly.