A Fossil Fuel is a natural fuel such as coal, gas, or oil, formed in the geological past from the remains of living organisms. Fossil Fuels take millions of years to form and therefore petroleum is also considered to be a non-renewable energy source.
Related Definitions in the Project: The Energy Definitions
Example Article of the Fossil Fuel:
Rystad Energy: Fossil Fuel Emissions Will Peak Within Two Years (Source: Oil Price on 22 November 2023): By Alex Kimani - Over the past few years, there’s been plenty of buzz around the time when global oil demand will hit its highest before entering terminal decline. Some bearish energy agencies like the IEA have predicted that the zenith is nigh while other more bullish ones like the EIA say that point is decades away. Indeed, peak oil demand is expected to be the bone of contention when COP28 is held in the United Arab Emirates from 30 November until 12 December 2023. However, not much has been said about the real elephant in the room: whether or not the global energy transition is bearing fruit in the effort to cut greenhouse gas emissions to avert dire climate change scenarios. Well, several energy and climate experts have weighed in, and the prognosis is good for clean energy buffs. Norwegian energy consultancy Rystad Energy says the world is very close to the inflection point for fossil fuel carbon dioxide (CO2) emissions, with the firm predicting emissions will peak in just two years. According to Rystad, global CO2 emissions are poised to hit about 39 gigatonnes per year (Gtpa) in 2025 before settling into a steady annual decline going by the current global trajectory of announced policies, projects, industry trends, and expected technological advancements. The firm notes that emissions hit a record high in 2022 after many countries ditched their climate goals and turned to more carbon-intensive fuels as a short-term solution to their energy security crises following Russia’s invasion in Ukraine. ...
Are We Nearing A Fossil Fuel Turning Point? (Source: Oil Price on 9 August 2023): By Leonard Hyman & William Tilles - At some point, fossil fuel sales will stop growing. How soon? You can make the projections, the ones that start with overall demand, and the ones that look at each individual use of fuel. We suggest that you might assess their plausibility using a simpler technique. Years ago at an economic seminar, we witnessed one of the world’s greatest econometricians fill an entire blackboard (they had them then) with equations to explain the growth of the economy. Another economist rose to say that he could explain the economy as well with five equations. Then he said he could do an even better job of projecting by connecting the points with a ruler and extending the line. So, let’s get out the ruler. ...
Renewables Financing Tops Fossil Fuel Lending For The First Time Ever (Source: Oil Price on 5 January 2023): By Tsvetana Paraskova - Banks arranged and underwrote more capital for the development of renewable energy projects than for oil, gas, and coal firms for the first time ever last year. Last year’s slump in capital raised by the fossil fuel industry doesn’t necessarily mean that there is a marked shift away from oil and gas lending. It may have just been the result of healthier balance sheets of oil and gas firms amid soaring commodity prices and the tapping of alternative financing, such as from private equity or asset-backed securitization transactions. ...
The Global Economy Is Finally Realizing That Fossil Fuels Are Finite (Source: Oil Price on 20 December 2022): By Gail Tverberg - We know that historically, many economies around the world have collapsed. We also know that there is a physics reason why this happens. Growing economies require a growing supply of energy to keep up with a growing population. At some point, the energy supply and other resource needs cannot grow rapidly enough to keep up with population growth. When this happens, economies tend to collapse. In their book Secular Cycles, researchers Peter Turchin and Sergey Nefedov found that economies tend go through four distinct phases in each cycle, with each stage lasting for quite a few years: Growth; Stagflation; Crisis; Inter-cycle ...
