The global shift toward renewable energy sources has picked up pace in recent years. Valid concerns about climate change and global warming have compelled policymakers and corporations to reduce their carbon footprint and dependence on petroleum as a source of energy.
However, oil (CLV24) and natural gas (NGV24) continue to dominate as key global energy sources, despite associated geopolitical tensions and adverse effects on the climate. Notably, research from Stanford University indicates that oil is the most-used energy resource worldwide, and provides more than 90% of global transportation energy. And while McKinsey forecasts that oil demand will decline by up to 50% by 2050, the firm still sees demand for oil remaining strong at least through 2030.
