The demand for oil is slowing and green energy is taking over

The IEA forecasts oil demand growth to slow sharply in the next few years. The end of the era may be underway.

Solar energy and wind turbines in fog, seen from the air
(Image credit: Daniel Bosma)

It looks increasingly likely that the age of oil is on the way out. We’ve been through previous cycles of optimism about other energy sources that didn’t change much: there was plenty of talk about government-backed growth plans involving massive renewables investment after the 2008 crisis, but considerably less action. While there has been increased investment and technological advances that have made renewables cheaper, the world still runs on fossil fuels.

However, it feels different this time. Climate concerns and geopolitical issues have created

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Cris Sholto Heaton

Cris Sholto Heaton is an investment analyst and writer who has been contributing to MoneyWeek since 2006 and was managing editor of the magazine between 2016 and 2018. He is especially interested in international investing, believing many investors still focus too much on their home markets and that it pays to take advantage of all the opportunities the world offers. He often writes about Asian equities, international income and global asset allocation.

Cris began his career in financial services consultancy at PwC and Lane Clark & Peacock, before an abrupt change of direction into oil, gas and energy at Petroleum Economist and Platts and subsequently into investment research and writing. In addition to his articles for MoneyWeek, he also works with a number of asset managers, consultancies and financial information providers.

He holds the Chartered Financial Analyst designation and the Investment Management Certificate, as well as degrees in finance and mathematics. He has also studied acting, film-making and photography, and strongly suspects that an awareness of what makes a compelling story is just as important for understanding markets as any amount of qualifications.