Power Up: How Clean Energy Is Putting Fossil Fuel Demand in Doubt

The analysis argues that fossil fuel producers are overestimating future demand, as oil, gas, and coal are each expected to slow or peak in the coming years due to the rise of electric vehicles and renewable energy.

• Oil demand is expected to peak and then decline within this decade, driven largely by the scaling of electric vehicles (EVs). EVs currently displace 1.3 million barrels of oil per day and are projected to displace 5 million barrels per day by 2030. No other sector, including petrochemicals, can offset the loss of demand from road transport, which will likely make high-cost oil production unviable.
• Gas demand growth has slowed, particularly for power generation, as solar and battery prices decline and the cost and wait times for gas turbines increase. This trend makes gas uncompetitive, especially in countries that rely on liquefied natural gas (LNG), threatening the viability of new production and export facilities.
• The use of coal in power generation is declining, with planned coal capacity dropping by 65% over the last 10 years. Current planned capacity is limited to only 10 countries; in regions where renewables dominate new installations, new coal plants face the risk of early retirement and low utilization rates.

APA

We Mean Business Coalition (2025). Power Up: How Clean Energy Is Putting Fossil Fuel Demand in Doubt. https://www.wemeanbusinesscoalition.org/resources/fossil-fuel-demand-in-doubt/

Chicago

We Mean Business Coalition. Power Up: How Clean Energy Is Putting Fossil Fuel Demand in Doubt. 2025. https://www.wemeanbusinesscoalition.org/resources/fossil-fuel-demand-in-doubt/.

Wikipedia

{{cite report |author=We Mean Business Coalition |title=Power Up: How Clean Energy Is Putting Fossil Fuel Demand in Doubt |date=14 September 2025 |url=https://www.wemeanbusinesscoalition.org/resources/fossil-fuel-demand-in-doubt/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{wemeanbusinesscoalition2025power, author = {{We Mean Business Coalition}}, title = {{Power Up: How Clean Energy Is Putting Fossil Fuel Demand in Doubt}}, institution = {We Mean Business Coalition}, year = {2025}, month = sep, url = {https://www.wemeanbusinesscoalition.org/resources/fossil-fuel-demand-in-doubt/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }