deep-water drilling will no longer be viable. Assets will be stranded. Scotland will forfeit any North Sea bonanza. Russia, Saudi Arabia, Nigeria, and Venezuela will be in trouble. The shift, according to Mr Seba, is driven by technology, not climate policies. Market forces are bringing it about with a speed and ferocity that governments could never hope to achieve.
“We are on the cusp of one of the fastest, deepest, most consequential disruptions of transportation in history,” Seba said.
“Internal combustion engine vehicles will enter a vicious cycle of increasing costs.” The “tipping point” will arrive over the next two to three years as EV battery ranges surpass 200 miles and electric car prices in the US drop to $US30,000 ($40,600). By 2022, the low-end models will be down to $US20,000. After that, the avalanche will sweep all before it.
“What the cost curve says is that by 2025 all new vehicles will be electric, all new buses, all new cars, all new tractors, all new vans, anything that moves on wheels will be electric, globally,” Seba said.
