Germany advances renewable energy reliance to 85% by 2030Germany: (the engine behind the 3rd biggest Economy in the world):
Has increased the rate of renewable energy dependence to 85% by 2030 vs 80%.
Germany doesn't have the oil and gas reserves that Canada and the USA enjoy, so they have had to plan for a renewable energy future faster than North America.
The Russian invasion of Ukraine has advanced the agenda of energy independence for Europe.
USA: (second biggest economy in the world):
The new IRA program is going to have the USA leap frogging the world in renewable energy adaptation.
California and Texas are testing now solar energy based communities to assist their grids.
California passed a $2.9 billion bill this week to add 90,000 more EV charging stations.
MigraineCell has correctly pointed out that US oil and gas fields are depleting faster than they are being replaced.
Unless the Republicans win the election in 2024, the energy transition will be well on its way by the end of 2028. In other words, there will be no turning back.
China: (biggest economy in the world):
Is adopting EV's at a stunning rate (36% of all new cars are EV's now) as part of their of their transition plan. China, being the biggest importer of hydrocarbon energy has the most to gain from building out a renewable structure. With technology advancing at an incredible rate, China is going benefit from the innovation out of Europe and North America.
Japan (4th biggest economy):
All new houses in Tokyo built by large-scale homebuilders after April 2025 must install solar power panels to cut household carbon emissions, according to a new regulation passed by the Japanese capital's local assembly Thursday.
It's easy to understand while oil importing countries are leading the charge to renewable energy independence. Maybe the USA is not as energy independent as they let on.
The arguement for the movement to "green" is convenient and political, but the "green" factor has definitely taken a back seat to energy reliability and independence.
India:
"The introduction of renewable energy, particularly solar energy, is accelerating quickly in India, according to the authors, and will drastically alter the country's electricity industry this decade." This momentum is being driven by quick price drops that make renewable energy sources like wind and solar much more affordable than fossil fuel alternatives
Summary:
My point in documenting the above is that the world is moving towards renewable energy much more rapidly than investors in oil stox want to admit. Renewable targets are being advanced due to energy security these days as opposed to GHG agendas. The fear of being warm and having electricity will trump GHG concerns far off into the future every time.
Are gas stations that sell gasoline and diesel fuel going to be closing soon? Nope.
Are airplanes going to stop using jet fuel soon? Nope
However, the change in demand for hydrocarbons for electricity, heating, and transportation is coming whether the deniers admit it or not.
If the share price of Suncor drops to my price target, I will buy back in because of greed. If I do get back in, I won't be sticking around for the long term because Suncor has made it clear that they are committed to their business strategy of core dependency on oil. Going forward, OPEC countries that rely almost 100% on oil for their GDP along with Russia will be competing hard while SU has Trudeau to protect its back. Ugh!