The European Union (EU) target for an energy transition and energy independence is 2027. EU just-in-time fossil fuel substitutes from countries other than Russia has got liquefied natural gas (LNG) and oil exporters and importers euphoric. These latter stakeholders are in for a big surprise. The EU REPowerEU strategy may see gas demand peak in 2023, declining 29% to 52% by 2030 or, at the very least, no LNG import growth. Somber news for oil exporters to the old Continent too, the EU electric vehicle sales growth appears to be heading for 50% of the total vehicle market by 2025, meaning EU peak oil is not far off.
All of this is happening against a global historic backdrop of 2023 marking the first time ever that clean tech investments are greater than those of the fossil fuel sector.