Participants at the COP28 conference in Dubai were able to agree a final deal calling for divestment from fossil fuels"
It doesn't mean stop producing oil tomorrow, it doesn't mean all transportation will be electric tomorrow.
But it does mean reducing dependence and oil production. Considering that most of the oil is used for fuel, this will be the main area for reducing consumption. Especially in this market (motor vehicles) there are already technologies that allow to do this.
however this doesn't stop oil production, it will undoubtedly have an impact on the market. If countries that rely on oil can find other ways to maintain economic growth, they will do so because they cannot continue to harm the environment through their operations.
That's why smart countries whose economies are based on selling resources (oil) have been investing huge sums in developing new energy production technologies for years. This is the difference between smart countries and not so smart countries. Smart countries are those who live for the future, not so smart countries are those who live for today and do not think about the future.
And one more news on the topic:
The German company e-Revolt offers a service for converting gasoline and diesel cars into electric vehicles. The key feature of the transformation is that it takes only 8 hours to replace a gasoline or diesel engine with an electric powertrain.
The cost of adaptation is much lower than the decision to purchase a new car.