CoViD-19 epidemic helping fight against oil

This SIP builds on the already existing economic issues caused by the CoViD-19 epidemic. Due to China's Hubei province being on lockdown, and China closing its borders, there has been a minor supply chain disruption, and most recent figures show oil prices have gone up by 2% already. Should the cases continue to grow, it is quite likely oil prices will as well.
This might be the moment for pushing many countries in the direction of using renewable energy sources, rather than oil. With the possibility of a trade and travel ban being put in place, and oil prices rising, renewable energy appears as a better choice.

 

Actor(s)

Multiple goverments of well-developed countries

 

Trigger (intervention)

Various countries shifting to renewable energy sources as oil prices rise and oil supply becomes questionable during the CoViD-19 epidemic.

 

Criticality

Countries still depending on oil

 

Feedback Dynamics

As the demand for oil supplies decreases, the prices would increase, thus making it even less desirable for many goverments, seeing as they would be doing their best to soften the blows of the epidemic both on their populations and economies. Likewise, as clean energy became more available, its prices would decrease, making it a better option. Should some of the leading countries in the European Union (for example, Germany) push renewable sources further, it is likely others would follow suit, resulting in a cleaner, better Europe.

 

Timescale and scaleability

Due to the nature of the epidemics, these measures must be implemented as soon as possible. An estimate is that they should at least begin to be put in place in the next month or two, due to the (currently estimated) incubation period between 14 and 24 days, and the virus only now truly taking off outside of China.

 

Resistance

 

Author

Rea Peuic

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