“‘Sunshine gold’ dethrones ‘black gold’”

Collectively, the top ten ‘sunshine gold nations’ save over $60 billion annually, demonstrating solar energy’s role in enhancing energy security and cutting costs. If solar cell efficiency continues to improve, reaching consistent 40-50 percent efficiency in the coming decades, solar energy could progressively replace oil across various sectors.

By 2035, solar could significantly reduce oil demand for electricity generation, which accounts for 10-15 percent of current usage, especially with advancements in energy storage and grid integration.

By 2050, with widespread adoption and enhanced technology, solar could replace 70-80 percent of global oil demand, particularly in electricity, transportation (via electric vehicles), and industrial heating.

A complete replacement of oil by solar energy is plausible by the 2060s, contingent on overcoming technological, political, and infrastructural barriers.

This transition would bring profound economic changes. Oil-importing nations would save trillions, enhance energy security, and reduce geopolitical risks, while oil-exporting countries could face severe economic disruptions, necessitating diversification.

Global energy markets would shift towards renewables, fostering job creation in solar industries but challenging oil-dependent economies. Additionally, transitioning to solar energy would significantly reduce greenhouse gas emissions, offering environmental and health benefits.

Copyright Business Recorder, 2025