Deustche Bank Research recently published a topical study entitled Energy Prospects After the Petroleum Age. It provides a succinct, prescriptive, business-oriented overview of the need to prepare for the transition away from fossil fuels. Some highlights:

Massive R&D efforts are needed to smooth the way to solar hydrogen energy. Decentralised supply structures on the basis of efficient fuel cells would reduce the risks of widespread power outages. Moreover, particularly in the private consumer sector, still too little attention is being paid to energy conservation and efficiency. [...]

On a longer horizon the signs point to an increasing scarcity of hydrocarbons. If only for this reason, and setting aside any politically motivated supply crises, in a few years the price of oil (and later gas) can therefore be expected to trend upward. In all probability a battle will break out over shares in the globally diminishing reserves, particularly of oil. One major factor is that, as a rule, energy producing raw materials also constitute important basic raw materials for non-energy uses. [...]

The end-of-fossil-hydrocarbons scenario is not therefore a doom-and-gloom picture painted by pessimistic end-of-the-world prophets, but a view of scarcity in the coming years and decades that must be taken seriously. Forward-looking politicians, company chiefs and economists should prepare for this in good time, to effect the necessary transitions as smoothly as possible. [...]

In the transport sector, the reduction of specific vehicle consumption is the major energy saver. Automotive engineering holds out considerable potential with innovative engine concepts, lighter bodywork and reduced rolling and frictional resistance. Further savings can be obtained by shifting traffic off the road and onto the railways. This can be encouraged by the development of local passenger transport and improved services in passenger transport and goods traffic.

Well worth a read.