The world’s oil consumption could peak as early as the end of the next decade as electric vehicles become more popular, Royal Dutch Shell Chief Executive, Ben van Beurden, said.

The prospect of a decline in oil consumption after more than a century of growth as the world switches to burning cleaner fuels is gathering pace. On Wednesday Britain announced plans to ban diesel and gasoline vehicles by 2040, following a similar move by France.

“I think they are very welcome announcements, they are also very needed anno uncements,” van Beurden told reporters after Europe’s biggest oil company reported a sharp rise in quarterly profits, according to Reuters.

Under the Anglo-Dutch company’s most aggressive scenario of battery-powered vehicles replacing traditional internal combustion engines, consumption of oil will peak in the early 2030s, he said.

With a high use of biofuels in the mix, demand could peak by the late 2020s, he added.

But oil will still be needed for decades to come as it is likely to remain the main fuel for planes, ships and heavy trucks, van Beurden told reporters.

“Even if the UK, France and the Western world in general will all go to 100 percent electric vehicles, that would be great, but that wouldn’t be enough… We still have less advanced economics that cannot do that switch,” he added.