Shift to green energy 'could cost oil states $13 trillion' by 2040
A new report says that oil and gas producing countries face a multi-trillion-dollar hole in their government revenue.
The report from the think-tank Carbon Tracker looks at the financial impact as the world cuts back on fossil fuels.
It says some countries could lose at least 40% of total government revenue.
It estimates the cumulative total revenue loss for all oil-producing countries by 2040 will be $13 trillion (in 2020 dollars).
That is as efforts to contain the rise in global temperatures drive the decarbonisation of energy supplies.
Carbon Tracker describes its report as a wake-up call to oil producing countries and international policymakers. It says they have planned on the basis that demand for oil will increase until 2040.
Read original full article
#Climate Change
#General Clean Energy
#Government Policies
#Investment
#Natural Gas
#Oil
Atlantis Viewpoint
The planet needs to transition to clean forms of energy production. There are over 40 so-called 'petrostates' including Iraq, Equatorial Guinea and Saudi Arabia. These countries will have to adapt their economies to meet the international climate targets and ts secure their national economies for the future.
At Atlantis, we know that #TrueCleanEnergy is not free, a change to clean energy production will create jobs and income for those countries and companies that invest in it now. Either producing energy for their own country or producing energy to export, energy will always be required. If we are smart with our planning then individuals, countries and the world can benefit in many ways from clean energy.
Saudi Arabia, Iraq, Iran and many other oil producing countries have a huge potential for Concentrated Solar Power energy production, so producing electricity, fresh water and exporting green hydrogen would be an excellent way to transition their economies
