February 15, 2021

By 2040, the energy transition, which implies the rapid development of “green” energy, will deprive the oil-producing states of 13 trillion US dollars. This is reported by NGV with reference to the calculations of experts from the British analytical center Carbon Tracker. The fight against climate change and the accompanying decarbonization of the energy sector will lead to the fact that the demand for oil and gas will fall, and the price of fossil fuels will fall. Moreover, the decline in prices will be greater than currently forecast. Most of the financial losses (US $ 9 trillion) will come from 40 countries, whose revenues are directly dependent on hydrocarbons. Seven states can lose 40% of their national revenues. Nigeria, Algeria, Saudi Arabia, Kuwait, Iraq and 10 more countries can lose from 20 to 40%. Incomes of Russia, Mexico and Iran may fall by 10-20%. Norway and Malaysia, due to their diversified economies, are less vulnerable, but their incomes may decline by 5-10%. It is noted that a number of the world’s largest oil and gas producers (USA, Great Britain, the Netherlands, China, India and Brazil), which are not

 

Source: Turan News Agency

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