Oil-dependent developing nations face huge shortfall
The energy transition means that countries such as Nigeria and Ecuador will suffer falling revenue and need to start preparing a strategy
Government oil and gas revenues worldwide could be $13tn less over the next two decades, compared with a business-as-usual scenario of continued growth demand and firm long-term prices, according to a report by thinktank the Carbon Tracker Initiative. Under the IEA sustainable development scenario, which sees a 50pc chance of temperature rises being limited to 1.65°C this century, government revenues from oil and gas sales will be approximately half those under the IEA’s ‘stated policies’ scenario, which reflects governments’ announced policy intentions. Countries that wait until the oil price decline starts to happen will have left it too late to address the problem, according to Mike Coffi
Also in this section
3 May 2024
Developers look to government’s forthcoming budget to restore support as industry suffers loss of momentum
1 May 2024
Abundant storage and low cost of capturing CO₂ from sharply rising gas production mean NOC’s ambitious CCUS targets look well within reach
29 April 2024
Decarbonisation push and shifting multilateral trade policy sharpens continent’s need for carbon trading
29 April 2024
Canada’s oil sands producers need policy certainty to make the multibillion-dollar investments needed to achieve net zero, Pathways Alliance president Kendall Dilling tells Carbon Economist