UAE is one of the petrostates that could lose half of its revenue if demand for fossil fuels declines
According to a new analysis, as the globe transitions to sustainable energy, the United Arab Emirates is among dozens of petrostates that run the risk of losing more than half of their projected income from fossil fuels.
According to an October projection by the International Energy Agency (IEA), the world’s demand for fossil fuels may peak before the end of 2030. What does that mean, though, for nations that depend on gas and oil, like the UAE, which is hosting COP28?
According to research issued today by the financial think tank Carbon Tracker, if handled poorly, it may seriously impair public coffers and spark a wave of civil discontent.
Guy Prince, a senior oil and gas analyst and the report’s author, states that lowering costs for solar, wind, and batteries are driving the expansion of electricity to become the foundation of our whole energy system.
“This poses a serious risk to countries that export gas and oil since declining demand for these resources is probably going to result in sharp declines in future earnings.”
The most recent news from Dubai on COP28: the World Climate Action Summit, King Charles III, and fossil fuels
Up to 40 petrostates may witness a sharp reduction in oil and gas income from an anticipated $17 trillion (€15.6 trillion) to just $9 trillion (€8.3 trillion) in the years leading up to 2040 as demand declines and falling prices are made worse by oversupply.
