Without help for oil-producing countries, net zero by 2050 is a distant dream | Ali Allawi and Fatih Birol

Without help for oil-producing countries, net zero by 2050 is a distant dream | Ali Allawi and Fatih Birol

To meet climate targets and avoid economic collapse, countries such as Iraq need international support in the transition to clean energy

• Ali Allawi is deputy prime minister and finance minister of Iraq. Fatih Birol is executive director of the International Energy Agency

In the Middle East and north Africa, global warming is not a distant threat, but an already painful reality. Rising temperatures are exacerbating water shortages. In Iraq, temperatures are estimated to be rising as much as seven times faster than the global average. Countries in this region are not only uniquely affected by global temperature rises: their centrality to global oil and gas markets makes their economies particularly vulnerable to the transition away from fossil fuels and towards cleaner energy sources. It’s essential the voices of Iraq and similar countries are heard at the Cop26 climate change conference in Glasgow this November.

To stand a chance of limiting the worst effects of climate change, the world needs to fundamentally change the way it produces and consumes energy, burning less coal, oil and natural gas. The International Energy Agency’s recent global roadmap to net zero by 2050 shows the world’s demand for oil will need to decline from more than 90m barrels a day to less than 25m by 2050. This would result in a 75% plunge in net revenues for oil-producing economies, many of which are dominated by a public sector that relies on oil exports and the revenues they produce.

Continue reading…

Leave a Reply

Your email address will not be published. Required fields are marked *

EnvironFriend

FREE
VIEW