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Can Oil-Producing Nations Move To Renewables? Grading 7 Petrol States

The possibility of transitioning to a greener energy future varies among economies that are fossil fuel-dependent , which represent nearly one-third of the world's population and one-fifth of global greenhouse gas emissions. For some, the question is purely financial; for others, political factors are slowing the shift.

Can Oil-Producing Nations Move To Renewables? Grading 7 Petrol States

Sculpture at Petroleos de Venezuela's Caracas HQ

Carl Karlsson

In Norway, a left-wing landslide election win last week is calling into question the future of the country's oil production. Two weeks earlier, Iraq's finance minister made an unprecedented call to fellow OPEC countries to move away from fossil-fuel dependency.

The two recent headlines are emblematic of the challenges facing major oil-producing nations around the world. Last year's crash in oil prices coincided with unprecedented public demands for a commitment to a cleaner energy future, while the pandemic exposed the fragility of economies heavily dependent on a single commodity.

And yet, the ability to adapt to a greener energy future varies drastically among fossil fuel-dependent countries, which represent nearly one-third of the world's population and one-fifth of global greenhouse gas emissions. For some, the question is purely financial; for others, political factors are slowing the shift.

"We are basically undoing over a century of interdependence between these nations and the global economy," says Deborah Gordon, leader of oil and gas solutions at global energy and climate think tank RMI. "Unwinding this tightly integrated, global market needs to be surgical."

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In The News

War In Ukraine, Day 124: Zelensky To G7, Let’s Try To End War Before Winter

Ukrainian President Zelensky addressed the G7 leaders via video call at the summit in Kruen, Germany, where he asked to “intensify sanctions” against Russia and warned against the war dragging on.

G7 summit, working cession

Shaun Lavelle, Anna Akage and Emma Albright

Ukrainian President Volodymyr Zelensky told G7 leaders that he wanted the Russia-Ukraine war to end before the winter sets in, according to Reuters.

Stay up-to-date with the latest on the Russia-Ukraine war, with our exclusive international coverage.

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Zelensky addressed the G7 leaders via video call at the summit in Kruen, Germany, where he asked to “intensify sanctions” against Russia. He also requested more reconstruction aid, aircraft defense systems, further help on exporting grain out of the country as well as security guarantees.

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