Oil producing countries need support for net-zero show | OilPrice.com

Iraq’s finance minister and the head of the International Energy Agency (IEA) are seeking international support to increase and reduce their dependence on oil revenues if the world hopes to achieve zero oil emissions.

Countries such as Iraq need international support as they transition to clean energy to achieve climate goals and avoid economic collapse. The guard.

Alawi and Birol said they had seen oil prices plummet and oil prices plummeted before major economies such as OPEC, Iraq’s second-largest oil producer, fell.

According to the 2050 Bomb Net-Zero report, the IEA said OPEC accounted for more than half of the world’s gross domestic oil exports earlier this year, accounting for more than half of the 52 percent. This is about 37 percent of the world’s oil supply in recent years.

However, in the manufacturing economy, the annual per capita income of oil and natural gas will drop by 75 percent, which could affect society, the IEA said.

Although these oil and gas revenues are not fully offset, structural reforms and new sources of revenue are needed. As traditional supply is declining, the oil and natural gas industry will be well-suited to technologies such as hydrogen, CCC and coastal wind that are needed to cope with emissions in areas where it is most challenging, ”the report said.

The Iraqi Alawi and IEA bureaucrats wrote in a commentary published on Wednesday.

“Countries like Iraq cannot just transition to clean energy. They need international support if they want to pool their resources, skills and policies to transform their economies fairly, affordably. Otherwise, the road to zero and the security of world energy markets will be in jeopardy. ”

By Charles Kennedy for Oilprice.com

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