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December 1, 2023

Petrostates set to lose over half their oil revenues from energy transition

Oil exploration platform rig
The Carbon Tracker report argues that the international community will have to step up in order to financially assist some petrostates with the energy transition (Photo: Ding Jianzhou/Imaginechina via Bloomberg News)

Petrostates whose revenue is dependent on oil and gas must diversify their economies, Carbon Tracker warns, as leaders at COP28 are being urged by certain countries, progressive businesses and civil society to agree a phase-out of fossil fuels

Environmental think-tank Carbon Tracker has identified 40 petrostates, 28 of which are set to lose more than half of their projected revenue streams from oil and gas following a moderately paced energy transition. 

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