Petrostates risk losing trillions as world turns to green energy | FT Energy Source
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- Опубликовано: 9 мар 2024
- As the world moves towards greener energy, a recent report suggests economies heavily reliant on oil and gas risk losing trillions of dollars in revenue. But reducing this dependence on fossil fuel revenues requires significant investments in new technologies, retraining the workforce, and diversifying sources of income. And as the FT’s Jamie Smyth explains, that may not be easy.
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I hope this happens. The downfall of the petrostates is an added bonus in the green transition.
They will never go down though. They’ve invested all the wealth in sovereign wealth funds. They can basically retire now and do nothing.
Another hater that will be disappointed
@@aldeweesh No hate, just like to breath air I can't see.
It's hardly that simple. Look at Saudi Arabia, they will never be able to balance their budget without oil and will need to seriously reduce spending. Noone can get by only on spending savings, not even the Saudis.
This is not completely a good thing. Many African nations who do not even produce most of the carbon are very dependent on fossil fuels and this will impact the livihoods of many millions of people who will soon find it hard to eat. Sadly those who have already benefitted on fossil fuels for hundreds + years in the West have are happy but its just a new way for you guys to rule the world. Always changing the finishing line once your ahead. No one would talk about fossil fuels if the US and Europe were the undeveloped ones
Dubai was forced to change as it has no more petrol. The writing on the wall should be obvious to all petro-states but they all seem to be with their eyes closed
Yes. They pivoted towards tourism and business. Unfortunately for them, other countries with nicer climates and more open cultures will be their competitors. For example places like Malaysia and Kuala Lumpur
@@JG-MV Dubai is very open, its almost the only one in the middle east who are very liberal
I love the format and pace. Very concise and informative! Thank you for making it!
“If the countries met their climate pledges.” This has to be the funniest video I’ve seen in ages!
Still we need plastics and jet fuel right?
Yes. But that is a much smaller part of the demand compared to transport, heating and electricity generation. And even then alternatives are cropping up.
Its like $100 billion vs $10 billion.
1. Dubai has one of the worlds largest oil trading platforms that moved from Geneva
2. O&G will be need for the next century especially in low GDP / Capita countries
3. GCC is positioned well through a clear vision, particularly thankful to leading consulting group guidance
4. Timelines the time it takes to construct mega infrastructure and educational systems is extremely faster than other areas of the globe
5. Paris agreement is gone if we sustain + 3.0c it would be a good target at this point.
2: oil and gas won't be competitive in low GDP nations - as those are typically good places for solar, which will be cheaper.
3: I highly doubt it. They need the income - the vid shows the numbers.
4: So far they're just wasting billions on prestige objects for their monarchs. Like that insane linear city. Or the moon palace blob.
5. Most predictions already day we'll stay under 2.5 degrees. Solar and wind became way way more efficient than ever predicted. Deployment is at a light speed pace.
5-10 minutes video is great
They can make hydrogen, ammonia, or methanol, as well.
we need to get out of fossil fuel addiction as soon as possible, time is ticking, rather than spending money on the discovery of new oil fields and coal mines, we should spend the same money on the development of renewable resources development and nuclear energy safe disposal. solar energy and nuclear energy have a lot of potential .
Unfortunately thats how Kuwait is till this day! They are too dependent on Oil and should learn from Saudi Arabia and have more tourism !
Covid told us that even Tourism isn't a reliable Industry.
Plenty of oil will still be used in the future even when going green for a good while
The graph at 0:42 suggests the opposite to your title.
You need to put the US and UK into that category also, considering both are some of the largest oil producing counties in the world.
They don’t depend nearly as much though
When change comes, it will arrive suddenly from a source you don't expect and will turn everything on its head. That's the way of the world.
What about the petroeconomy collapsing altogether?
So petro regions need immediate large scale renewables investments so they build up the new forms of revenue and employment before fossil revenues decrease.
This study on what FT made this video didn't take in consideration the petrol need to built and maintains all this "green" new infrastructures, pick in 2030? Give me a break
Part of the transition is more effective insulation and heating
+
A renewable grid has mass storage on it, once you go down that route which countries are doing your smoothing off the duck curve and electricity becomes a lot cheaper.
If you look at an EV it can be used both as transport and a mass storage device that can power a home for 2 days
While they still have money they should put their money into western markets because innovation drives growth, and at the end of the day if they do well they can simply live off of the dividends from the innovation-type companies.
They've already done that...
Yes but that is outside their sovereignty and means it can be taken away if things get dire
@@abdiganiaden Except for resource extraction and tourism, do Islamic countries have any viable economic sectors? What would be the source of the innovation? Do they have any universities that aren't primarily for Islamic religious studies? What could investors possibly bet on? Maybe an NFT of the Kaaba in Mecca?
@@abdiganiadenuh? Like the US will just take away their shares on the NYSE? Unlikely, unless they cross the US geopolitically, like align with Russia or China.
Saudi Arabia actually has been investing in technical universities like King Saud University. The biggest challenge is creating a thriving private sector
@@DemPilafian
It all comes down to cost. OPEC can always cut production to prevent price decline but cheaper renewable energy options and EV adoption will decrease long-term investment into the old and gas industry. NG excluded.
Será assim, estarão mesmo em risco?! Numa balança pondo as duas ...qual a que pesa mais?! Mesmo a nível de ganho/gasto ..qual é mais rentável e qual é a mais dispendiosa?! Andamos a correr sempre atrás do prejuízo!!
... as a German Biologist
Create Hydrogen
even more Business
Do Germans want grey hydrogen?
Oil importing "states" must be careful with energy security because their economy is strongly depended on energy they get from "petro-states". If the petrostates may lose trillions dollars from oil export on near future, the oil importing countries may lose multiple times from paralyzing the industry and all the economy.
The future economic development need collaboration win-win policies from oil exporting countries and from oil importing countries. The world is changing.
Most of those countries can become solar superpowers! No reason for crisis!
lack of skilled labour because most of the workers there are from South Asia who work for low wages there, and if they want to adopt renewable energy techniques they need to pay high for this emerging technology to the US, China and India for the development of solar farms, battery pack development, grid development, robots for cleaning panels.
@@Prashant_Pandey4 Research is done by researchers. The rest by ordinary labor. Of course they have to hire researchers. But it's doable.
@@javastream5015 The problem is that renewable energy is a terrible business for producers compared to oil production.
Oil production has low capex and high pricing power due to OPEC.
Renewable energy production has high capex and no pricing power.
@@MajorGarland Nonsens! They can sell both! Oil still very valuable for the chemical industry!
@@javastream5015 First of all which countries would want to buy Saudi Arabian electricity. EU for example would not have to import Saudi Arabian electricity since Northern Europe can produce massive amounts of wind power and Southern Europe solar power. France and a few other countries in Europe has nuclear energy production assets. And even if Saudi Arabia manages to create electricity export sector they will not have any pricing power. Another problem is that Saudi Arabia is far from the largest electricity markets. Since practical superconductors don't exist electricity transfer will be extremely inefficient.
I don't believe that oil will become obselete in the future but when the peak oil happens and the consumption growth trend will turn negative it is going to be very painful for oil producers and oil producing nations.
I know how to rename it! “Petrostates risk saving trillions as world turns to green energy” I think that’s a bit more realistic.
In India there is this line- "Oil over Game over" for Oil producing countries because there is no other significant material resource they have.
As soon as they used energy to leverage; it made this inevitable.
Already gas running out..we wake up early
complete nonsense, petro dollar today is at $0.019335 vs $0.012521 exactly a year ago thats 35% higher, and oil demand is all time high, because cost of green hydrogen and ethanol is far higher then petrol, it will take 30-40 years for hydrogen production costs to match oil
The world also needs to adopt more drops that require less petrochemical fertilizers.
Said fertilizers can't be made by solar and nuclear, I'm afraid.
Petrostates have to Invest in Green Hydrogen Projects, The Sooner the Better.
😂😂😂😂 ships, cargo, planes, lkw=economy will be stoped.
there is no hit and petrolium, they simply tax those companies and give free money to ev and non fossil fuel companies
😮
In recent years. The financial times has lost the plot. This video appears to worry about the welfare of very rich countries due to a theoretical change in circumstances that may never happen and will take decades to eventuate.
demographics and climate change makes peak oil about demand not long feared supply
Premature
It can't happen soon enough
Cool story, now name one petro-state that’s reduced output directly because of or in response to the green transition. Just one.
That won’t do anything as another supplier will just fill the gap
That's a dishonest argument. It's like saying Korea's population will *NEVER* go down because it's going up right now. It's true that Korea is experiencing population growth at this very moment, but it is absolutely 100% definitely going to start declining steeply very soon.
So - the bill comes later. We pay.
We know how population develops over time. And we know how Petro behave from the past.
I can't see any parallel further.@@DemPilafian
Venezuela, Saudi Arabia and Russia have been cutting production significantly in the last 4 years
Saudi Arabia has moved towards investment in green energy. I’m not sure about Russia though.
Not a tragedy
I hope you are right. Human behavior does not seem to support your view.
Arabs GO bust lol😊
Oh that must be why fossil fuel world consumption is increasing year over year 😂
Bull
Petrostates + Alberta
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