“Petrostates” Risk Collapse if they Don’t Diversify, New Report Says

“Petrostates” Risk Collapse if they Don’t Diversify, New Report Says

A new report says that economic diversification will be crucial as governments across the world set ambitious climate action goals. Forty countries have economies dominated by the oil industry, and as demand for and use of oil is phased out in importing nations, these “petrostates” risk major economic challenges. 

Why This Matters: A “just transition” away from fossil fuel-dependent economies will be needed globally. 

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