Developing countries fight for their right to fuel growth

Financial Times LogoFinancial Times2 mo ago

Developing countries fight for their right to fuel growth - Financial Times

Quick Summary:

Consequently, the focus of the COP27 negotiators on preserving their countries’ rights to develop oil and gas resources was a missed opportunity, Bond suggests.“We are asking the wrong question,” he says.“We suddenly have this new [solar energy] resource.

Marcel advises new producer countries to ensure that their projects have the lowest possible emissions’ profile — to give them a “longer lifespan” — and to prepare for a future when oil and gas production will have to cease altogether.“This is a one-time opportunity so [countries] have to be very strategic about how to use these revenues,” she explains.

He points out that Africa produces only 6 per cent of global fossil fuels from 4 per cent of global reserves, but has access to 39 per cent of global renewable energy potential.

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Article Details

Author / Journalist: Tom Wilson

Category: MarketsFinanceInvesting



Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-11-30 @ 05:00:43 (2 months ago)

News Timezone: GMT -5:00

Ranking: #1515 (out of 6869 stories this day)

News Source URL:

Language: English

Article Length: 914 words

Reading Time: 6 minutes read

Sentences: 31 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 2055819

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Update Frequency: 7 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 13 hours ago

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