The question (Can economic growth continue without fossil fuels?) seems to be addressed to the developed world whereas it can equally be applied to those petro Dollar based economies of the MENA countries that are dependent of up to 95% of their economies on fossil oil extraction, production and exports. These countries are also however noisily turning to the renewable form of energy resourcing with either enormous investment that are punctually located within the most affluent such as the Masdar project in the UAE http://www.masdar.ae/ or amongst the least such as the Noor Ouarzazate project in Morocco http://www.projects.worldbank.org/P131256?lang=en . Anyway these operations together with other less PRed so far have the merit to have kick-started a long overdue process of moving away from all hydrocarbons and in so doing try and diversify their economies. Cynics would want to prophesise that these countries without oil exports related revenues and going for renewable energies programs would only be moderating their inconspicuous consumption of energy whilst saving on their end of the month electricity bill. In other words, no more earnings and diversify economies is turning out to be more inaccessible than first thought.
At a time when fossil fuels are being contested and a higher share of more volatile renewables being pushed with the goal of them taking over, the recently declared ban of the Diesel engine car closely followed by a more severe ban on all fossil fuel-powered vehicle sales by 2040 could only mean the adoption of electric vehicles for transportation. This would in turn mean a drastic change in all sectors of trade, industry and above all infrastructure at all levels. More closer to us all, this would put a strain not only on all grid systems starting with of course the electrical one but on every aspects of everyday life. This state of affairs would affect first and foremost the advanced economies but relatedly and with some time lag all other countries, especially those of the fossil energy source producing countries of the MENA region.
Following on our article OPEC agrees to cut Oil Production, today is a day when OPEC and non OPEC meet in Vienna again as planned with one single item on their agenda. This is whether to carry on with their agreed 5 months ago productions cut or leave it to the market to decide. The Organization in […]
Donald Trump has just left Saudi Arabia for Israel with a $350 billion worth of contracts under his arm. One wonders if he would gather as much in the latter country. In any case, the president of the USA seems to have tabled a lot of his plans if not all on getting America’s manufacturing, […]
Following our Earth Day commemoration article Climate Change and Environmental Awareness , where it was mentioned that on that day, the United Kingdom gave up its use of coal for mainly generating its electrical power, today we are happy to republish a World Economic Forum’s article written by Alex Gray, Formative Content on April 26, […]
For the few oil & gas exports economies, these resources exploration and trade have as we all know, brought a wealth that has never been known before its advent but with it a lot of disagreements as well. Unfortunately not only to them. The results are also “renowned for their pedagogical prowess” and the gains […]