Switched On
OPEC and Peak Oil: Future of Energy in the Middle East
Dec 20, 2023
The podcast discusses OPEC+ and output cuts, the debate over peak oil demand, and the potential for hydrogen as an alternative to fossil fuels in the Middle East.
22:42
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Quick takeaways
- Middle Eastern countries are exploring alternative business models to offset potential losses from transitioning away from fossil fuels.
- Renewable energy development in the Middle East remains relatively small, posing challenges to emission reduction efforts.
Deep dives
COP 28 agreement and fossil fuel phase down
The COP 28 concluded with an agreement urging the world to transition away from fossil fuels and energy systems. While the fossil fuel phase down category in the scorecard received a 4 out of 10, it was later raised to 6.5 after the meetings. However, B&EF analysis suggests that the agreement could have been more ambitious as the terms 'phase out' or 'phase down' were omitted, leaving the wording open to interpretation. There was also a last-minute inclusion of a potential role for transition fuels, which could allow countries to lobby for the use of more carbon-efficient technologies. B&EF offers further analysis on the final COP agreements and their impact on the fossil fuel sector.
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