In the NewsMarch 22, 2021
Oil Empowers the Poorest Nations, But at What Cost?
Oil’s future lies largely in the hands of the world’s up-and-comers. Demand from non-OECD countries surpassed that of developed economies in 2013. Yet emerging markets must balance raising living standards with the risk of getting flooded, scorched or otherwise scarred by climate change. As the oil industry defends itself against defunding, it argues its products, while adding to emissions, are also vital in elevating conditions for the planet’s poorest. This recasts oil as a flawed but necessary tool in promoting economic equity.
The catch: The poorest will catch it hardest when it comes to climate change.