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Climate Targets Could Cost Petrostates $13 Trillion, Study Finds

  • Libya, Saudi Arabia among countries facing hardest hit
  • Fossil fuel demand likely to grow despite green transition
relates to Climate Targets Could Cost Petrostates $13 Trillion, Study Finds

Photographer: George Osodi/Bloomberg

The economies of at least 19 countries dependent on oil and gas exports are at risk from climate change targets that could cost them trillions of dollars in lost revenue by 2040, according to a study published Thursday.

The results are “a wake-up call” for the fossil fuel dependent nations to diversify their economies, and for richer countries to help those with weak finances make the transition to cleaner energy, according to the report by Carbon Tracker.