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Opinion
David Fickling

Petrodollars Are Becoming a Rival Channel of Climate Diplomacy

Oil heavyweights like Saudi Crown Prince Mohammed bin Salman are flashing their cash to counter the green deals pushing them toward obsolescence.

Saudi Crown Prince Mohammed bin Salman with Thailand Prime Minister Pryauth Chan-Ocha in Riyadh.

Saudi Crown Prince Mohammed bin Salman with Thailand Prime Minister Pryauth Chan-Ocha in Riyadh.

Photographer: Anadolu Agency

Hello and welcome to Elements, our daily energy and commodities newsletter. Today, Bloomberg Opinion’s David Fickling says green deals from the COP27 climate summit are being countered by another type of green: the billions of dollars being spent by Gulf states to make sure they have customers for their oil. To read how a Trump administration appointee is leading the charge against ESG, click here. If you haven’t yet signed up to get Elements directly into your inbox, you can do that here.

While the world was focusing on the climate diplomacy underway at the United Nations COP27 conference in Sharm El Sheikh, Egypt, the other side was out there, too, quietly firming up alliances.