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REPORT: IRAQ'S ECONOMY MAY COLLAPSE IN FRONT OF TRANSFORMATIONS
06 Jun 2021
Baghdad-ALSharqiya, June 6: An international report warned four countries, including Iraq, that they will be among the most exposed to the risks of declining revenues as a result of the transition to clean energy during the current decade.
The energy research company Rystad Energy said that the revenues of oil and gas producing countries will be dealt a severe blow with the process of energy transition imposed by the climate change crisis, amid warnings of potential risks unless these countries accelerate to diversify their economies, indicating that the fuel-dependent economies represent nearly a third of the world's population. It is responsible for one fifth of greenhouse gas emissions. The report pointed out that Algeria, Iraq, Kuwait and Libya are the most exposed to the risks of declining revenues as a result of the energy transition, with the fact that half of government revenues from this sector are at risk.
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