The focus at the The future of fossil fuels is in the spotlight at the COP28 climate summit in Dubai, with a number of countries fossil fuels, with a number of countries pushing for a phase-out of fossil fuels to to achieve climate goals, while other countries are talking about more radical measures. This was reported by Newscientist, according to UNN.
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For low-income countries that depend on income countries that depend on their oil and gas industry, the transition from fossil fuels could have catastrophic consequences without additional international support. Out of the 40 countries that rely on oil and gas revenues for to fill the budget, more than 20 countries receive half or more of their budget of their budget revenues from fossil fuel trade. Five of these countries are located in Africa, including Nigeria with a population of 200 million. And in countries such as Venezuela, Iraq or Turkmenistan, oil and gas revenues account for 100 percent of government revenues.
Researchers at the of the Carbon Tracker think tank in the UK have also identified six African countries, including Uganda, Senegal and Mozambique, as "oil developing states" that risk losing money on fossil fuel infrastructure fossil fuel infrastructure that they are just beginning to build.
The loss of these revenues and and growing debt can destabilize governments and leave workers and communities fossil fuel workers and communities without a livelihood, says Natalie Jones of the International Institute for Sustainable Development, a think tank based in Canada. in Canada.
On the very first day of negotiations at COP28, Africa negotiations at COP28, the African group of countries strongly insisted on more support and stated that the final resolution of the summit should include language on the phase-out of fossil fuels that would be "fair, equitable, and using a differentiated approach."
SEE ALSO: The Summit COP28 kicked off with a call to work together on fossil fuels
Jones believes that support for vulnerable oil states could resemble programs launched at COP26 in Glasgow to help coal-dependent countries. These programs were aimed at helping coal-dependent countries invest in clean energy, diversification, and clean energy, diversify their economies, and retrain workers who have lost their jobs. who have lost their jobs.
We have yet to see how well they will succeed, but they could become a model for countries that are moving away from