Net-zero future confronts oil-rich nations
For oil producing nations, a global shift towards cleaner fuels will pose questions about whether they can come out of the energy transition well.
Anjli Raval, Chloe Cornish and Neil Munshi
Ali Allawi, Iraq’s Finance Minister, found himself in a quandary last year as the spread of coronavirus cut demand for oil and prices tumbled.
Allawi’s treasury, which receives more than 90 per cent of its revenues from crude sales and spends 45 per cent of its total budget on salaries and pensions, suddenly didn’t have enough money to pay millions of public employees and retirees.
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