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06 April 2021

InnoBlog: How oil exporting countries are seeking green pastures

Imagine possessing resources that run the global economy. Naturally, you would pivot your efforts to leverage this resource and your growth would inevitably depend on the growing global demand for this resource. Now imagine if the world finds an alternative that slowly but surely starts to fizzle the demand for your resource, what would you do?

 

Oil exporting countries (OEC) are grappling with this reality today. Most OECs depend on rapid global economic growth that is designed to run on oil and gas. But with battery technologies, renewable energy and green hydrogen growing more economical, countries are weaning off their oil consumption bringing them closer to their climate-change targets. Estimates suggest that petrostates could lose as much as $13 trillion by 2040 because of global climate-change targets!

 

Forecasters also predict that the world will hit peak oil as early as 2022 and while demand for oil will remain flat for the next decade, long term forecasts suggest that the demand for oil will inevitably shrink by more than 50 % by 2050.

Drive to diversify

The green hydrogen market could be worth $700 billion by 2050

How can you join the revolution?

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