Highlighting the economic instability of major oil states
Carbon Tracker
Energy
Share:
“Carbon Tracker has worked closely with Greenhouse as our media advisor and it's been a fun, productive and supportive relationship. The strategy of working together with a focus on framing climate risk through the lens of international investors, capturing the attention of financial media, has been a tremendous success. Today institutional investors now know the ‘stranded assets’ thesis Carbon Tracker developed and investors are getting very active in engaging with the boards of fossil fuel companies. It has helped lay the ground for the successes we now see in the fossil fuel divestment movement or in the board rooms of Exxon and Shell.”
Mark Campanale
Founder & Executive Chairman, Carbon Tracker
Challenge
Lower demand for fossil fuels and decreasing prices will mean that the world’s biggest oil- and gas-producing nations (or petrostates) risk collectively losing $9 trillion over the next 20 years, threatening economic and social stability around the world.
Solution
Supported Carbon Tracker with the strategy and development of Beyond Petrostates, urging petrostate governments to urgently diversify their economies away from fossil fuels and avoid stranded assets. The report also emphasises the importance of richer nations providing the necessary climate finance to assist the economic transition towards renewable energy.
Result
Delivered extensive global media coverage with more than 600 articles across 50 countries. Highlights included news agencies Bloomberg, AFP (France), EFE (Spain), PAP (Poland), Lusa (Portugal), ČTK (Czech Republic), IANS (India), coverage on BBC international and domestic bulletins, Financial Times, Washington Post, Süddeutsche Zeitung (Germany), La Vanguardia (Spain), Economic Times (India).
Impact
Media coverage reached several of the world’s biggest petrostates across Africa, Asia and the Middle East, including Algeria, Angola, Azerbaijan, Kuwait, Nigeria and Saudi Arabia. The report has provided ammunition to investors and campaigners, ahead of COP26 in Glasgow where climate finance for major petrostates and the Global South will be on the agenda.
