Slump in Oil Prices Drives Green Energy Takeup in Top Exporting Nations
The oil price slump below $30 barrel is spurring some of the world’s biggest oil exporters to curb domestic consumption of fossil fuels and invest in wind and solar power, according to government officials meeting in Abu Dhabi.
A month after the historic climate agreement in Paris, Saudi Arabia, Russia, Iran, Kuwait, the United Arab Emirates and other oil exporters are in the midst of overhauling domestic energy policies and seeking alternatives to oil and gas for electricity.
The main motive is not reducing greenhouse gas emissions, but cutting back on domestic energy demand that is taking up a rising share of production. Oil exporters would rather sell their fossil fuels abroad than burn them at home, government officials attending meetings of the International Renewable EnergyAgency (Irena) said.