The final agreement signed at the COP28 climate summit marked a significant step forward, addressing for the first time the need to transition away from fossil fuels. Among its signatories were oil-and gas-rich nations in the Middle East, many of whom currently center their economies around the export of fossil fuels. But what are these countries’ clean energy plans, and do they have alternative business models to offset the potential losses from a greener future?

On today’s show, Dana sits down with Philip Geurts, an analyst from BloombergNEF’s oil team, to talk about the Middle East. Together, they discuss OPEC+ and the significant output cuts from some of its members, the debate over when and if peak oil demand will be reached, and whether hydrogen offers the region a realistic path away from fossil-fuel production.

Complimentary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal, on bnef.com or on the BNEF mobile app.

Links to research notes from this episode:

Fossil Fuels Are Raking in Investments in Emerging Markets - https://www.bnef.com/shorts/s53df5dwx2ps00?context=eyJjb250ZW50VHlwZSI6InNob3J0IiwicmVnaW9uIjpbXSwic2VjdG9yIjpbIjJkNjM3YWE4NDExYjNiMjUiLCIyZDYzN2FhODQxMWI0YjA5Il0sImF1dGhvciI6W119

Hydrogen Hard-Pressed to Become Pillar of Big Oil’s Future - https://www.bnef.com/insights/32349/view

$290 Billion Oil Cash Edge Allows Late Mideast Transition - https://www.bnef.com/insights/32111

 

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