Saudi Arabia is seeking compensation from oil-importing nations if wealthy countries reduce their oil consumption. See: Saudis Seek Compensation for any drops in oil revenues :
“Petroleum exporters have long used delaying tactics during climate talks. They view any attempt to reduce carbon dioxide emissions by developed countries as a menace to their economies…
Environmental advocates denounced the idea, saying the Saudi stance hampered progress to assist poor nations that are already suffering from the effect of climate change, and that genuinely need financial assistance.
“It is like the tobacco industry asking for compensation for lost revenues as a part of a settlement to address the health risks of smoking,” said Jake Schmidt, the international climate policy director at the Natural Resources Defense Council. “The worst of this racket is that they have held up progress on supporting adaptation funding for the most vulnerable for years because of this demand….
A recent study by the International Energy Agency, which advises industrialized nations, found that the cumulative revenue of the Organization of the Petroleum Exporting Countries would drop by 16 percent from 2008 to 2030 if the world agreed to slash emissions, as opposed to the projection if there were no treaty.
But with oil projected to average $100 a barrel, the energy agency estimated that OPEC members would still earn $23 trillion over that period.”
$23 trillion in profits are expected even with reduced consumption, and who owes who a rebate here?
Some don't believe that carbon emissions are accentuating global warming. So let's take that hot button out of this discussion. What about kicking dependence on oil in favour of domestic, clean, renewable energy that avoids the need for our military to patrol the Middle East; that stops spending billions on foreign energy imports and starts reinvesting in the development of alternative energy jobs and products that most of the world would buy.
The Saudis could do that too, if they ever stop trying to prevent change and get on with creating solutions. Next thing we know, the dinosaurs in Canada’s oil patch will be looking for compensation too.
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