Climate Change Be Damned, the Gulf Is Betting on Oil

A combination of cold business calculations and a desperate attempt to preserve the good old days is at work

David Rosenberg
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David Rosenberg

In less than five weeks, Donald Trump will be waving the White House goodbye, Joe Biden will shortly thereafter bring the United States back into the Paris climate accord and the world will quite literally be saved from disaster.

Of course, it isn’t quite that simple. Even though Trump led America out of the climate agreement nearly four years ago, the world has made a lot of progress toward weaning itself off fossil fuels anyhow. The price of generating solar power has plunged and there is a broad consensus that global demand for oil has peaked, or will be peaking, in the next decade, replaced by renewables.

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