Development Centre

DevTalks - Beyond Petrostates: The burning need to cut oil dependence in the energy transition



Wednesday, 24th February 2021, 14.00 – 15.30 CET - Click to register

Join the new online DEV Talks series - Reshaping development

Mario Pezzini, Director of the OECD Development Centre and Special Advisor to the Secretary-General on Development, in collaboration with the Carbon Tracker Initiative, is pleased to invite you to a discussion on

Beyond Petrostates:

The burning need to cut oil dependence in the energy transition


Andrew Grant, Head of Climate, Energy and Industry Research and Mike Coffin, Senior Analyst, Carbon Tracker
Masood Ahmed, President, Centre for Global Development
Kelechi Ofoegbu, Senior Technical Adviser to the Honourable Minister, Ministry of Petroleum Resources, Nigeria
Alexandra Lastra Andrade, Head of Subsidies Unit, Ministry of Finance, Ecuador
Ricardo Jose Gomez Puternicki, Senior Counsel, OPEC Fund

Moderated by Lahra Liberti, Head of Unit, Natural Resources for Development, OECD Development Centre


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Carbon Tracker has recently released a report looking at the impact on oil and gas government revenues in producing countries driven by lower demand over the energy transition. While mitigating the physical effects of climate change will have benefits for all, and in particular the world’s disadvantaged communities, the report highlights the challenges that fossil fuel-producing countries will face as they navigate the coming decades. It provides a call to action to both domestic policy makers and the international community to intensify efforts to plan the pathway from oil dependence, and comes at a critical time in the run up to the COP26 meeting in Glasgow towards the end of the year.

This Dev Talk provides an opportunity to discuss the implications of the report’s scenarios for oil and gas-producing countries and how emerging countries can prepare for a structural oil-price decline and the fiscal vulnerabilities that may follow. Major issues include the role of oil and gas revenues in preparing for the low-carbon transition; the role of the international community in supporting these countries’ transition; and the risk of a two-track transition where developed countries shift away from fossil fuels as they progress towards net-zero, while oil-producing developing countries may decide to accelerate production to monetise their reserves and use their oil and gas for domestic consumption or exports to other emerging economies. Finally, speakers will discuss whether an orderly decline of oil supply in the interest of oil-producing countries as a group is possible, when each country sees an interest in being the last one to curtail production




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