Oil producers face costly transition as world looks to net-zero future

Many fossil fuel-dependent economies will struggle to diversify despite intense pressure to hit 2050 targets.

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Ali Allawi, Iraq’s finance minister, says that if the country — which has 145bn barrels of proven crude reserves — stays dependent on oil, ‘it could be catastrophic’
Ali Allawi, Iraq’s finance minister, says that if the country — which has 145bn barrels of proven crude reserves — stays dependent on oil, ‘it could be catastrophic’ (Foto: Khalid Mohammed/AP/NTB)