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11. Guidebook on Nigeria’s Energy Transition

Author:
Tengi George-Ikoli and Nafi Chinery
Publication Date:
02-2024
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
This guidebook serves as a comprehensive reference tool for the Nigerian government, as well as an accountability tool that enables Nigerian civil society actors to track the government’s implementation of its commitments to the energy transition. Nigerian government has designed to transition from fossil fuels—oil, gas and coal—to renewable energy technologies, including institutional, policy, legal and fiscal frameworks. It is informed by engagements with state and non-state actors including representatives of the government, the private sector, communities, youth and women’s groups, and by their views of the strengths and weaknesses of Nigeria’s energy transition plans. Accounting for Nigeria’s unique context and peculiarities as a fossil-fuel-dependent nation, the guidebook seeks to provide greater clarity on ways to navigate the energy transition for the Nigerian government, civil society, the media, the country’s citizens and the international community. It also seeks to mitigate transition led shocks and strengthen the overall transition process in Nigeria. The guidebook can enhance stakeholder knowledge of Nigeria’s energy transition process and government action to accelerate the transition. This should encourage the adoption of a comprehensive plan aligned with the needs and realities of most Nigerians. The insights provided in the guidebook may also inspire and influence regional conversations across the African continent, creating a collective demand for a people-centered and just energy transition in multiple countries.”
Topic:
Climate Change, Oil, Gas, Fossil Fuels, and Energy Transition
Political Geography:
Africa and Nigeria

12. Responsible Exit Principles for Oil and Gas Companies

Author:
Nicola Woodroffe and Erica Westenberg
Publication Date:
09-2024
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
Asset transfers in the oil and gas industry are not new. Yet, as the energy transition accelerates, there is a growing risk that oil and gas companies sell assets in response to pressures to decarbonize. However, transferring assets to operators with lower standards can lead to higher emissions and increased risks. This briefing offers a framework to guide these transactions and ensure that environmental and operational integrity is upheld. Designed for use by a range of stakeholders, these principles set out best practices to help companies manage financial, legal, environmental and reputational risks during asset transfers. They were developed with input from representatives of the oil and gas industry; investors, the financial, legal and accounting professions; the insurance industry; standard-setting bodies; academia; and civil society. All stakeholders can adopt and refine these standards to support a responsible, low-emissions future and harmonize regulatory practices across the industry.
Topic:
Corruption, Environment, Oil, Gas, Accountability, Fossil Fuels, and Energy Transition
Political Geography:
Global Focus

13. Oil: A Blessing for Politicians and a Curse for the People of Basra

Author:
Azhar Al-Rubaie
Publication Date:
07-2024
Content Type:
Commentary and Analysis
Institution:
The Washington Institute for Near East Policy
Abstract:
The deterioration of public health in oil extraction cities requires tangible actions to end the suffering of the affected people by providing specialized treatment centers funded by the social benefits from petroleum profits. In June 2023, Iraq’s Council of Representatives approved the federal budget for 2023, 2024, and 2025. The state has allocated 198.9 trillion dinars ($153 billion) for each year, a staggering sum and the largest in the country’s history. Although Iraq is a top oil-producing country, observers have been alarmed at this uptick in spending, and they have good reason to believe that these vast sums will not reach the citizens but instead fill the pockets of the corrupt. According to Transparency International’s Corruption Perceptions Index, Iraq consistently ranks as one of the most corrupt governments, and despite the massive budgets approved in Baghdad, everyday Iraqis continue to suffer from weak infrastructure, lack of job opportunities, and poor services in essential sectors such as healthcare. In the oil-rich city of Basra in Iraq’s south, local residents living near oil sites complain about the high rates of cancer, respiratory illness, and nervous system diseases, along with the scarcity of medicines and poor healthcare in the public sector. The dearth of basic services frequently forces patients to travel abroad to countries like Iran, India, Turkey, Jordan, and Lebanon, spending up to $6 million monthly to receive medical treatment. This contributes to the waste of public funds and their diversion abroad, which some might use to justify the smuggling of hard currency, especially to Iran.
Topic:
Corruption, Development, Oil, Services, and Public Health
Political Geography:
Iraq, Middle East, and Basra

14. Risks and challenges to oil and gas markets in the current Middle East conflict

Author:
Colby Connelly, Emily Stromquist, Karen Young, Yesar Al-Maleki, and Nikolay Kozhanov
Publication Date:
03-2024
Content Type:
Video
Institution:
Middle East Institute (MEI)
Abstract:
The Middle East Institute’s (MEI) Program on Economics and Energy cordially invites you to a panel discussion of the war-time threats to energy transit along the Red Sea corridor and to regional production facilities, within the context of broader supply-and-demand dynamics. Since Hamas’ Oct. 7 terrorist attack on Israel and subsequent war in Gaza, hydrocarbon prices have held relatively stable, although attacks by Houthi militants on shipping in the Red Sea could cause long-term market shifts and geographic segmentation. Why have we seen such a low impact on oil prices to date despite profound regional instability? What explains natural gas prices staying at historic lows? Are Gulf oil facilities at risk? What is the outlook for gas production in the Eastern Mediterranean? And how is OPEC considering outside supply competition and near-term demand? To answer these and other questions, MEI has convened five top US and regional energy and geopolitical risk analysts, who include contributors to MEI’s new edited volume Energy Transitions in the Middle East. They will reflect on their assessments of oil and gas markets prior to Oct. 7 as well as share their views on the current risks and challenges for fossil fuel producers in the region.
Topic:
Economics, Markets, Oil, Energy, and Natural Gas
Political Geography:
Middle East, Yemen, Gaza, and Red Sea

15. Distributional Implications and Share Ownership of Record Oil and Gas Profits

Author:
Gregor Semienuk, Isabella M. Weber, Iain Weaver, Evan Wasner, Benjamin Braun, Philip B. Holden, Pablo Salas, Jean-Francois Mercure, and Neil R. Edwards
Publication Date:
11-2024
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
The 2022 oil and gas crisis resulted in record fossil-fuel profits globally that rehabilitated the oil and gas industry, obstruct the energy transition and contributed to inflation. We analyse the size and the distribution of financial beneficiaries of these unprecedented profits across countries and across wealth groups within the United States, using company income statements and comprehensive ownership data, to construct a global network of shareholdings with 397,619 nodes. We estimate that globally, net income in publicly listed oil and gas companies reached US$916 billion in 2022. The United States was the biggest beneficiary receiving US$301 billion in fossil fuel profits both from domestic extraction and through global shareholding, more than U.S. investments of US$267 billion in the low carbon economy that year. Analyzing the U.S. distribution including privately held US companies, 51% of profits went to the wealthiest 1%, predominantly through direct shareholdings and private company ownership. In contrast the bottom 50% only received 1%. The incremental fossil-fuel profits in 2022 over those in 2021 were enough to increase the disposable income of the wealthiest Americans several percent and compensate a substantial part of their purchasing power loss from inflation that year, thereby exacerbating inflation inequality. Record fossil-fuel profits also reinforce existing racial and ethnic inequalities and inequalities between groups with different educational attainments. Our results also show that only a small share of overall profits benefits institutions that serve the wider public such as pension funds. We discuss how windfall profits taxes could be used to both lower inequality and accelerate the energy transition as increasing geopolitical tensions and climate impacts portend continued volatility in oil and gas markets.
Topic:
Oil, Gas, Inflation, Fossil Fuels, and Energy Transition
Political Geography:
North America and United States of America

16. Egyptian-Turkish Relations on a Roller Coaster: Implications for the Eastern Mediterranean

Author:
Ioannis N. Grigoriadis and Electra Nisidou
Publication Date:
10-2024
Content Type:
Policy Brief
Institution:
Hellenic Foundation for European and Foreign Policy (ELIAMEP)
Abstract:
This policy paper delves into the volatile relationship between Egypt and Turkey, examining its profound implications for the Eastern Mediterranean. Since 2020, Egyptian-Turkish relations have moved cautiously towards rapprochement following a period of intense tension. Central to this relationship is the Libyan conflict, in which both states hold substantial stakes. This study explores the current political forces driving this tentative reconciliation, as well as the ramifications of these developments for the Eastern Mediterranean. The Libyan civil war emerged as a proxy conflict between Egypt and Turkey; however, both states have since aligned their positions on the Gaza crisis, reflecting a major shift in their diplomatic approach. The significance of Libya’s oil reserves for both states cannot be overstated, as they have prompted a renewed sense of cooperation after a decade of rivalry. Despite their significant ideological differences, Egypt and Turkey have ultimately recognized the necessity of strengthening their ties across nearly all areas, including trade and military cooperation. After a decade of intense conflict shaped by competing interests and military interventions in Libya, Egypt and Turkey are now contemplating a rapprochement with a view to addressing common security and economic interests. If it signals Turkey’s wish to engage with all the countries in the region based on international norms, a rapprochement between Egypt and Turkey could prove to be a critical factor for the achievement of stability in the Eastern Mediterranean. An opportunity is emerging for Greece to promote regional cooperation in the Eastern Mediterranean
Topic:
Oil, Regional Cooperation, Bilateral Relations, Military Intervention, and Proxy War
Political Geography:
Turkey, Middle East, Greece, Egypt, and Eastern Mediterranean

17. What needs to change for green funds to be truly green

Author:
Jan Fichtner, Robin Jaspert, and Johannes Petry
Publication Date:
03-2023
Content Type:
Policy Brief
Institution:
Danish Institute for International Studies (DIIS)
Abstract:
Green investment funds are growing rapidly. However, their impact on climate change mitigation and sustainability remains unclear. Recent research has identified key shortcomings that need to be addressed in order to reduce greenwashing and make these funds truly green. Green finance is playing an ever more prominent role in recent years. Environmental, social and governance (ESG) funds, which constitute a key pillar of green finance, saw record inflows of hundreds of billions of US-dollars in recent years, primarily by retail investors. Essentially, these ‘green’ funds are integrating environmental, social and governance criteria, such as greenhouse gas emissions, labour rights and gender diversity into their investment strategy. They claim to invest less in the stocks of firms that are highly polluting or have bad governance practices, and instead buy the shares of corporations that appear to be more sustainable. In industry and policy debates, ESG funds are often cited as advancing the promotion of sustainability and helping to address climate change. However, the ESG concept, its underlying criteria, and its potential effects are highly controversial. Many critics see ESG primarily as ‘window dressing’, with no significant positive impact – either for the environment or for investors and employees.
Topic:
Climate Change, Environment, Oil, Gas, Capitalism, Sustainability, and Minerals
Political Geography:
Global Focus

18. Existing Dispute: Does the new budget set the stage for a fresh phase of conflict in Iraq?

Author:
FARAS
Publication Date:
06-2023
Content Type:
Policy Brief
Institution:
Future for Advanced Research and Studies (FARAS)
Abstract:
On 12 June, 2023, Iraq's Council of Representatives approved a three-year budget (2023-2025) of 198.9 trillion dinars (USD 153 billion), including the budget for Iraq's Kurdistan region. This came around three months after the government filed the draft budget, making it the largest in Iraqi history.
Topic:
Development, Oil, Budget, Domestic Politics, Public Spending, and Parliament
Political Geography:
Iraq, Middle East, and Kurdistan Region of Iraq (KRI)

19. Baghdad and Erbil: A difficult road to settling differences

Author:
FARAS
Publication Date:
01-2023
Content Type:
Policy Brief
Institution:
Future for Advanced Research and Studies (FARAS)
Abstract:
The relationship between Baghdad and Erbil lately has reached a dead end. The rift between the Kurdistan Regional Government (KRG), the official executive body of the autonomous Kurdistan Region of northern Iraq, and the Federal Government of Iraq (FGI) has, for the past few months, entered a bottleneck driven by political turmoil and rotating governments. But efforts are being made on both sides to bridge differences. On January 11, a Kurdish delegation headed by Masrour Barzani visited the central government in Baghdad to discuss a number of disputed files. The group included several senior officials: ministers for electricity and finance; chief of the cabinet office; director of the office of the region's prime minister; ministers for planning and oil; economic advisors; general counsel; director of border control; and CEO of State Organization for Marketing of Oil (SOMO Oil).
Topic:
Oil, Treaties and Agreements, Budget, Gas, and Domestic Politics
Political Geography:
Iraq, Middle East, and Kurdistan Region of Iraq (KRI)

20. Is Colombia One Step Away from a Fracking Ban?

Author:
César Rodríguez
Publication Date:
02-2023
Content Type:
Commentary and Analysis
Institution:
The North American Congress on Latin America (NACLA)
Abstract:
While lawmakers debate a proposed fracking prohibition, deepening struggles over the social and environmental impacts of oil and gas extraction loom.
Topic:
Environment, Oil, Gas, Legislation, Wealth Extraction, and Fracking
Political Geography:
Colombia, South America, and Latin America