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For example, rich countries such as Germany can throw billions of dollars at their coal sector to ease their transition pain, offering generous financial aid to lignite-producing regions. Nigeria or Algeria cannot do the same for their oil industry. This scenario assumes a full global consensus for action on climatechange.
As Sheikh Zaki Yamani, a former Saudi oil minister, once said, “The stone age came to an end not for a lack of stones, and the oil age will end, but not for a lack of oil.” But some oil will still be being pumped at the end, and it won't be heavy, sour, far from water crude.
The European Commission has adopted the European Energy Union package —a framework strategy for a resilient energy union with a forward-looking climatechange policy. Today, we launch the most ambitious European energy project since the Coal and Steel Community. ClimateChange Emissions Europe Policy Regulations'
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