The transition towards green energy imperils oil-producing states that have lagged in diversifying their economies, United Kingdom-based risk consultancy Verisk Maplecroft warned in a report on Thursday.
“Algeria, Iraq and Nigeria will be among the first casualties of a slow-motion wave of political instability that will engulf an array of oil-producing countries over the next 3-20 years as the energy transition takes hold,” it said.
Other states facing the greatest risk include Angola, Gabon and Kazakhstan, it added.
“With the move away from fossil fuels accelerating, and Covid-19 levelling out any gains oil made over recent years … time is running out for a number of countries that have failed to diversify their economies away from exporting fossil fuels.”
