They will never go down though. They’ve invested all the wealth in sovereign wealth funds. They can basically retire now and do nothing.

Another hater that will be disappointed

@@aldeweesh No hate, just like to breath air I can't see.

It's hardly that simple. Look at Saudi Arabia, they will never be able to balance their budget without oil and will need to seriously reduce spending. Noone can get by only on spending savings, not even the Saudis.

This is not completely a good thing. Many African nations who do not even produce most of the carbon are very dependent on fossil fuels and this will impact the livihoods of many millions of people who will soon find it hard to eat. Sadly those who have already benefitted on fossil fuels for hundreds + years in the West have are happy but its just a new way for you guys to rule the world. Always changing the finishing line once your ahead. No one would talk about fossil fuels if the US and Europe were the undeveloped ones

@@JG-MV Dubai is very open, its almost the only one in the middle east who are very liberal

Yes. But that is a much smaller part of the demand compared to transport, heating and electricity generation. And even then alternatives are cropping up.

Its like $100 billion vs $10 billion.

2: oil and gas won't be competitive in low GDP nations - as those are typically good places for solar, which will be cheaper. 3: I highly doubt it. They need the income - the vid shows the numbers. 4: So far they're just wasting billions on prestige objects for their monarchs. Like that insane linear city. Or the moon palace blob. 5. Most predictions already day we'll stay under 2.5 degrees. Solar and wind became way way more efficient than ever predicted. Deployment is at a light speed pace.

Covid told us that even Tourism isn't a reliable Industry.

Part of the transition is more effective insulation and heating + A renewable grid has mass storage on it, once you go down that route which countries are doing your smoothing off the duck curve and electricity becomes a lot cheaper. If you look at an EV it can be used both as transport and a mass storage device that can power a home for 2 days

They don’t depend nearly as much though

Do Germans want grey hydrogen?

They've already done that...

Yes but that is outside their sovereignty and means it can be taken away if things get dire

​@@abdiganiaden Except for resource extraction and tourism, do Islamic countries have any viable economic sectors? What would be the source of the innovation? Do they have any universities that aren't primarily for Islamic religious studies? What could investors possibly bet on? Maybe an NFT of the Kaaba in Mecca?

⁠@@abdiganiadenuh? Like the US will just take away their shares on the NYSE? Unlikely, unless they cross the US geopolitically, like align with Russia or China.

Saudi Arabia actually has been investing in technical universities like King Saud University. The biggest challenge is creating a thriving private sector @@DemPilafian

lack of skilled labour because most of the workers there are from South Asia who work for low wages there, and if they want to adopt renewable energy techniques they need to pay high for this emerging technology to the US, China and India for the development of solar farms, battery pack development, grid development, robots for cleaning panels.

@@Prashant_Pandey4 Research is done by researchers. The rest by ordinary labor. Of course they have to hire researchers. But it's doable.

​​​​@@javastream5015 The problem is that renewable energy is a terrible business for producers compared to oil production. Oil production has low capex and high pricing power due to OPEC. Renewable energy production has high capex and no pricing power.

@@MajorGarland Nonsens! They can sell both! Oil still very valuable for the chemical industry!

@@javastream5015 First of all which countries would want to buy Saudi Arabian electricity. EU for example would not have to import Saudi Arabian electricity since Northern Europe can produce massive amounts of wind power and Southern Europe solar power. France and a few other countries in Europe has nuclear energy production assets. And even if Saudi Arabia manages to create electricity export sector they will not have any pricing power. Another problem is that Saudi Arabia is far from the largest electricity markets. Since practical superconductors don't exist electricity transfer will be extremely inefficient. I don't believe that oil will become obselete in the future but when the peak oil happens and the consumption growth trend will turn negative it is going to be very painful for oil producers and oil producing nations.

That won’t do anything as another supplier will just fill the gap

That's a dishonest argument. It's like saying Korea's population will *NEVER* go down because it's going up right now. It's true that Korea is experiencing population growth at this very moment, but it is absolutely 100% definitely going to start declining steeply very soon.

So - the bill comes later. We pay. We know how population develops over time. And we know how Petro behave from the past. I can't see any parallel further.@@DemPilafian

@@DemPilafian Apples and kettles mate, the metrics of population decline don't fit so well to greed and profit.

In direct response to the green transition? @@JG-MV