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This book is the first stocktaking of what the decarbonization of
the world economy means for fossil fuel-dependent countries. These
countries are the most exposed to the impacts of global climate
policies and, at the same time, are often unprepared to manage
them. They depend on the export of oil, gas, or coal; the use of
carbon-intensive infrastructure (for example, refineries,
petrochemicals, and coal power plants); or both. Fossil
fuel-dependent countries face financial, fiscal, and
macro-structural risks from the transition of the global economy
away from carbon-intensive fuels and the value chains based on
them. This book focuses on managing these transition risks and
harnessing related opportunities. Diversification and Cooperation
in a Decarbonizing World identifies multiple strategies that fossil
fuel-dependent countries can pursue to navigate the turbulent
waters of a low-carbon transition. The policy and investment
choices to be made in the next decade will determine these
countries' degree of exposure and overall resilience. Abandoning
their comfort zones and developing completely new skills and
capabilities in a time frame consistent with the Paris Agreement on
climate change is a daunting challenge and requires long-term
revenue visibility and consistent policy leadership. This book
proposes a constructive framework for climate strategies for fossil
fuel-dependent countries based on new approaches to diversification
and international climate cooperation. Climate policy leaders share
responsibility for creating room for all countries to contribute to
the goals of the Paris Agreement, taking into account the specific
vulnerabilities and opportunities each country faces.
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