Climate action is poised to punch a $9 trillion hole in petrostates’ budgets ...Middle East

Quartz - Economy
Climate action is poised to punch a $9 trillion hole in petrostates’ budgets
source : Quartz ( Middle East ) () 13
The “resource curse” was coined in 1993 to describe a phenomenon British economist Richard Auty observed around the world: Countries richly endowed in natural resources often descended into grinding poverty.Oil is a primary culprit. With few exceptions, economies sitting above rich reservoirs of fossil fuels develop anemic economies beset by corruption. Of 23 countries earning at least 60% of their export revenue from oil and gas—including Angola, Venezuela, and wealthy Middle Eastern countries like Saudi Arabia—only one is a democracy, Larry Diamond, a Stanford University political science researcher, writes in his book The Spirit of Democracy.Now even that source of wealth is in jeopardy.

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