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Article: OPEC strategies and oil rent in a climate conscious world.
- Article from:
- The Energy Journal
- Article date:
- July 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 International Association for Energy Economics. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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1. INTRODUCTION
Analyzing the future of oil in a climate conscious world is a delicate task and a highly contentious issue. From a climate policy point of view, one major challenge is that energy exporting countries, especially OPEC and its member countries Saudi Arabia and Kuwait, claim that their resource rents would be negatively impacted due to measures to reduce C[O.sub.2] emissions and that they should be compensated for this, see for example Barnett & Dessai (2002) and Aarts & Janssen (2003). This claim for compensation is formally based on article 4.8 of the United Nations Framework Convention on Climate Change (UNFCCC) and articles 2.3 and 3.14 of the ...