Reducing fossil fuel extraction may imply persistent negative effects for fossil fuel-producing economies
Reaching net zero emissions by 2050 will require an 80% reduction in global fossil fuel extraction compared with 2021 levels. This column estimates the macroeconomic consequences for fossil fuel-producing countries of large declines in extraction, based on a new dataset identifying 35 episodes of major and persistent, exogenous declines in extraction activity. These declines lead […]