Climate, states and the petrodollar
[ad_1]
The world’s most powerful states have their own reasons for maintaining the carbon based economy. As do the major oil and gas corporations, airlines and car manufacturers, and perhaps those firms dealing in oil based products such as petrochemicals, plastics and fertiliser.
This means governments represent an obstacle to decarbonisation every bit as formidable as corporations like ExxonMobil or Royal Dutch Shell.
That hydrocarbons are the lifeblood of the world economy means that the huge oil and gas reserves of the Middle East constitute a vital strategic prize. This is why the region has been the site of such sustained and violent inter-state conflict since the end of World War Two (WWII).
This series of articles has been published in partnership with Dalia Gebrial and Harpreet Kaur Paul and the Rosa Luxemburg Stiftung in London. It first appeared in a collection titled Perspectives on a Global Green New Deal.
Wealth
Moreover, with a rising China dependent on oil and gas imports from the Persian Gulf, where US power continues to dominate, Washington derives enormous structural power from current patterns of energy production and consumption.
The profits generated from the sale of oil and gas are also of great interest to states as well as corporations.
The sovereign wealth of the major oil producers is one of the most significant sources of liquid capital in the world.
The combined sovereign wealth of Saudi Arabia and the other Gulf Arab monarchies amounts to $2.9tn, while corporate and private wealth in those states adds up to a further $3tn. These ‘petrodollars’ can be ‘recycled’ to the benefit of Western states.
Petrodollars
Petrodollar investment in the US, UK and France is made by the Gulf states as much in the interests of regime security as in the expectation of a favourable economic return.
The links between Western finance and the Gulf Arab monarchies developed in the context of imperialism, where monarchical rule has been able to entrench itself and fend off more progressive social forces thanks to the decisive backing of Western states.
This is even more obviously true in respect of the major arms purchases made by the Gulf monarchs, which in turn equip the Western powers to continue their role as the monarchies’ protectors.
If Western states are to adopt the Green New Deal policies needed to ensure our survival, they themselves will need to be radically transformed.
This Author
Dr David Wearing is a lecturer in department of international relations at University Of Southampton, based in London, UK.
[ad_2]
Original Post
Great web site. A lot of useful information here. I am sending it to several friends ans also sharing in delicious. And certainly, thanks for your effort!
Hello! I just would like to give an enormous thumbs up for the nice data you have here on this post. I will likely be coming again to your weblog for more soon.
Nice read, I just passed this onto a friend who was doing some research on that. And he actually bought me lunch as I found it for him smile Therefore let me rephrase that: Thanks for lunch!
What is Alpha Tonic? Alpha Tonic stands as a natural health supplement designed to comprehensively address men’s overall well-being.
Hello, you used to write fantastic, but the last few posts have been kinda boringK I miss your great writings. Past several posts are just a little bit out of track! come on!
What Is Puravive? Puravive is a natural weight loss supplement that is known to boost the metabolic processes of the body.
Great post, you have pointed out some wonderful details , I as well think this s a very excellent website.
I needed to draft you this very little remark just to give thanks over again for your personal superb secrets you’ve contributed on this site. It was quite seriously open-handed of people like you in giving extensively just what a number of people would’ve distributed as an electronic book to help with making some cash for their own end, especially since you might have done it if you ever desired. Those basics as well acted as a great way to understand that other people have a similar eagerness like my own to learn very much more in terms of this problem. I believe there are some more enjoyable sessions in the future for those who look over your blog.
Fantastic beat ! I would like to apprentice even as you amend your website, how can i subscribe for a weblog website? The account helped me a applicable deal. I were tiny bit familiar of this your broadcast provided brilliant transparent concept
Hello! I’ve been following your blog for a long time now and finally got the courage to go ahead and give you a shout out from Kingwood Tx! Just wanted to tell you keep up the great job!