Oil in a low-carbon economy

When it comes to the subject of energy in the Middle East, we instinctively think of oil—the black gold that has been the source of stable and healthy economies in the region. Nevertheless, this is about to change. With the lead up to the United Nations Climate Change Conference in Copenhagen, Governments are realizing the imminent threat of climate change, and that there is no choice but to act fast. According to the “2009 World Economic and Social Survey: Promoting Development, Saving the Planet”,1 we need to transform our economy similar to a wartime setting. When United Nations Secretary-General Ban Ki-moon announced that he will convene an unprecedented Climate Change Summit at UN Headquarters on 22 September 2009, he said that we have less than ten years to halt the rise in greenhouse gas emissions if we are to avoid catastrophic consequences for people and the planet. Small Island Developing States that are under the threat of rising sea levels are calling for a peak in emissions by the end of 2010, and to stabilize greenhouse gas concentration at 350 parts per million (ppm) CO2 equivalent as fast as possible.