London Daily

Focus on the big picture.
Sunday, Jul 13, 2025

Green energy policies pose risk of ‘stranded lives’ in poorer countries, says IEF chief 

Green energy policies pose risk of ‘stranded lives’ in poorer countries, says IEF chief 

The Global South — Latin America, Africa and parts of Asia — is suffering disproportionately from the energy crisis because of the “green” investment policies of wealthier nations, according to the boss of the International Energy Forum, a Riyadh-based think-tank.
Speaking on the sidelines of the World Economic Forum in Davos, Joe McMonigle, IEF secretary general, told Arab News that government policies in the West — specifically on environmental, social and governance issues — could lead to “stranded lives” in the poorer parts of the world.

“I just think, globally, there are policies in place either on the finance sector or investors, or sometimes specifically on the energy industry, to get out of the oil and gas business. You cannot finance the Global South, you can’t finance an oil and gas project in Africa or any other place. It’s even harder to finance a renewable project, because the cost is more in a place like Africa,” he said.

“At conferences like this, and energy conferences I attend, there’s so much emphasis on stranded assets. But in Africa, they’re concerned about stranded lives today,” he added.

However, McMonigle hopes that Western hostility to fossil-fuel investment might decrease as a result of what he called a new “two-way conversation” about the energy transition and climate change, especially after the Sharm El-Sheik UN Climate Change Conference, COP27, last year and the upcoming COP28 in the UAE.

“Up until Sharm El-Sheikh, the conversation had been very much one-way, with climate groups and NGOs on the environmental and climate side doing all the talking and not really listening to other viewpoints. But now, it’s very much a two-way conversation.

“Two years in a row of (the UN conference) being held outside of a Western capital is very important, because it brings a different perspective,” he added.

“Now you’re seeing a lot more participation by oil and gas companies. And I think there’s just an overall general acceptance now of the reality of the energy crisis and the imperatives of energy security. I think people are starting to realize that the energy transition is not easy,” he said.

The OPEC+ decision to cut 2 million barrels of oil per day last October had been proven correct, he said. “I think they’re feeling a little bit vindicated after the last cut. You know, there was a lot of hyperbole about what that would do to prices — none of that has really panned out.”

McMonigle said the outlook for oil demand was positive. “I think we’re going to see a spike in demand because of China reopening, unless something totally unforeseen happens there. In terms of the recession, though, I think that’s still very much an open question.”
Newsletter

Related Articles

0:00
0:00
Close
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
×