DUBAI -- Concerns are growing over the oil industry's lack of decarbonization efforts in the Middle East and Africa amid few technology transfers needed to reduce greenhouse gasses and more rapid U.S. and European divestment in the sector.
Oil assets divested by western companies in their decarbonization drive are often taken over by state-run companies in oil-producing nations, as well as Chinese and Russian companies. The new management is mostly prioritizing near-term profits, raising fears of more pollution since the entities are shielded from scrutiny by shareholders and the international community.
