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This Week in #SouthAsiaDev: February 6th, 2015

Mary Ongwen's picture

Which countries could be affected by plunging oil prices: a data perspective

Siddhesh Kaushik's picture
Tumbling oil prices continue to dominate the headlines. Although oil prices have started to rise earlier in the week, this issue is still of concern to many oil-exporting countries.
 


(Source: FRED Economic Data)

A recent World Bank Group feature story broke down country by country the potential regional consequences. And according to the Bank Group’s Global Economic Prospects report, the decline in oil prices will dampen growth prospects for oil-exporting countries.

There are various factors that can be used to assess the impact of falling oil prices on countries. One such factor is trade. Countries exporting mostly fuel products will lose export revenue as oil prices drop. The chart below shows the top 15 countries that exported fuel in 2012. You can visualize the data for other years and products using the World Integrated Trade Solution’s (WITS) product analysis visualization tool.

Lucky Countries Or Lucky People: Will East Africans Benefit From Their Natural Resource Discoveries?

Borko Handjiski's picture

Luck has struck the region of East Africa: for a couple of years now, new announcements of natural resource discoveries are being made every few months. Mozambique has found some of the largest natural gas deposits in the world, while Tanzania, Uganda, and Kenya have also discovered gas and oil. Exploration is still ongoing, so even more discoveries could be forthcoming. Luck has definitely struck the region, but the main question is: how will the people in these countries benefit from this?

Oil, Politics and Offshore Accounts

Catherine Bond's picture
 Gennadiy Kolodkin / World Bank

Do political institutions limit ‘rent-seeking’ (excessive profits free from competition) by political elites? Very much so, if they’re working properly, argue the four authors (Jørgen Juel Andersen, Niels Johannesen, David Dreyer Lassen, and Elena Paltseva) of ‘Petro Rents, Political Institutions, and Hidden Wealth: Evidence from Offshore Bank Accounts.’ Their paper examines unique public data—on bank deposits held in some of the world’s best-known tax havens—to establish whether oil, in particular, really is the ‘resource curse’ it is made out to be by a range of political scientists and development professionals. (Spoiler alert—the answer is ‘yes.’) 

Negawatt Challenge tackles urban energy efficiency

Anna Lerner's picture
The challenge gets underway at Nairobi's
iHub. Photo: Anna Lerner/World Bank
The Negawatt Challenge is is an open-innovation competition that will leverage a variety of cities’ rich ecosystems of innovative entrepreneurs and technology hubs to surface software, hardware and new business solutions. Together, these components – and the innovators themselves – are capable of transforming these cities into more sustainable places.
 
Nairobi (Kenya), Rio de Janeiro (Brazil), Accra (Ghana), and Dar es Salaam (Tanzania) are participating in this year’s competition.
 
Cities are the engines of growth
People congregate in cities to share ideas, create businesses and build better lives. Urban centers have always been the hearts of economies, driving growth and creating jobs. But cities also strain under the burden, their transport and utility arteries often overloaded with the pressure of supporting rapid urbanization and development. While only around 30 percent of Kenyans have access to electricity, around 60 percent of all electricity is consumed in the country’s capital, Nairobi.
 
As a result, access to energy can be both costly and unreliable. In many fast-growing cities, the demand for energy outstrips both total supply and the capacity of the grid to deliver that energy to businesses and households. Blackouts are a typical result and they are costly and dangerous. Energy generation is also often very inefficient. As such, energy efficiency holds a big opportunity for reducing wasted energy resources, freeing up financial resources for private and public actors, and reducing the carbon footprints of the mentioned cities.

Preparing for a price on carbon: Lessons from 3 companies

Xueman Wang's picture
 
Oil platform. Glenn Beltz/Flickr Creative Commons CC-BY-2.0


New carbon pricing systems are being developed in China, Chile and other countries to help reduce greenhouse gas emissions and encourage clean energy and sustainable development. This will mean new reporting requirements and regulations for an increasing number of national and multi-national companies.
 
To help corporate leaders prepare, we studied the experiences of three companies that are already operating within one or more carbon pricing systems and the steps they took to prepare for a world where greenhouse gas emissions have a price.
 
Our report released today by the Partnership for Market Readiness describes the impacts of a changing climate on business strategies, analyzes risks and opportunities as new climate policies are implemented, and distills lessons learned by Pacific Gas and Electric Company, Rio Tinto, and Royal Dutch Shell. The three companies represent a variety of energy-intense industries, including oil, gas, metals, mining and energy generation, transmission and distribution. Two operate in more than one jurisdiction with emissions trading.

Philippines: Shattering the Myths: It’s Not Tough to Build Green

Maria Teresita Lacerna's picture
Solar panels on the Tiarra houses in an affordable housing community in Batagas, south of Metro Manila, are expected to contribute to 32 percent savings in energy.

Buildings now dot the skyline of Bonifacio Global City in Metro Manila, which hosts, among others, the offices of the World Bank and the International Finance Corporation.  Who would have thought that this former military camp could be transformed into a bustling economic center in less than ten years?  And, with the rise of commercial buildings and residential condominiums following the area’s fast-paced growth, we see a growing demand for electricity that causes stress on the environment and resources. 

Will falling oil prices lead to a decline in outward remittances from GCC countries?

Dilip Ratha's picture
The Gulf region is an important destination for migrant workers and perhaps the largest source of migrant remittances. Some 23 million foreign workers send home over $90 billion in remittances. On average, they make up around 50% of the population in the GCC countries, ranging from 31% in Saudi Arabia to 84% in Qatar (Table 1). Controlling for size, these countries are by far the largest sources of remittances, with an average of 5.7 percent of GDP in 2013 compared with only 0.7 percent in the United States.  

Table 1: Migrants and outward remittances in GCC countries, 2013
 Migrants and outward remittances in GCC countries, 2013

Oil is Well that Ends Well

Francisco G. Carneiro's picture


Why are petroleum prices dropping so fast anyway? Have they reached rock bottom yet? Should we be worried if they continue to fall? These are questions that probably every finance minister in either oil-rich or oil importing nations is trying to answer.  

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