The World Bank will not fund energy subsidies anymore 2
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Juli Choquet
Friday 15 December 2017 Last update on Friday, December 15, 2017 At 11:46 AM

After the Paris summit on climate change, the international institution officially announced that energy funding will not be financed. What are the consequences for the producing country in the Mediterranean as Egypt, Algeria, Morocco, Lebanon, Tunisia and Israel?

 

This is a direct consequence of the planet summit on climatic change initiated by the French president Emmanuel Macron last week. The world bank will finance energetic plan only for developing countries with no access to energy at all.

The measure aims to pushes countries to initiate a policy change toward energy. On the other way, solar energy, for example, will receive more funding from the international institution to reduce the worldwide climate warming by 2%.

Disparities remain in the Mediterranean area between the countries economic situations. Lebanon has initiated for a long time a technological advancement on energy production but Egypt, for example, is just moving out of an economic crisis and aims to develop a part of its economy on gas production (especially with the Zhor gas site discovered in 2015).

Algeria is largely dependent on oil revenue and at that point, no changes into sources of energy have been interlocked yet.

Morocco is certainly setting the best example for the rest of the Mediterranean, latching out the Cop 22 in Marrakech in November 2016.

Israeli technologies could help the country to face the energetic challenge but a gas discovery put an end to those fundings by the government. Expert underlines a big mistake for the country situated in an arid geographical zone.

Tunisia is not really known to be an energy producer. The financial crisis braked the climate change policy but today the country is largely funded by the European Union or the IMF to initiate a sustainable economy. Green energies are a condition to the international subsidies in Tunisia. 

 

Find out the crude oil and the natural gas production per country :

Algeria :

crude oil production: 1.348 million bbl/day ranked 19th producing country worldwide

Natural gas production: 83.04 billion cu m ranked 11th producing country worldwide

Egypt :

crude oil production: 494,300 bbl/day, ranked 29th producing country worldwide

Natural gas production: 77.93 billion cu m ranked 16th producing country worldwide

Lebanon :

crude oil production: None ranked 158th producing country worldwide

Natural gas production: None ranked 157th producing country worldwide

Morocco :

crude oil production: 160 bbl/day ranked 99th producing country worldwide

Natural gas production: 1.48 billion cu m ranked 91st producing country worldwide

Tunisia :

crude oil production: 48,670 bbl/day ranked 57th producing country worldwide

Natural gas production: 1.575 billion cu m ranked 61st producing country worldwide

Israel :

crude oil production: 390 bbl/day ranked 95th producing country worldwide

Natural gas production: 8.5 billion cu m ranked 45th producing country worldwide

 

Source : the CIA World FactBook website

 

Discover out our latest videos about the economic news in the Mediterranean countries : 

 

 

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