Resource extraction continues to be a major source of revenue for both developing countries and wealthier nations alike. But the windfalls don’t come without risks. Meanwhile, the environmental impact of fossil fuels is driving the development of renewable energy sources. But the transition is slow to develop.
Russia’s invasion of Ukraine combined with the geopolitical instability it caused made 2022 a great year to be an oil major. But while most oil producers across the globe reaped profits, Mexico’s state-owned oil company Pemex struggled financially and enters 2023 with questions about its long-term viability hanging over it.
The impacts of climate change are advancing faster than experts had previously predicted, and they are increasingly irreversible. But persistent climate skepticism from key global figures, motivated in part by national economic interests, is slowing diplomatic efforts to systematically address the drivers of climate change.