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[narrator] In 1856,
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a scientist named Eunice Foote
conducted an experiment.
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She filled one tube with regular air
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and another with carbon dioxide,
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put thermometers in them,
and placed them in the sun.
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And she noticed the tube of carbon dioxide
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got a lot hotter and stayed hot longer.
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She published her results,
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noting that "An atmosphere of that gas
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would give to our earth
a high temperature."
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Three years later,
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Edwin Drake struck oil
in Western Pennsylvania.
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A hundred years after that first well,
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the American oil industry
celebrated its centennial.
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And they invited
the physicist Edward Teller,
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one of the inventors of the atomic bomb,
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to make a speech
about the future of energy.
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"We probably have to look for additional
fuel supplies," he told the crowd.
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"Because the extra carbon
emitted from burning fossil fuels
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causes a greenhouse effect."
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Which he believed would be sufficient
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to melt the ice cap and submerge New York.
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By 1965, scientists were confident enough
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to formally warn the US president,
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Lyndon B. Johnson.
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[narrator] A decade later,
Exxon's own scientists
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were making grim predictions.
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By 1988, it was front-page news.
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And since then,
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we've kept pumping
carbon dioxide into the atmosphere
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at an accelerating rate.
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We have a world economy today
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that depends on fossil fuels
for most of its energy.
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[narrator] A third of it from oil.
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It's a tremendous irony
that the very substances
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that helped us achieve
this level of development today
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are now the very substances that endanger
the future of civilization as we know it.
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[narrator] Governments
are starting to agree
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that we shouldn't let the world warm
more than 1.5 degrees centigrade.
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And we're on track
to blow past that by 2030.
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So why is it so hard to turn off the tap?
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And can we do it in time?
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[man 1] Industrial nations have developed
a great dependency on oil.
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[man 2] It has added
a new freedom to our lives.
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[man 3] The invaluable stocks of oil
in these exotic islands.
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[man 4] Their wealth is cracking
the old life of Arabia wide open.
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The Nigerian government
love the oil more than our lives.
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[man 5] Increasing amounts
of carbon dioxide surround us.
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If man continues to abuse his environment,
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Earth, too, may become barren.
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[Yergin] The story of oil
is a story of geopolitical clash,
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of technological advancement,
and intense competition.
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[man] The story of oil
is a story of inequality.
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It's a story of dominance.
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The Nigeria in which I was born in
was just a couple of years
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before the ending
of the British colonial rule.
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[Hawke] At the time,
it was an agricultural economy.
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[Bassey] Cotton from the north,
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cocoa from the west,
and rubber from the midwest.
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[Hawke] And in the area
where Nnimmo grew up, fishing.
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[Bassey] The Niger Delta is an area
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that is crisscrossed by water bodies,
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creeks, streams, rivers, estuaries,
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which is the breeding ground
for most fish in the Gulf of Guinea.
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[Hawke] It was so fertile, fishermen could
just leave their traps at high tide
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and pick them up at low tide.
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And in the evenings...
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[Bassey] Children would sit around
in the moonlight,
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and the elders would share stories.
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[Hawke] They didn't know
they were sitting on
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one of the most oil-rich regions on Earth.
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Until the British granted Shell and BP
an exclusive permit to explore for oil.
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They struck black gold in 1956.
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[Bassey] Nigerians were extremely hopeful
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that the discovery of oil
in their communities
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would bring about positive changes
in the economic well-being,
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in the health conditions of the people,
in terms of employment and everything.
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[Hawke] And just a few years later,
Nigeria won independence.
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The future looked bright.
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After all, fossil fuels
had transformed other countries.
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The world's wealthiest nations
had once been much poorer.
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The amount of work a person could do
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was the amount
they could do with their hands,
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possibly helped by a horse or mule.
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Coal was the first discovery
that changed all that.
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[Hawke] Ancient organisms
in oceans and swamps
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had soaked up the power of the sun.
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Their fossils compressed
over millions of years into coal.
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And, a mile or more down,
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into natural gas and crude oil.
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Burning coal, this time capsule
of the sun's energy,
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helped Britain become
the first industrialized nation
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and the most powerful empire
the world had ever seen.
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And then oil came along.
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[Yergin] And that started off
this kind of boom.
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It was discovered that gasoline,
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which had been kind of this waste product
when they refined oil,
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was actually a very good fuel for cars.
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[Lord Browne] Oil was
the most energy-packed
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liquid source of power
that you could get your hands on.
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[Yergin] Right from the beginning,
it was very important to the British Navy,
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who wanted to have access
to British-controlled oil.
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It started as a syndicate
of private investors,
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that went on a journey and an adventure
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to find oil in the foothills
of the Zagros Mountains in Persia.
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That was the start
of the Anglo-Persian Oil Company.
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[Hawke] Later renamed British Petroleum.
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And they were just in time.
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[Yergin] The First World War began
with cavalry charges and people on horses.
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And it ended with airplanes,
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with tanks, with trucks.
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When the Allied navy
switched to using oil instead of coal,
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those ships could go further
before refueling.
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[Hawke] Oil put the world in motion.
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[Lord Browne] People were finding
newfound freedom,
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driving all over the place,
flying all over the place.
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It's pulled millions of people
out of poverty.
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[Yergin] What oil did
was really create the modern world.
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[Lord Browne] Pipelines were built,
roads were built,
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gas stations were built,
refineries were built.
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Everybody wanted investment
in oil and gas.
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[Hawke] But the profits were lopsided.
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[man] The ocean of crude oil
underneath Persia's desert
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led the way to the Middle East oil boom.
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[Hawke] Iran was making just a fraction
of the profits from their own oil,
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while the British raked in the rest.
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And they decided
they were sick of that deal.
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[reporter] The long-smoldering Iranian
nationalists made clear their intention
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to seize the oil industry
and expropriate the British company.
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[Hawke] So in 1953,
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Britain and the US engineered a coup,
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overthrowing Iran's democratically
elected leader to install the Shah.
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[Lord Browne] Because they felt
that he was more amenable
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to having a great relationship
with the West.
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[Hawke] Which is how a young Lord Browne
ended up there.
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I spent many years as a child in Iran
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when my father was working
in the oil industry.
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[Hawke] And when he turned 18,
he started working for BP himself.
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[Lord Browne] I joined the oil industry
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believing it was a place
where you could solve problems
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that no one had solved before.
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How could you use oil
to go further and farther?
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[Hawke] At the time,
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BP was one of seven companies
from just three countries
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that controlled 85%
of the world's oil reserves.
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And over in Nigeria,
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they quickly learned that oil
didn't mean prosperity for everyone.
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Under colonial rule,
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the British had forced
diverse states into a single nation.
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And after independence,
Nnimmo's home region
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announced it was seceding.
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As a young child,
I did not fully understand
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what was at stake.
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To me, the most exciting thing was
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there was going to be
a new nation called Biafra.
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[Hawke] But this region encompassed
most of the Niger Delta
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and its oil reserves.
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So when the Nigerian government
declared war,
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the British gave their support.
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My village was more or less a war front.
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[Hawke] The government
blockaded the region.
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It's estimated
that more than a million civilians
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died of starvation.
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I still hear voices in my head sometimes
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of people asking for help,
crying for food.
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It's not something you forget in a hurry.
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[Hawke] Biafra surrendered in 1970.
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The next year, Nigeria joined OPEC,
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an alliance of oil-producing nations
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that wanted to take back control
of their resources.
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And in the '70s, they wielded their power,
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raising oil prices,
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with some countries boycotting the US
for their military support of Israel.
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Suddenly, it turned into a crisis
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and a shock to the political order.
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[reporter] Gasoline stations ran dry.
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Airlines cut back flight schedules.
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Factories were forced to close.
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[Hawke] And in 1979,
when the Iranians overthrew the Shah
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and took back control of their oil,
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prices went through the roof again.
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And while that was bad for oil consumers...
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It's ridiculous. You just don't know
where it's gonna stop.
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[Hawke] ...it was great for oil producers.
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Nigeria became
one of the wealthiest countries in Africa.
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But after that '70s boom,
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oil prices crashed
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and so did Nigeria's economy.
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[Gross] The idea of the resource curse
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is that countries
don't necessarily do better
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just because they have
an abundance of natural resources.
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It can throw off the currency valuation,
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make other industries less competitive.
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[Hawke] And cause economic turmoil
and corruption.
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The problem is not the resource.
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The problem
is how the resource is exploited.
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It's one thing for a country
to get oil revenues.
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It's another who gets the money,
and where does it go.
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[Bassey] A large chunk of that has been
taken off by transnational corporations.
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[Hawke] And the money that stays
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goes to the Nigerian
National Petroleum Corporation,
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which is owned by the government
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and is also in charge of regulating
the country's oil industry.
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So you have an operator
who is also a regulator.
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[Hawke] And since independence,
billions have disappeared.
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That level of corruption,
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it corrupts not just people economically.
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It corrupts the political system.
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[Hawke] And there were other costs.
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In the Niger Delta,
over 50 years of spillage
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has created 27,000 miles
of toxic oil swamps.
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[Bassey] Kids are swimming in water
covered in crude oil.
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Life expectancy is at 41 years,
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maybe one of the lowest
in the entire world.
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[Hawke] Fishermen can no longer
just leave their traps at high tide.
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You have the fisher folks
who go into the rivers
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and toil all day and all night,
and catch nothing.
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[Hawke] And no more moonlit nights.
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[Bassey] The gas flares set up
by the oil corporations
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burn 24 hours, every day.
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[Hawke] And on top of all that,
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Nigeria is a hot, dry country,
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which means it's more sensitive
to rising temperatures.
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And as of 2020,
the global average temperature
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has increased
by more than one degree centigrade.
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[Hayhoe] Heat waves are getting stronger,
more frequent, and more deadly.
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It is powering hurricanes
that intensify more quickly.
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Wildfires are burning much greater area.
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Climate change is not responding
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to our annual emissions,
what we're putting out this year,
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00:12:07,184 --> 00:12:09,728
it's responding
to our cumulative emissions.
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[Gross] So, the rich countries
caused the problems.
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We're the ones who put out all these
carbon emissions over all these years.
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[Hawke] But developing countries
are facing the brunt of the cost.
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It's already pushed
millions of people to flee their homes.
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[Bassey] The clock is ticking,
and we can wonder whether there's any hope
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00:12:28,581 --> 00:12:30,166
that we can pull this off
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00:12:30,249 --> 00:12:32,668
or whether we've come
to the precipice as the human race.
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[Hayhoe] What's at risk?
Not the planet. It will survive.
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What's at risk is us.
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[Hawke] The world emits
around 50 billion tons
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00:12:41,761 --> 00:12:43,762
of greenhouse gases a year,
243
00:12:43,846 --> 00:12:45,389
more than it ever has.
244
00:12:45,473 --> 00:12:50,811
And governments agree
we need to get to net zero by 2050.
245
00:12:50,895 --> 00:12:52,730
And achieve carbon neutrality.
246
00:12:52,813 --> 00:12:55,357
We're gonna move to net zero
in a transition...
247
00:12:55,441 --> 00:12:57,276
...a strong aspiration to reach net zero.
248
00:12:57,359 --> 00:12:59,320
...significantly reducing emissions.
249
00:12:59,403 --> 00:13:01,405
...legislation for net zero.
250
00:13:01,489 --> 00:13:05,117
Nigeria has rolled out
institutional frameworks
251
00:13:05,201 --> 00:13:07,745
to cut emission by 20%.
252
00:13:07,828 --> 00:13:10,539
This issue is not like the coronavirus,
253
00:13:10,623 --> 00:13:15,211
where you need one vaccine
to deal with one virus and its variants.
254
00:13:15,294 --> 00:13:19,215
This is a very broad issue
that needs lots of solutions.
255
00:13:19,298 --> 00:13:24,094
And it's gonna require a lot of technology
that really hasn't been developed yet.
256
00:13:24,178 --> 00:13:26,805
[Hawke] But there have been
dramatic changes.
257
00:13:26,889 --> 00:13:31,101
Wind and solar power are now cheaper
than coal in a lot of countries.
258
00:13:31,185 --> 00:13:33,813
Battery technology is improving rapidly.
259
00:13:33,896 --> 00:13:37,399
Governments are investing
in more hydropower and nuclear plants.
260
00:13:37,483 --> 00:13:40,361
Electric cars
are getting cheaper every year.
261
00:13:40,444 --> 00:13:42,321
And for long-haul ships and planes,
262
00:13:42,404 --> 00:13:45,574
engineers are working on
biofuels and liquid hydrogen.
263
00:13:45,658 --> 00:13:49,495
And people are working on solutions
for every piece of this pie.
264
00:13:49,578 --> 00:13:53,249
And the current goal
isn't to get to zero carbon emissions.
265
00:13:53,332 --> 00:13:58,003
People are targeting net zero. Net zero.
266
00:13:58,087 --> 00:14:01,924
They're saying, "We will produce carbon,
but we will offset it."
267
00:14:02,007 --> 00:14:04,260
[Hawke] By restoring forests, wetlands.
268
00:14:04,343 --> 00:14:06,345
[Lord Browne] Techniques in the ocean.
269
00:14:06,428 --> 00:14:08,764
[Hawke] Which can help
soak up more carbon.
270
00:14:08,848 --> 00:14:10,933
Or carbon capture technology,
271
00:14:11,016 --> 00:14:12,560
which is still expensive.
272
00:14:13,602 --> 00:14:16,105
That's an issue
with a lot of these solutions.
273
00:14:16,772 --> 00:14:19,858
So, many governments
are trying to tip the balance.
274
00:14:19,942 --> 00:14:23,279
More than 40 countries
have a price on carbon
275
00:14:23,362 --> 00:14:26,115
to make burning fossil fuels more costly.
276
00:14:26,198 --> 00:14:29,618
And over the past decade,
the US has been moving from coal
277
00:14:29,702 --> 00:14:32,663
to natural gas, the result of fracking.
278
00:14:33,247 --> 00:14:37,042
The US went from being
the world's largest importer of oil
279
00:14:37,126 --> 00:14:39,920
to the world's largest producer of oil.
280
00:14:40,004 --> 00:14:42,923
[Hawke] And the natural gas plants
the US has been building
281
00:14:43,007 --> 00:14:46,594
are major investments
in a fossil fuel future.
282
00:14:46,677 --> 00:14:50,097
But it's helped the country
significantly reduce emissions.
283
00:14:50,180 --> 00:14:52,808
And emissions are dropping in Europe, too,
284
00:14:52,891 --> 00:14:55,019
but global emissions are not.
285
00:14:55,102 --> 00:14:57,980
[Gross] When you look at
where emissions are growing right now,
286
00:14:58,063 --> 00:15:01,233
all of that is happening
in the developing world.
287
00:15:01,317 --> 00:15:05,446
Even if the United States and Europe
all work together to fix the problem,
288
00:15:05,529 --> 00:15:09,199
we're still not there unless we bring
the developing world along,
289
00:15:09,283 --> 00:15:11,994
because that's where
the emissions of the future are.
290
00:15:12,077 --> 00:15:17,833
Without keeping emissions down
in the developing world, we'll all fry.
291
00:15:17,916 --> 00:15:20,002
As a Nigerian and as an African,
292
00:15:20,085 --> 00:15:23,923
it's very, very tough to see people
living in extreme poverty
293
00:15:24,006 --> 00:15:26,884
and tell them, you know,
"Let's wait a few years
294
00:15:26,967 --> 00:15:30,054
till we get the best possible solution
to get you out of that."
295
00:15:30,638 --> 00:15:32,598
The average young person in Africa
296
00:15:32,681 --> 00:15:36,560
wants to have the same amount of energy
as the average young person in America.
297
00:15:36,644 --> 00:15:38,562
They want to have
the same type of opportunities.
298
00:15:38,646 --> 00:15:41,023
And energy is that golden thread
299
00:15:41,106 --> 00:15:44,026
that hinders people
to reach their full potential.
300
00:15:44,610 --> 00:15:47,529
[Hawke] While Nigeria's land
is energy-rich...
301
00:15:47,613 --> 00:15:51,450
It's the country that has the largest
energy access deficit in the world.
302
00:15:51,533 --> 00:15:55,037
[Hawke] In a country of
around 200 million people,
303
00:15:55,120 --> 00:15:58,374
almost half don't have
access to electricity.
304
00:15:58,457 --> 00:15:59,541
And for those who do...
305
00:16:00,167 --> 00:16:02,962
[Bassey] Every day
at nine o'clock in the morning,
306
00:16:03,045 --> 00:16:05,798
public power supply goes off where I live.
307
00:16:05,881 --> 00:16:07,841
It comes back at 2:00 p.m.
308
00:16:07,925 --> 00:16:11,095
and then it goes off again at 8:00 p.m.
309
00:16:11,178 --> 00:16:12,596
[Hawke] So most businesses
310
00:16:12,680 --> 00:16:16,141
rely on diesel-powered generators
to keep the lights on.
311
00:16:16,225 --> 00:16:20,354
There's 800 million around the world
that do not have access to energy.
312
00:16:20,437 --> 00:16:24,566
And to have enough energy
to live a full and dignified life.
313
00:16:24,650 --> 00:16:26,318
It's not an inconvenience.
314
00:16:26,402 --> 00:16:30,698
It's the difference between life and death
for a lot of people.
315
00:16:32,116 --> 00:16:33,992
[Hayhoe] They need to be able to develop,
316
00:16:34,076 --> 00:16:36,161
to have electricity
and infrastructure like we do.
317
00:16:36,245 --> 00:16:38,747
But today, we know
there's better ways to do that
318
00:16:38,831 --> 00:16:40,833
than the ways we did it
200 or 300 years ago.
319
00:16:40,916 --> 00:16:42,626
So you hear about leapfrogging,
320
00:16:42,710 --> 00:16:46,422
that developing countries
can just jump over the technologies
321
00:16:46,505 --> 00:16:48,882
that the wealthy world
used to get wealthy.
322
00:16:48,966 --> 00:16:51,719
Instead,
they'll develop based on renewables.
323
00:16:51,802 --> 00:16:55,055
[Ogunbiyi] There's a bit of a hypocrisy
with the developed countries
324
00:16:55,139 --> 00:17:00,019
asking countries that currently
do not have that much money
325
00:17:00,102 --> 00:17:04,690
to leapfrog and transition
out of something that they're still doing.
326
00:17:05,441 --> 00:17:07,776
Let's say I have an auntie
in Lagos Island,
327
00:17:07,860 --> 00:17:09,737
and she takes a public bus
328
00:17:09,820 --> 00:17:12,698
from her home to her business
every single day.
329
00:17:12,781 --> 00:17:16,577
She's been saving up money
to buy a little two-door car,
330
00:17:16,660 --> 00:17:18,871
which probably runs on diesel or petrol.
331
00:17:18,954 --> 00:17:21,999
She says, "I don't have any money
to buy the electric car."
332
00:17:22,082 --> 00:17:26,086
And you say, "No, you have to continue
on the bus till you get the electric car."
333
00:17:26,170 --> 00:17:29,465
That is what energy transition
looks like now in Africa.
334
00:17:30,007 --> 00:17:34,511
Before you can tell the developing world
"Don't use fossil, don't use coal,"
335
00:17:34,595 --> 00:17:36,889
you have to have financing behind that.
336
00:17:37,723 --> 00:17:40,225
[Hawke] For Africa to actually transition,
337
00:17:40,309 --> 00:17:44,438
experts say it would take
an investment of 70 billion every year.
338
00:17:45,022 --> 00:17:47,733
[Bassey] The global north
should pay a climate debt
339
00:17:47,816 --> 00:17:51,612
for the exploitation
that has gone on for so many years.
340
00:17:52,279 --> 00:17:56,784
Those who created the problem have a duty
to invest in making this happen.
341
00:17:57,951 --> 00:18:02,247
[Hawke] And when global leaders
met in Paris in 2015, they agreed.
342
00:18:02,831 --> 00:18:04,875
The landmark Paris climate accord
343
00:18:04,958 --> 00:18:08,128
included something called
the Green Climate Fund,
344
00:18:08,212 --> 00:18:12,674
a way for wealthy countries
to help developing nations transition.
345
00:18:12,758 --> 00:18:16,678
They pledged
to give 100 billion a year by 2020.
346
00:18:16,762 --> 00:18:18,847
And we are nowhere near getting that.
347
00:18:19,431 --> 00:18:22,434
[Hawke] They've fallen short
by 90 billion.
348
00:18:23,143 --> 00:18:25,562
Some wealthier countries
are investing billions
349
00:18:25,646 --> 00:18:28,273
in clean energy projects across Africa,
350
00:18:28,357 --> 00:18:31,735
but they're investing even more
in fossil fuels.
351
00:18:32,319 --> 00:18:33,612
In 2020,
352
00:18:33,695 --> 00:18:37,491
Britain's prime minister
addressed a UK-Africa summit.
353
00:18:37,574 --> 00:18:41,203
There's no point in the UK
reducing the amount of coal we burn,
354
00:18:41,286 --> 00:18:43,413
if we then trundle over to Africa
355
00:18:43,497 --> 00:18:45,749
and line our pockets
356
00:18:45,833 --> 00:18:50,379
by encouraging African states
to use more of it, is there?
357
00:18:50,462 --> 00:18:53,590
[Hawke] But days later, it came out
that 90% of the energy deals
358
00:18:53,674 --> 00:18:55,592
that Britain had made that week
359
00:18:55,676 --> 00:18:57,594
were in fossil fuel projects.
360
00:18:58,220 --> 00:18:59,429
And the pattern continues.
361
00:19:00,013 --> 00:19:04,184
[Gross] China has made
wind and solar technologies much cheaper,
362
00:19:04,268 --> 00:19:06,895
but they're also still investing
in coal plants.
363
00:19:06,979 --> 00:19:09,606
[Hawke] And recently,
the US has invested nine billion
364
00:19:09,690 --> 00:19:11,733
in fossil fuels around the world,
365
00:19:11,817 --> 00:19:14,194
most in sub-Saharan Africa.
366
00:19:14,278 --> 00:19:17,990
While the streets of wealthy countries
are getting cleaner,
367
00:19:18,073 --> 00:19:20,951
with cars that are more fuel-efficient
or electric,
368
00:19:21,034 --> 00:19:23,537
a lot of these old fuel-guzzling models
369
00:19:23,620 --> 00:19:26,206
aren't vanishing
from the face of the earth.
370
00:19:26,290 --> 00:19:29,251
They're exported
to countries like Nigeria,
371
00:19:29,334 --> 00:19:32,713
because they're the only kinds of cars
most people there can afford.
372
00:19:32,796 --> 00:19:35,674
Africa is basically seen as
a dumping ground for technologies.
373
00:19:35,757 --> 00:19:39,261
[Hawke] And though Nigeria is the largest
oil producer on the continent,
374
00:19:39,344 --> 00:19:42,890
the few refineries they have
are closed or dysfunctional.
375
00:19:42,973 --> 00:19:46,226
So they export
their crude oil around the world
376
00:19:46,310 --> 00:19:50,230
and import most of their fuel
from the Netherlands and Belgium.
377
00:19:50,814 --> 00:19:52,983
But it's not the same stuff
that they burn.
378
00:19:53,066 --> 00:19:57,029
Investigators found that diesel samples
contained sulfur levels
379
00:19:57,112 --> 00:20:01,742
204 times what's allowed
under European fuel standards.
380
00:20:02,784 --> 00:20:05,746
[Bassey] There's a lot being invested
in destruction in the world today.
381
00:20:06,246 --> 00:20:10,709
The challenge the world faces now
is to move from a system of inequality
382
00:20:11,210 --> 00:20:14,671
to a system
that is more just and more fair.
383
00:20:15,756 --> 00:20:20,552
[Lord Browne] I certainly feel ownership
of both the benefits of oil and gas,
384
00:20:20,636 --> 00:20:23,680
and the issues, including climate change.
385
00:20:23,764 --> 00:20:25,098
[Hawke] Back in 1997,
386
00:20:25,182 --> 00:20:29,561
Lord Browne made a speech
that shocked the oil industry.
387
00:20:29,645 --> 00:20:33,357
There is a discernible human influence
on the climate.
388
00:20:33,440 --> 00:20:35,651
The oil world reacted badly
389
00:20:35,734 --> 00:20:39,613
and declared that I had, quote,
"left the church."
390
00:20:40,113 --> 00:20:42,157
[Hawke] But now the world's oil giants
391
00:20:42,241 --> 00:20:45,619
are also acknowledging
we need to get to net zero.
392
00:20:45,702 --> 00:20:47,955
[Gross] They see which way
the political winds are blowing
393
00:20:48,038 --> 00:20:49,122
and they're going with them.
394
00:20:49,706 --> 00:20:52,125
[Lord Browne] They must contribute
to the solution,
395
00:20:52,209 --> 00:20:56,338
not just hope that the word "sorry"
can get you out of the penalty box.
396
00:20:56,421 --> 00:20:58,298
Most companies have a choice to make.
397
00:20:58,882 --> 00:21:02,970
[Hawke] But overall,
these oil companies have chosen oil.
398
00:21:03,053 --> 00:21:07,516
Renewables make up
less than 1% of their investments.
399
00:21:07,599 --> 00:21:10,310
One report estimates that in 2030,
400
00:21:10,394 --> 00:21:12,479
most of the world's oil giants
401
00:21:12,562 --> 00:21:14,439
will actually be producing
402
00:21:14,523 --> 00:21:16,525
more oil then they do today.
403
00:21:17,442 --> 00:21:20,821
And while private companies
once ruled the oil world,
404
00:21:20,904 --> 00:21:24,616
government-owned ones
now produce half the world's oil and gas,
405
00:21:24,700 --> 00:21:27,995
and many of their economies
are largely dependent on them.
406
00:21:28,495 --> 00:21:31,832
[Gross] Countries that are very
economically dependent on oil
407
00:21:31,915 --> 00:21:33,458
face a real challenge.
408
00:21:33,542 --> 00:21:36,378
Their production tends to be cheaper
than anybody else's,
409
00:21:36,962 --> 00:21:39,089
so they'll probably be the last people,
410
00:21:39,172 --> 00:21:42,301
as it were,
to turn out the lights on this industry.
411
00:21:44,136 --> 00:21:47,389
[Yergin] The 88-trillion-dollar
world economy
412
00:21:47,472 --> 00:21:49,599
has been based on an energy system
413
00:21:49,683 --> 00:21:52,269
in which oil has a preeminent role.
414
00:21:52,853 --> 00:21:56,606
Other energy transitions took centuries.
This is meant to happen in 30 years.
415
00:21:56,690 --> 00:21:59,860
[Lord Browne] I expect oil will be around
for quite a long time,
416
00:22:00,360 --> 00:22:04,990
but it will be used by people
who have no option but to use oil.
417
00:22:05,073 --> 00:22:07,367
Rich countries
who are historically responsible
418
00:22:07,451 --> 00:22:09,619
for the greatest proportion
of carbon emissions,
419
00:22:09,703 --> 00:22:13,081
they have the greatest responsibility
to act first and most.
420
00:22:13,165 --> 00:22:15,167
[Gross] So, there's
this issue of fairness,
421
00:22:15,250 --> 00:22:18,670
and in a sense, everyone is right here,
but it doesn't really matter.
422
00:22:18,754 --> 00:22:22,799
We all need to work on this together,
whether or not it's fair in any sense.
423
00:22:23,467 --> 00:22:26,636
[Ogunbiyi] Developing countries
are saying, "We want to be part of this."
424
00:22:26,720 --> 00:22:29,556
"We want to transition,
but we really need the help."
425
00:22:30,515 --> 00:22:32,684
We cannot achieve our climate goals
426
00:22:32,768 --> 00:22:35,312
if we don't achieve
universal access for everybody.
427
00:22:35,395 --> 00:22:37,564
The story of energy, climate change,
428
00:22:37,647 --> 00:22:39,649
and development have to be
one of the same.
429
00:22:40,484 --> 00:22:43,570
[Yergin] Thirty years from now,
the world will look different.
430
00:22:43,653 --> 00:22:46,907
How much it will change
and how different it will look,
431
00:22:46,990 --> 00:22:48,617
that's still very hard to see.
432
00:22:49,951 --> 00:22:54,122
Sometimes it's difficult to dream about
the future and the way to get there.
433
00:22:54,664 --> 00:22:57,042
But a new system is possible.
434
00:22:58,126 --> 00:22:59,795
And that is where my hope is.
435
00:23:02,255 --> 00:23:06,009
[closing theme music playing]