ABSTRACT
The Gulf region is, by a substantial measure, the richest source of oil and natural gas resources in the world. Iran is unique in having both oil and natural gas reserves that are among the largest, with oil reserves second only to Saudi Arabia and natural gas reserves second only to Russia. These form part of the region’s importance to the world’s most powerful countries and are significant determinants of Iran’s role in international relations, especially in the matter of regional security. In the short and medium term this may be advantageous to Iran, but the impact of climate change over the next 20 years means that most countries will have to move rapidly to low-carbon economies, with demand for oil and gas falling drastically over that timescale. Developing the Iranian economy will therefore involve difficult decisions and a willingness to engage in profound technical and economic transformations.
