The Question of Job Losses in the Fossil Fuel Economies During Energy Transition: Losses and Gains

Introduction:The notion of job losses during energy transition phases and their influences on fossil fuel economies have been debated in various aspects. Meanwhile, unemployment and poverty have been critical economic challenges for many developing countries, even the resource-rich countries in the Middle East. Concurrently, no country so far is poverty-free and has not entirely fulfilled Sustainable Development Goals (SDG) Nos. 1 and 8, as many resource-rich countries account for the significant global poverty and unemployment, such as Nigeria, Iraq, Yemen, and Venezuela. Purpose:The issue of green transition has created new fears for the job market in the fossil fuel economies, where the lives of many people could be mainly affected. This study investigates the macroeconomic challenges of green transition and the macroeconomic consequences that fossil fuel economies will deal with. Methodology:This study follows content analysis and a desk-search review of job loss during the green transition in the context of fossil fuel economies. In addition, the descriptive analysis is just a clear understanding of the fundamental review of the topic that will lead to another cross-country analysis study based on in-depth knowledge and analysing data. Findings:The European Green Deal (EGD) will have profound economic, social, and political implications for fossil fuel-dependent economies for various reasons. First, fossil fuel economies are less diversified; the economy depends on a single commodity; the systems must be developed and people must prepare for a quick economic transition.