In the 2021 edition of the annual World Energy Outlook (IEA, 2021), the International Energy Agency predicts that, as a result of rapid advancement in clean energy technologies, wind turbines and electric vehicles, the global use of fossil fuels will peak by the mid-2020s, with global oil demand declining permanently by the 2030s. However, the agency also points out that the transition away from fossil fuels is not happening fast enough to meet the goal of limiting average global warming to around 1.5 degrees Celsius by 2100, relative to pre-industrial levels. Meeting this goal would require slashing emissions to net zero by 2050 – a move that would involve, among other things, reducing fossil fuel production by roughly 6 per cent per year between 2020 and 2030 (SEI, 2021). Assuming that such a rapid phase-out of fossil fuel production and consumption does occur, the implications for growth and development in developing countries that are currently dependent on exports of fossil fuels will be significant.1 These outcomes may not be limited only to fossil fuel exporters: climate change itself, together with climate change mitigation efforts in the global economy, pose major challenges to economic and human development in commodity dependent developing countries (CDDCs), more generally.