>Countries currently plan to reduce their emissions, but none are planning to reduce their fossil fuel exports. They just hope it will show up on another countr

>Countries currently plan to reduce their emissions, but none are planning to reduce their fossil fuel exports. They just hope it will show up on another country's emissions balance sheet. That's not how markets work, at all. Oil has an extraction cost, and once the price falls below the profitable threshold, the production will absolutely shutdown. This highly visible with the boom/bust cycle of the more expensive extraction areas (dakotas, canada, etc). So as demand continues to drop due to competition from cheaper energy, oil supply will start to collapse as well because none of it comes for free and taking it out of the ground will become a money losing proposition.