My previous writings on Global Energy Dilemmas examined the interrelationship between climate change, energy security and globalization and asked: ‘can we have secure, affordable and equitable supplies of energy that are also environmentally benign? Now, more than a decade since that work, that question remains relevant, but the global energy landscape has changed dramatically. The idea of the global energy paradox reflects two significant developments that are heralding a ‘New Energy Order’: the shale revolution and the associated era of fossil fuel abundance and the Paris Agreement and the growing commitment to decarbonisation and the falling cost of renewable energy. This lecture begins by considering the role of the energy system in climate change; it then explores the nature of the ‘New Energy Order.’ Next, we discuss the nature of ‘energy system transformation’ and the idea of ‘transition risk,’ along with related ideas such as ‘stranded assets’ and ‘carbon budgets.’ The final section maps the geopolitical consequences of the ‘New Energy Order’ and energy transformation.
Michael Bradshaw is Professor of Global Energy, Warwick Business School, University of Warwick.
Thu, 4th March 2021, 16:00
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