Russia’s invasion of Ukraine has seriously damaged the country’s reputation as a reliable gas supplier.
The global gas market is undergoing a period of profound transformation as a result of new sources of supply, demand, changing trade patterns, and technological and policy shifts. The transition to a low-carbon economy and efforts to curb air pollution are also key policy aims that will impact the role of gas in the future energy mix.
Methane emissions are second only to carbon dioxide emissions as a driver of human-induced climate change.
Well-functioning energy markets are critical to the distribution of energy resources. Understanding how they work, how they can be improved, and how they are being impacted by the changes afoot in the energy sector is key to meeting energy and environmental goals.
Russia’s invasion of Ukraine in February 2022 and the ensuing war have also spurred grave environmental and climate-related concerns.
Global fossil fuel use has grown alongside GDP since the start of the Industrial Revolution and currently makes up roughly 80% of global energy demand. But to meet our goals to limit global temperature rise to 1.5 C degrees, demand will need to drop sharply by 2050.
The transportation sector is responsible for more than half of global oil demand, with passenger vehicles and trucks making up by far the largest fraction.
Oil is the world’s most actively traded commodity, but forecasts vary as to whether it will start to wane in the decades to come. Understanding the changes that are sweeping through the oil industry and market today are key to understanding the outlook for economic growth, climate change, and geopolitical conflict.