Jason Bordoff

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Delegates negotiating at the UN Climate Change Conference (COP28) in Dubai, December 2023. Thaier Al-Sudani / Reuters

In the waning days of 2023, likely the warmest year the earth has experienced in recorded history, nearly 100,000 people came together in the United Arab Emirates—one of the world’s largest oil and gas producers—to reach a consensus on how to reduce greenhouse gas emissions. The final agreement at the UN Climate Change Conference in Dubai, also known as COP28, was hailed for calling for a transition away from fossil fuels. “Whilst we didn’t turn the page on the fossil fuel era in Dubai, this outcome is the beginning of the end”, proclaimed the UN climate chief, Simon Stiell, after the agreement was announced.…  Seguir leyendo »

El discurso de las grandes petroleras dice una cosa. La realidad, otra

Si has estado escuchando a las principales compañías energéticas del mundo en los últimos años, es probable que pienses que la transición a la energía limpia está en marcha. Pero, dado que el consumo de combustibles fósiles y las emisiones siguen aumentando, no está avanzando con la suficiente rapidez para hacer frente a la crisis climática.

En junio, Shell se convirtió en la última de las grandes compañías petroleras en frenar sus planes de recorte de la producción de petróleo después de que anunció que ya no reducirá la producción anual de petróleo y gas hasta el final de la década.…  Seguir leyendo »

The Age of Energy Insecurity

As recently as 18 months ago, many policymakers, academics, and pundits in the United States and Europe were waxing lyrical about the geopolitical benefits of the coming transition to cleaner, greener energy. They understood that the move away from a carbon-intensive energy system that relied on fossil fuels was going to be difficult for some countries. But on the whole, the conventional wisdom held that the shift to new sources of energy would not only aid the fight against climate change but also put an end to the troublesome geopolitics of the old energy order.

Such hopes, however, were based on an illusion.…  Seguir leyendo »

Europe Is Wrong to Blame the U.S. for Its Energy Problems

As the depth of winter approaches, Europeans are increasingly worried about their ability to heat homes and power factories. Although natural gas storage levels are nearly full and prices have eased, the European gas price is still four to five times higher than average in recent years — and President Vladimir Putin of Russia has just threatened to cut what little Russian gas still flows to Europe.

Despite the economic pain and Mr. Putin’s best efforts, the West has remained largely united in confronting his aggression in Ukraine. Yet fissures are now beginning to show in the trans-Atlantic alliance as European leaders — especially President Emmanuel Macron of France, who has been visiting Washington this week — blame U.S.…  Seguir leyendo »

Working on gas pipes in Ihtiman, Bulgaria, May 2022. Nikolay Doychinov / AFP/ Getty Images

In the wake of Russia’s invasion of Ukraine, the world appears to be at an inflection point. Business leaders have declared the acceleration of deglobalization and sounded the alarm about a new period of stagflation. Academics have decried the return of conquest and hailed the renewal of transatlantic ties. And countries are rethinking almost every aspect of their foreign policies, including trade, defense spending, and military alliances.

These dramatic shifts have overshadowed another profound transformation in the global energy system. For the last two decades, the urgent need to reduce carbon emissions has gradually reshaped the global energy order. Now, as a result of the war in Ukraine, energy security has returned to the fore, joining climate change as a top concern for policymakers.…  Seguir leyendo »

Gasoline prices hover around $4 a gallon for the least expensive grade at several gas stations in Washington, D.C., on April 11. Chip Somodevilla/Getty Images

As motorists make plans for the summer driving season, U.S. gasoline prices are near record highs. Yet some relief may be in sight: Falling oil prices mean pump prices should dip below $4 per gallon in the coming weeks—though the looming risk of further disruptions to Russian oil supply means the relief risks proving short lived.

A key reason for the lower oil prices was the Biden administration’s recent announcement of the largest release of oil in U.S. history from the nation’s strategic stockpiles, followed by a smaller, but still sizable, release from European countries. In explaining this move, U.S. President Joe Biden acknowledged a difficult truth: More fossil fuels are required at this time to meet the world’s current energy needs.…  Seguir leyendo »

As Russia’s invasion of Ukraine becomes more violent, the world is on the cusp of what may become the worst energy crisis since the 1970s. Whereas those crises only involved oil, Russia is one of the world’s largest producers of nearly every form of energy—oil, natural gas, coal, and even the fuel used in nuclear power plants. The unfolding energy calamity demands an immediate response to keep cars moving, homes powered and heated, and to prevent a global recession induced by high energy prices. But as policymakers look for quick fixes, there is also the urgency of weaning the world from fossil fuels, as a major United Nations report made clear last month.…  Seguir leyendo »

A liquid natural gas treatment facility in Russia. Credit Stanislav Krasilnikov/TASS, via Getty Images

If you were wondering whether Europe is running out of options to deal with its continuing energy crisis, one of Britain’s largest energy suppliers just offered an answer.

In early January, Ovo Energy sent customers tips on how to keep warm without cranking up the heat, such as cuddling with pets, cleaning the house and doing the hula hoop.

Now fears are mounting that Europe may be about to face a far worse energy situation as Russia threatens military action in Ukraine. The United States is exploring ways to get more natural gas to the continent.

And for good reason. The European Union typically relies on Russia for about 40 percent of its natural gas, making it by far the continent’s largest supplier.…  Seguir leyendo »