A just energy transition?

In this interview given to “The Context” programme on BBC News Channel, Dr. Carole Nakhle, CEO of Crystol Energy, discusses the dynamics of the energy transition in the light of the UK Government decision to award hundreds of oil and gas licenses.

Dr. Carole Nakhle discusses the dynamics of the energy transition in this interview with BBC News Channel

Key takeaways:

– A just energy transition is one that brings everyone on board. Clearly, this is not happening.

– Currently there is a notable divide between the rich and poor, within the same country and between countries.

– The increase in energy prices in 2022 caused a major outcry across the world but in Europe in particular. People were more concerned about staying warm and keeping the lights on than about climate change.

– The energy transition is mining intensive and it is likely that the richer world will be able to afford buying electric vehicles that rely on lithium and other metals that come from poorer countries.

– While the other speakers repeatedly referred to the IEA’s Net Zero by 2050 report published in May 2021 whereby the Agency recommends stopping investment in oil and gas as of 2021, they overlooked the two reports published by the same agency in October 2021, whereby it called for more investment in oil and gas to avoid higher prices and volatility.

– Curtailing supply while demand remains strong will translate into higher prices. If people are willing to face such prices, then we should indeed suspend further investment in oil and gas. But the crisis of 2022 clearly shows that neither the people nor their government in the UK, Europe and other consuming nations are willing to tolerate higher prices.

Dr. Nakhle was joined by:

Christian Fraser, from BBC News Channel, hosted the programme.

Related Analysis

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