The crisis caused by Russia’s invasion of Ukraine is the most significant shock to world energy markets since the Arab oil embargo and OPEC price rises of 1973-74. Like the crisis of the early 1970s, it is forcing a fundamental rethink of the outlook for energy, as governments and businesses reassess their views of Russia’s role as a supplier to the world.

As in the 1970s, the immediate crisis has been years in the making. Energy demand increases post-Covid combined with a series of disruptions to supply, helped drive up the prices of oil, gas, coal and power.

The big difference from the 1970s is that, today, the world is trying simultaneously to address another problem: the threat of catastrophic climate change. To achieve the Paris Agreement’s goal of limiting global warming to within 1.5 °C from pre-industrial levels, global greenhouse gas emissions need to start falling now and drop to net zero by 2050.

In this edition of Horizons, we explore five lessons that can be learned from the recent upheavals in energy markets.

Regular host Dr Liz Dennett is joined by 3 distinguished guests: Amy Myers-Jaffe, Research Professor and Managing Director of the Climate Policy Lab, Prakash Sharma, Vice-President, Multi-Commodity Research at Wood Mackenzie, and Massimo Di-Odoardo, Vice-President, Gas and LNG Research at Wood Mac.

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