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The power shift

The impact of the low carbon transition on the oil and gas economy
09 March 2023
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In the light of the energy crisis engulfing Europe and the world since autumn 2021, this Chaillot Paper examines the transformation of the global energy system and its concrete implications for the EU in terms of its energy and national security, strategic sovereignty and geopolitical ambitions.

The volume presents a comprehensive overview of the reconfiguration of global energy markets triggered by the Russian invasion of Ukraine and the Western response to the war, exploring future market and supply chain dynamics for oil, natural gas and coal, but also LNG, hydrogen, and minerals and metals. In particular, it focuses on how the world’s oil and gas majors and producing states might adapt to a carbon-constrained environment, placing the emphasis on energy resilience within a wider framework that considers ecosystems and climate prerogatives, as well as peace and security.

The paper proposes a series of targeted measures that the EU might pursue in the short, medium, and long term to enhance the bloc’s energy security and strategic resilience.