“The energy transition will unfold in different ways in different countries and over different time periods”
Six broad themes define The New Map
First is the US shale revolution, which transformed the US from a major importer of oil and gas to a significant exporter
The second is the leveraging by Russia of its gas exports to compel former members of the Soviet Union to stay within its sphere of influence and to embrace China into an energy partnership (“Russia needs markets; China needs energy”);
The third is China’s assertion of its rights over the South China Seas — a critical maritime route for its energy imports and the Belt and Road initiative;
The fourth is sectarian strife (Sunni/Shia) in the Middle East which, compounded by volatile and falling oil prices, has brought the region to the edge;
The fifth is the Paris climate summit and its impact on public sentiment, investment decisions, corporate governance and regulatory norms.
And the last is the consequential impact of the manifold and impressive advancement of clean energy technologies.